Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1896-01-04
EXPLAINING MATTERS.
Report Of the Ways and Means COmmIttes
on the TariR and Bond Bills.


WASHINGTON, Dec, %. Chairman
Dingley, of the ways and means COM
mittee, yesterday reported to the house
the tariff and bond bills agreed on by
the majority of the committee. He
said:
Tho committee ways and means, 20 whom
was referred SO much OF the presidents annual
message and so much of the annual report Of
the secretary OF the treasury as relates to the
revenue and the condition of the treasury,
and also the presidents special message
presenting the urgency Of immediate
action by congress in a direction call
sulated to bring relief, report that the
committee appreciate the seriousness OF the
situation and the importance of prompt RENE
hes so far as congress can give them Your
committee regard the chronic deficiency OF
revenue for the past two years and half
rs the most potent cause of the difficulties
which the treasury has encountered and
an important factor in the creation and
promotion Of that serious distrust
which has paralyzed business and danger
Ously shaken confidence, even in the financial
operations Of the government Tt is as impos-
sible for a government to have continuous de-
fciency of revenue for PA years without affect
ing its financial standing it is for an indi-
vidual. It is impossible also for q government
to continue in this condition without casting a
shadow of doubt and discouragemeIt over all
business operations within its borders.
The serious fact which we are called upon to
confront is that in the two and a half years
that have elapsed since July l, 1898. this gov
eminent has had an insuf1ciency of revenue to
meet current expenditures amounting in the
aggregate to about S133, O0o, 900. And, even in
the first half of the present fiscal year, the de-
fciency will reach about $50. 600 900 and about
50, 1000 in this present month.
1t is evident that so long as there is insufn-
cient revenue this performance will go on, and
bond sale after bond sale will be required 1t
| is also evident that if there had been a Suff1-
cheney OF revenue these redeemed legal tender
notes would not have been paid out at once.
and there would have been so much the less
opportunity to draw gold from the treasury.
Continuing Mr.. Dingley said:
In response to the urgent call of the presi-
| dent. your committee has felt impelled to act
| with all possible dispatch. Two facts have led
your committee to look to an increase OF Gus
| toms duties as the most appropriate source
of additional revenue. They are,
| first the fact that already
| raising a disproportionate amount from
/ internal revenue, which has always been
| regarded as a war resort: indeed, Jefferson
/ took the ground that excise taxes should not
be resorted to by the federal government as
| sources of revenue in time of peace, and the
! democratic national convention maintained
| the same doctrine in 1884.
| And secondly, the fact that, by increasing
customs duties on imported articles, which we
can and ought to produce or make at home, for
| revenue purposes, we can at the same time in
| cidentally encourage stricken industries and
materially aid in turning our favor the bal
| ance of trade which has been heavily
against us all through this calendar year, and
| which has caused a demand for gold for export
| which our treasury has been called to supply.
| For, so long the balance of trade is against
| us on account OF excessive imports, must
| export gold, or, what is the same thing prom
ises to pay gold to pay for the excess OF i'm
ports over exports.
The report after analysing the tariff
bill proceeds to the subject of bond
issue. Upon this matter the committee
declares that the authority asked fol-
by the secretary of the treasury to is
sue bonds at lower rate and for a
shorter term than those now author
lied should be granted.