The Providence news. (Providence [R.I.]) 1891-1906, 1896-05-01


The receipts for the ten months of the
present fiscal year have been, in round
number s27i, SOC, 600, and the expendi-
lures s2gs, 900, 900, showing deficit Of
s2a, 200 600. For tho month just closed
the deficit was $500, 0Oo, something less
than twice the average for the ten months.
There is no secret 10 the cause of de-
ncit. 1t is loss of revenue. And while
such an explanation NAV at first glance
appear to be like the familiar explana-
tion for the defeat OF a political candi
date, the slack of votes" the simile Is
by no means exact nor so witty. In the
first place, loss of revenue is the cause
rather than increase OF expenses. In the
next place the loss of revenue is directly
traceable TO the WILSON tariff bill-a
measure that the President declared was
a thing OF "perfidy and dishonor," but
which he had not enough of his much
bill, while tearing down the bulwark OF
protection was not, by a long shot,
"tariff for revenue only" or tariff for
revenue, at all. 1t was a tariff for de-
felt, as two years and a half OF business
under its provisions have amply demon
strated.
The first consideration OF any tariff
measure, whether it be entitled a tariff
for protection, tariff TOR revenue only,
tree trade bill or tariff reform bill, is
that it must be tariff for revenue The
government must have revenue with
which TO conduct the business OF half a
billion dollar country. No protection
tariff ever drawn failed to consider this
matter of revenue as the first essential.
TO so secure that revenue that 1t should
also be made available fo- the protection
of American industries was a matter OF
business policy. But in attempting to
destroy this policy, the Democratic Con-
gress wiped out the revenue that had ac-
crued under It's provisions and substi-
tuted no other sufficient scheme for secur-
ing to the government enough funds to
pay its running expenses.
The administration has been at pains
to hide the real facts from the people.
The so called "gold reserve" was invoked,
a thing OF bookkeeping, and bond issues
were made ostensibly to "maintain, I"
this mythical reserve but really to meet
deficiencies in revenue and to insure the
maintenance OF gold payments, and 81
the credit OF the government. The truo
meaning Of the bond issues has
become generally understood with their
frequent repetition. Then the admins
tration turned for an explanation to the
legal tender factor in currency transac-
tions and the President urged upon Con-
gress the suppression of the Government
notes and the substitution OF an "elastic"
bank currency. But this, too, has failed
to divert attention from the less OF busi-
ness revenue and the reason therefor.
And now, the Democratic party, despite
the efforts of the President, has taken the
bit in it's teeth and threatens to bolt into
the free silver camp in its efforts to ad
just by delusion the defects in the Gov
ernment's business system.
Bond sales, the attempt to suppress the
Governments legal tender notes, the
making Of "plenty OF money" in silver at
the rate OF 16 TO /, have compelled the In
telligent and honest business sentiment
OF the country to make firm stand for
gold as single standard, because this, the
foundation principle of our business
transactions as well as our currency, is
threatened py the development of ideas on
details that would ordinarily have been
trivial and possible Of calm consideration
from the view point Of utility or expedi-
ency advanced to side track public
opinion from the real cause OF business
depression and Government deficit, the
loss to trade and commerce due to the in
famous WILSON tariff bilI
ALL things considered II strikes us that
McKTNI Fy In carrvinp Illfnois has yvon