The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-22

concentration for such amendments 10
TIE national banking laws as would per,
nit the issue of circulating notes equzs
IN amount to the face value OF the ponos
deposited and reduce the tax OF notes
to one-follrth of one per cent per t-nnu I'm.
and that authority be gwen 10 esta pa 81;
/ branch banks for the TRANSACTION OF an
kinds Of business low allowed except
the issuing of circulating notes
Continuing, the secretary says:
1T is believed a careful consideration
Of the existing situation and conserV-
alive reliance upon improved business
conditions in the future fully Jusuiies tne
conclusion thet the estimated dencleneles
fer the current year 1898 VIII not - re-
allied, unless our public expenditures
shall be very materially increased by acts
of congress, and that, With proper econ
cny in administration and Sucn reuuc-
tons in appropriations as might be maze
withou: detriment to the public serv-ce'
the receipts will be equal 10 the dis-
bursement IN 1893 But however TINS n.ai
be, the condition of the treasury Is such
that no revenue legislation is lmniem-
ately necessary, or can become necessary
for considerable time, in order 10 en-
able the government promptly 10 meet
its ordinary obligations
Although the receipts from the ordi-
nary sources OF revenue during me idst
three fiscal years has been less tnan
the expenditures there have been at all
times sufficiently available FUNDS IN the
treasury to maintain an efhcient puDi-c
service and discharge the current op i
cations Of the government, ana no puDhc
creditor has been delayed IN the coAec-
ton of his claim, nor has the business
o. the country ever been disturbed by a
doubt concerning the ability OF the gov
eminent to defray its ordinary expenses
What is most needed at present IS not
more taxes. but more economy In 'aopro-
Sriations and expenditures.
WITHOUT PRECEDENT.
1.-THE great Increase in the ordinary eX-
penditures of the government during the
! last several years has been without
precedent in our history in time of peace,
and presents subject which imperatively
demands the most serious consideration in
congress. II my op-4i.on we nave reached
situation which not only forbids the
favorable considera ton of measures cal
culated 10 augment our annual outlay,
but which obviously demands thorough
revision of our permanent appropriation
laws and the enforcement of strict econ
omy in future annual legislation upon
this subject. But unless our annual re-
ceipts are increased by improved bust
ness conditions, or our annual eXDendl-
lures are reduced, a time will arrive
when provision must be made for addi-
tional revenue, and if the expenditures
/ of the government shall be increased by
acts of congress- the necessity for such
measure viii arise earlier than the
( present situation seems to Indicate.
PROTECTION.
On the subject of protection in this
connection, the secretary says:
so long as the income of the govern
ment from customs and Internal taxes
1 exceeds its expenditures, the fact that
protective duties were destructive reve-
nues, although clearly apparent to all
! who observed the practical operation of
! the system, did not attract the attention
/ OF the public generally; but the situation
has been materially changed since 1892
and hereafter il will not be possible to
1 sacrifice revenue to protection without
! seriously embarrassing the fiscal affairs
! q Ia
/ income sufficient to defray its exDendi-
/ lures If the usual proportion of this
/ income is hereafter to be derived from
/ taxes on imported goods, the protective
/ theory must be abandoned as the basis
1 CT our legislation upon the subject and
q well considered and consistent revenue
system must be substituted in its place;
/ and. IN my opinion, this can be done
! without material injury to any trade or
industry now existing in this country.
| The danger of large foreign compeu-
/ ton in our home market and the alleged
injurious effects of such competition upon
/ the interests of domestic labor have not
only been greatly exaggerated in fhe
/ past, but are less now than at any time
heretofore, and must continue to crow
/ less hereafter
IN view of the comparatively small
and constantly decreasing part of our
I laboring population, that could De eff
! 1ected even by repeal of all duties.
movement for the imposition of higher
! duties on imported goods cannot be re-
! SdTucu DIS JlSiuidbit upon dLS VI thS
grounds usually urged in support of such
measures by the advocates of the pro-
! tective theory
After furnishing long array of figures
I to bear out his statements. the secretary
/ continues:
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 10 secure the usual pro-
portion of revenue from customs be aban-
doned, and soon other methods of raising
means 10 support the government must
be adopted When the true principles of
taxation are recognized and applied in
our fiscal legislation there Will be no
difficulty in securing an ample revenue
J exercise of all its proper functions, with
cut subjecting our industries 10 injurious
and unnecessary burdens, or our trade to
injurious and unnecessary restrictions"