The daily morning journal and courier., 1896-12-08

increasing apprehension and tlmldlty in business circles and the depression in all activities intervening since that time resulting from causes perfectly we'll understood and entirely discon- nected with our tariff law, or its opera ton, seriously checked the imports we would have otherwise received and readily account for the difference be- tween this estimate of the secretary and the actual deficiency, as well as for continued deficit, Indeed, 1t must be confessed that we could hardly have had more unfavorable period than the last two years for the collection of tar tiff revenue. We cannot reasonably hope that our recuperadon from this business depression will be sudden, but it has already set In With a promise of aceeleratlon and continuance. l be- lieve our present tariff law, if allowed a fair opportunity, will in the near fu- ture yield a revenue which, with reason able economical expenditures will over come all deficiencies. In the meantime no deficit that has occurred or may oc- cur need excite or disturb us. To meet any such deficit we have in the treasury in addition to a fold reserve of one hun dred millions a surplus of more than one hundred and twenty-eight millions of dollars applicable totthe payment of the expenses of the government, and which must, unless expended for that purpose, remain a useless hoard or, if not extravagantly wasted, must in any event be perverted from the purpose of V- ment, therefore, of any deficiency In the revenue from this fund is nothing more than its proper and legitimate use The government thus applying surplus fortunately in it's treasury to the pay ment of expenses not met by its cur rent revenues, is not all to be likened to a man living beyond his income and thus incurring debt or incroaching on his principle. It is not one of the func- tions of our government to accumulate and make additions to fund not need ed for immediate expenditures. With individuals it is the chief object of struggle and effort. The application of an accumulation fund by the gov ernment to the payment of it's running expenses is a duty. An individual liv- ing beyond his income and embarrass- ing himself with debt, or drawing upon his accumulated fund of principal, is either unfortunate or improvident. The distinction is between a government charged with the duty of eXpending for the benefit of the people and for proper purposes all the money it re- ceives from any source, and the indi- yyhn ic ta1 tn q natural desire to avoid debt or to &C., cumulate as much as possible and to live within the income derived from such accumulation to the end that they may be increased, or at least remain unimpaired for the future use and en- joyment of himself or the objects of his affection who may survive him.
 It is immeasurably better to appro- priate our surplus to the payment of juStifiable expenses than to allow it to become an invitation to reckless ap- populations and extravagant expendi- lures.
 I suppose it will not be denied that | under the present law our people ob- | tain the necessaries of a comforta ble | existence at a cheaper rate than for merly This is a matter of supreme | importance, since it is the palpable ] duty of every just government to make | the burdens of taxation as light as pos sible. The people should not be re- quired to relinquish this privilege of cheaper living except under the stress of their governments necessity made plainly manifest.
 OUR BAD FINANCIAL METHODS | This reference to the condition and prospects of our revenues naturally
 suggests an allusion to the weakness
 and vices of our financial methods | They have been frequently pressed
 upon the attention of congress in pre-
 vious4 executive communications and
 the inevitable danger of their contin-
 ued toleration pointed out Without
 now repeating these details, I cannot refrain from again earnestly presenting
 the necessity of the prompt reform of a
 system opposed to every rule of sound | finance and shown by experience to be fraught with the gravest peril and per
 plexity. The terrible civil war whicL | shook the foundations of our govern
 ment more than thirty years age
 brought in its train the destruction o1
 property the wasting of our country's
 substance, and the arrangement oi
 brethren. These are now past and for
 gotten Even the distressing loss o1 l life the conflict entailed is but sacred | memory, which fosters patriotic senti-
 ment and keeps alive tender regard
 for those who nobly died. And yet | there remains with us to-day in ful
 strength and activity, as an incident o-
 that tremendous struggle, fracture o1
 its financial necessities, not only un.
 suited to our present circumstances
 but manifestedly a disturbing menace
 to business security and an ever pres.
 ent agent of monetary distress. Be.
 cause we may be enjoying a temporary relief from it's depressing influence thi.
 should not lull us into a, false security
 not lead us to forget the suddenness o past visitations, I am more convinced | than ever that we can have no assured financial peace and safety until tn, government currency obligations upor
 which gold may be demanded from tn, l treasury are withdrawn from circula | ton and canceled. This might be done
 as has been heretofore recommended
 by their exchange for long term bond
 bearing a low rate of interest or the re demption with proceeds of such bonds Even if only the United States note.
 known as greenbacks were thus re tired, it is probable that the treasury | notes issued in payment of silver pur