The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1896-01-02
EXPLAINING MATTERS.
Report of the Ways and e Committed
on the Tarir and Bond Blis.

1879 80"
WAsHiSGroS, Dec, 81. - Chairman
Dingley, of the ways and means com
mittee, yesterday reported TO the house
the tariff and bond bills agreed on by
the majority Of the committee. lie
said:
The committee on WAYS and means. 20 whom
was referred SO much OF the presidents annual
message and so much Of the annual report OF
the secretary OF the treasury as relates TO the
revenue and the condition OF the treasury,
and also the presidents special message
presenting the urgency OF immediate
action by congress in n direction call
culated to bring relief, report that the
committee appreciate the seriousness Of the
situation and the Importance Of prompt reme-
dies so far as congress can give them Your
committee regard the chronic deficiency OF
revenue for the past two years and o half
rs the most potent cause OF the difficulties
which the treasury has encountered and
an important factor in the creation and
promotion OF that serious distrust
which has paralyzed business and danger
ously shaken confidence, even in the financial
operations OF the government, IL is as impos-
siblo for n government to have continuous de-
hcioncy OF isvenuo for az years without affect
Ing Its financial standing as IL is for an indi-
vidual. 1t is impossible also for n government
TO continue in this condition without caS;ing n
shadow OF doubt and discouraremeLt over all
business operations within its borders.
The serious fact which we are called upon to
confront is that In the two and n half years
that have elapsed since July 1, 1898. this gov
eminent has had an inSunicicncy of revenue TO
meet current expenditures amounting in the
aggregate TO about sl83,O ,OO0. And. even in
the first half OF the present fiscal year, the de-
hciency will reach about s20OOO,0O1 and about
s%3.0OO.0Oo in this present month.
1t Is evident that so long as there is insufl-
aNanN AVHAgaN hi ~ -
bond sale after bond sale will be required 1t
is also evident that II there had been o sum-
cheney OF revenue these redeemed legal 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.
Continuing Mr.. Dingley said:
In response to the urgent call OF the presi.
dent. your committee has felt impelled to act
with all possible dispatch. Two facts have led
your committee TO look to an Increase OF Gus.
toms duties as the most appropriate source
of additional revenue. They are,
first. the fact that we are already
raising a disproportionate amount from
internal revenue, which has always been
regarded as a war resort indeed. Jefferson
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 national convention maintained
the same doctrine in 1884.
And, secondly, the fact that. by increasing
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 in
encourage stricken industries and
materially aid In turning IN our favor the bal
ance OF trade which has been so heavily
against us all through this calendar year, and
which has caused a demand for gold for export
which our treasury has been called to supply.
For, 50 long as the balance of trade Is against
us on account of excessive imports. we must
export gold, or, what is the same thing. prom
lses to pay gold to pay for the excess OF inn
ports over exports,
The report after Analysing the tariff
bill proceeds to the subject of a bond
issue. Upon this matter the committee
declares that the authority asked for
by the secretary of the treasury to is.
sue bonds at u lower rate and for a
shorter term than those now author.
lied should be granted.