The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-12-22
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TREASURY NOTES
Concluded from FIRST Page.)


ana that authority be given to estab-
llsh branch banks for the transa ction of
III KINDS OF business now allowed ex-
'emt the Issue of circulating notes.
takine up the question OF revenue
aiiu quotihg iigures and the yearly def
cirncN. the Secretary says:
But unless the annual receipts are
Increased by improved business condi-
IONS OF our annual expenditures are re-
ouced, time will arrive when provision
inus' nc maze Tor additional revenue,
ana II the expenditures OF the Govern
tnent snail be Increased by acts of Com
ErtsS The necessity FOR such q measure
VIII arise earlier than the present situ-
i'lon seems To indicate. In view of this
possible contingency IL will not he IMAM
pfoprlatc To submit a few suggestions
CONCERNING the general policy to he ad-
opleu IN making the provision to meet
me future necessities Of the Govern
nenl. For more than n century our
80, ,es 'Sia'loii mas been designed TO a
srcat extent at least to accomplish OBJ
JcctS other than the raising of levrn,,c
ior puDltc purposes. The protection of
! capltai invested in our native indust rine
anu me protection OF labor employed in
! Inc United States against The coI,nati
| tion or the products of foreign In Inc
tfles ana foreign labor have been nj
ieEcd us the paramount objects I'm MANY
Eases ana urged as Il justification rnr
w progressive Increases OF tariff taxes
nue. not needed or when the ratc I'M
posed were 50 nigh as to reduce the ,.ovn.
nue.. In other instances revenue duas
nave been abolished In order thai protec
W. uu,ieS might be retained or incrcas-
co. ana The necessities Of the Govern
hent and just principles of toxntion
nave been subordinatcd to the demands
of special interests.
so long as the income of the Gov
ernmenl from customs and Internal
- n.y. III
tnat protective duties We're destruciI,e
OF revenue. although clearly apparent
10 All WHO observed the practical nnn
ration OF the system, did not attract the
,ho n.,', o. inc public generally; but
me SITUATION has been mnteriallv
changed since 1892, and hereafter II vii,
Hot NC possible 10 sacrifice revonua in
protection without seriously cmbnrrn
me me fiscal affairs of the Government
/ ny ucpriving il of income sufficient 10
defray It's necessary expenditures II
INC uSual proportion of this income Is
hereafter to be deprived from taxes m
imported goods. the protective theory
must be abandoned
W hatcver danger existed from for
/ c'gn competition, the SECRETARY trini,
ms heen reduced to minimum mr.
wholly eliminated by the changed indus
trial and trade conditions.
me alternative Will be, the Secre-
tary thinks. the imposition of tovos Il,
SOME other form, but i'm either case. he
says thcrc are certain Fundamental
rules and principles applicable to The
iSunJecI which cannot be disrerardnd
without injustice to the people from
Mhom the eNactions are to he made
The first and most important one is thai
no lax shall be laid except for publjc
purposes. and that all sums paid bv tho
people should be received by the Gov
eminent. wv
1t is not claimed that absolute IN
equality in the distribution of burdens
Oh taxation can be secured I'm all cases
under any practical system that can be
devised. but gross inequalities can GER
tainly be avoided, and they are much
less likely TO result when revenue is
made the sole object of tariff legisla
ton than when the custom laws nre
framed 10 accomplish other purposes
when the true principles OF taxa
ton are recognized and applied in our
fiscal legislation. there will be no diff
Guilty in securing an ample revenue for
the support of the Government in the
exercise OF all it's proper functions. with
out subiecting our industries to iniuri-
Gus and unnecessary burdens or orr
trade TO Injurious and Unnecessary re-
StrictlOnS.