Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1896-01-02

1900 of these demand notes 70 meet
current expenditures. and thus has
furnished s133 ,O00, 900 of government
demand notes to be again and again
used to draw gold from the treasury.
1t is evident that so long as there is in
sufficient revenue this performance
will go on and bond sale after bond
sale Will be required. 1t is also evil
dent that If there had been suf-
ficiency Of revenue. these redeemed
lgal 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 Indeed
there is good rea on to believe that if
ia the first six months Of the distrust
which inaugurated the run on the re-
demption fund, the treasury had been
receiving revenue more than adequate
to meet expenditures, SO as to temper
arily hold the redeemed government
notes. hhe disposition to present these
notes for redemption would have soon
been overcome That would have UNI
doubtediy been the case if the redemp-
ton fund had been increased in the
spring of 1898, and never allowed to
fall below the s100,000,000 minimum.
And the necessity for more revenue
from the point of view of the main
tenance of the redemption fund is not
taken away by the fact that we have
$50 10000 of cash in the treasury, in
addition to the 100000 900 (part gold
rao,,irad Por tbe radap, ptinn f,,pd apd
the twenty odd millions required as a
working balance. This $4,000 900 of
redeemed United States legal tender
notes for whose redemption we bor-
rowed $50,OO0,000 in gold. If we con-
time to pay them out to meet de-
ficiency Of revenue, then presently they
will come back again to draw $50.000,-
900 more from the treasury which we
must supply by selling $50,000,000 more
of bonds The suggestion therefore,
that we need no more revenue because
we have cash balance of $4,000, 900
of government notes in the treasury
that can be used to pay any deficiency
for the next six or twelve months, Is,
in effect, proposition to issue more
bonds to meet deficiency which
should be met at once by providing
more revenue.
'In other words those who oppose
raising more revenue in such situa-
ton, in whether they intend to
do so or not--favor borrowing in pref
erence to paying as we go along
Your committee believe that it is
the duty of the house of representa-
tives, to which body the constitution
commits the Inauguration of revenue
bills, to frame and pass a measure that
will yield not far from $40,000.000 in
sufficient to put an end to deficiency
and to do this without delay--leaving
to others whose cooperation is re-
quired to finally place such legislation
on the statute books to meet the re-
spcnsibility in their own way; and the
presidents special message, setting
forth so pointedly the seriousness of
the situation and the necessity for the
promptest action, only emphasizes the
duty of the house.
''In response to the urgent call of the
president, your committee has felt I'M
PEELED to act with all possible dispatch,
Two facts have led your committee to
look to an increase Of customs duties
as the most appropriate source of adj
ditional revenue. They are, first. the
fact that we are already raising a dis
proportionate amount from internal
revenue, which has always been re-
garded as a war resort-indeed Jeffer-
son 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 ma
tional convention maintained the same
doctrine in 1884 And, secondly. the
fact that BY increasing the 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 incidentally encourage
stricken industries and materially aid
in turning in our favor the balance Of
trade which has been so heavily
against us all through this calendar
year anu WHICH las iduSSO q oNihoiN
for gold for export, which our treasury
has been called to supply. For as
long as the balance Of trade is against
us on account Of excessive exports. We
must expect gold or (what is the
same thing promises to pay gold FOL
the excess of imports over exports.
Your committee have moi under
taken a general revision OF he tariff
on protection lines. as a majority hops
can be done in 1s97-9S,not only be-
cause they know that such tariff legis
lation would stand no chance Ct be
coming a law but also because gen
eral tariff RI vision would require manS
months and the need is more revenue
at once. We believe, however tina
this need of more revenue is so grea
that a simple measure increasing al
duties Of the dutiable list, and takint
from the free list Of the present tariff
a few articles that were always on ih'
dutiahle list until Aug. y, 1924, ant
which have always been importan
revenue producers, and limiting thu