The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1896-01-09

k4lC " GSNtC4U utth0S INV AI0AUAOn Al lad
message Of stl.ese deficiencies, no. mention
of the issue of interest bearing bonds to
meet them. The secretary of the treasury
Is more frank In his statement. He reports
q deficiency of 500, 800, $50. So during the
fiscal year ending June 80, 1904, andfor
the year ending June 80, 1895, SAC, $685.
223.18, and for the six months prior to
Dec. l, 1896, ST., 618, 589.24, In all $780,
221, O23.
No complaint was made that the Mo
Kinley law "was inefficient for the pur-
poses of revenue" when the Wilson bill was
pending. The objection to the Mckinley
law was that 1t was protective tariff"
and the Wilson bill'&as a revenue tariff.
I have statement showing the receipts
and expenditures under each law each
month, the Mckinley law from its passage
to the election Of Cleveland and the Will
son law from its passage to Dec l, 1895.
During the 25 months of the Mckinley
law the average monthly surplus was
81, 1879, 1871. During the existence of the
Wilson law the average monthly deficiency
was "a, 500, 603. If the Mckinley law was,
In the opinion Of the president, inefficient
for revenue, he should have said Of the
Wilson law that 1t was bounteous In de-
ficiencies
Attack on the Wilson Tariff Law.
The agricultural imports during the
first year of the Wilson law (all of which
are such as are produced In the United
States) were of the value of $1O7, 342, 522.
During the last year Of the Mckinley law
the imports of the same farm products
were Of the value of $51, 414,844
Notably during the same time the i'm
portation Of the two articles (that we'can
produce In the United States)i under the
Wilson law were weol, valued at $82, $780,
791, and hides, 1914, 1913, 1880. Under the
Mckinley law wool valued at SO, 299, 934
and hides valued at $40, $50, $50 were i'm
ported. Importations Of wool were in
creased under the Wilson law skiold, and
Of hides two and one-half fold. The Amer
lean farmer was thus deprived of his home
market.
Other importations made during the
year under the Wilson law of articles which
we can readily produce in this country
were valued at 1858, 684, 513, while under
the Mckinley law the value of the same
articles imported was $172, 74S, $40.
The enormous importations under the
Wilson law for which we had to pay gold
necessarily diminished the exports of tho
United States Our chief reliance in our
foreign trade is to export products, main
ly agricultural, in sufficient quantity or
more to pay for our imports, SO that the
balance of trade shall be in our favor. I'm
der the Wilson law we exported in year
agricultural productions valued at $301,.
57S, 1856, while during the last year Of the
Mckinley law we exported similar pro-
auctions valued at 1871, 1875, 800.
could pursue the analysis of these two
laws further. But have said enough to
explain the preference by the president of
the Wilson bill. He believes in large i'm
pOrtations at the lowest cost without re-
gard to the industries and labor of our
countrymen, while I believe in a careful
discrimination and the imposition of such
duties OIL articles that compete with home
productions as will diversity our employ
ments and protect and foster impartiality
In all industries, whether of the farm, of
the workshop, the mine, the forest or the
sea. l have not been satisfied with any
tariff law made during my public life,
though have shared in framing many. I
prefer a law that will impartially protect
and encourage all home industries and
regard the Mckinley law as infinitely bet
ter than the Wilson law, which l believe
is the cause of all the evils which we now
encounter by adverse balance of trade, by
expectation Of gold and arrangement of
our monetary system. The Wilson law has
produced a deficiency in every hour and
day that it has been on the statute book,
while the Mckinley law has always pro-
duced a surplus until after the incoming
of this administration, and if administer
ed since that time by friendly agents
would have furnished the government all
the revenue needed.
Cause of Our Financial Condition.
The deficiency of revenue was the
primary cause of the demand for gold
for the United States notes. The gold
boarded for resumption purposes was not
separated from the money received for
current revenue, and this revenue being
insufficient to meet expenses the gold ac-
cumulated for redemption purposes was
drawn upon to make good deficiencies.
This created a doubt of the ability of the
government to maintain the parity of
United States notes with coin and led to
their presentation for redemption in coin.
The draft on the treasury for coin during
this administration has been greater than
the amount Of deficiency Of revenue dur
AuS Uuo Stalu0 III 0foTy tSpoCU Al
which the subject presents itself to my
mind come to no other conclusion than
that the deficiency of revenue and the con-
sequent encroachment upon the redemption
fund are the causes of our present fnan-
oial condition and that the only remedy
is either a radical reduction of expendi
lures or an increase of taxation, or per-
haps both. do mot believe that the con-
dition requires a suspension of public
works or a postponement of measures now
in progress to strengthen the army and
navy.
It is strange that the president In deal
ing with our, financial condition should
ignore entirely the pregnant and control
ling fact that during his term of Office
thus far three issues of bonds have been
made amounting in the aggregate to $780,
S15, 400, to meet current expenses in time
of profound peace. He attributes all our
financial difficulties to the continued cir
culation Of United States notes and treas
ury notes, debts bearing no interest,
amounting to nearly $780, 900, 900. His
statement of the origin and history Of the
United States notes is strongly tinged
with prejudice, for though these notes
were irredeemable for time they were in
convertible into bonds bearing interest
payable in coin. They replaced notes is.
sued by banks chartered by the several
states.
Our Financial History.