Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-12-24

'FF|'l''trfH
Secretary Of the Treasury Carlisle's \
annual report which was presented to
Congress- Monday, shows the revenues
OF the government from all sources to
have been e409. a75, 4OS and the es-
penditures s434, 67s, 654, which leaves a
deficit for the year ended June 30th,
1896. Of $40, 2O3, 245. The revenues of
the government for the current fiscal
year are thus estimated upon the basis
Of existing laws,
Fvom customs, s14s, 00o, 600; from
internal revenue, $3.50, 900, 900; mis-
cellaneous sources, $40, 000 600; from
postal service. $50, T93, 100. Total
estimated revenues, s407, 100, 100.
The expenditures for the same period
are estimated at s472, 800, 100, leaving
an estimated deficiency for the year OF
s64. 800, 600. 1t is estimated that upon
the basis of existing laws, the revenues
for the fiscal year 1893 will be-:
From customs, $3.50, 600, 600; from
internal revenue, s155, DOC, 600; from
miscellaneous sources, $40. 900, 600;
from. the postal service, s96, 227. 076.
Total estimated revenues, S421, 227, 076.
Tho estimates OF appropriations re-
CURED for the same period, exclusive OF
sinking fund, amount TO S466, GAG, GOT.
which leaves an estimated deficiency
for the year ending Dune 30th, 1898, of
s45, 71S, $40.
These figures tell uniform story OF
deficits. aud they ought to Impress
upon Congress- the necessity for the
practice of economy. II this plan
should be inaugurated, as strongly
urged by tho Secretary, the deficits
would disappear long before June aoth,
1898.
Secretary Carlisle earnestly recon-
mends the retirement OF the United
States notes and Treasury demand
notes, which have always been menace
to the administration OF our national
finances In other words, that the
government take itself out OF the bank.
ing business, leaving that business
where it legitimately belongs. with the
banks Of the country. The wisdom Of
such plan has been apparent for
years. and the sooner 1t Is inaugurated
the better it will be.
large portion Of the report is de-
voted to an argument showing that
higher import duties are not necessary,
or even justified. Upon this point the
Secretary very forcibly says:
" If this view of the subject is
correct, 1t is evident that new objects
OF taxation must be included in our
tariff schedules, or the attempt to
secure the usual proportion of revenue
from customs must be abandoned and
some other method of raising means to
support the government must be
| adopted; but whsther revenue shall be
raised by duties on imported goods or
| by the imposition of taxes in some
other form, there are certain funda.
mental rules and principles applicable
to the subject when cannot be dis.
regarded without injustice to the
people from whom the exactions are to
he made. The first and most important
one is that no tax should be laid
except for public purposes and that all
sums paid by the people should be
received by the government. ANY tax,
whether impost or excise, which in
creaees the cost OF commodities TO the
consumer beyond the amount collected
by the government is unjust and indie.
fensibie upon any correct economic
principle.
when the true principles of taxation
are recognized and applied in our fiscal
legislation there will be no difficulty in
securing ample revenue for the support
Of tho government in the exercise OF all
its proper functions without subiectina
our Industries to Injurious and un.
necessary burdens or our trade TO injur.
ious and unnecessary restrictions. ~
protectionists will not agree with
this argument, but it is sound one,
nevertheless. Altogether the report il
an admirable presentation Of the tiuan.
Cial situation. and if Congress gives
heed to its suggestions vast improve
ment will soon DO manifest.
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