The Coconino weekly sun., 1896-01-02
EXPLAINING MATTERS.
Report Of the Ways and Means Commlttss
on the Tariff ana Bond Bills.

Report Of the Ways and Means Commlttss
on the Tarin ana Bond Bills.
WASHINGTON, 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. He
said:
The committee on WAYS and means. to whom
was referred SO much OF the presidents annua
message and so much Of the annual report o.
| the secretary Of the treasury as relates to the
revenue and the condition OF the treasury
und also the presidents special message
presenting the urgency OF immediate
action by congress In direction cal
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 hall
as the most potent cause of the difficultfes
which the treasury has encountered and
an important factor In the creation and
promotion Of that serious distrusI
which has paralyzed business and danger
ously shaken confidence, even in the financial
operations Of the government. 1t is as impos-
sible for government to have continuous de.
ficiency Of revenue for 2% years without affect
ing Its financial standing as 1t Is for an indi.
vidual. 1t is impossible also for q government
to continue in this condition without casting q
shadow Of doubt and discouragement over al
business operations within its borders.
The serious fact which we are called upon Il
confront ia that in the two and q half years
that have elapsed since July I, 1893. this gov.
eminent has had an insufnciency Of revenue Il
meet current expenditures amounting in the
aggregate to about 1888, 900. And, even IN
the first half of the present fiscal year, the de.
ficiency will reach about $a0o00,000 and abou
%, OOO. Don in this present month.
1t is evident that so long as there is insufd
cient revenue this performance will 60 on, ono
bond sale after bond sale will be required Il
is also evident that II there had been sum.
cheney Of revenue these redeemed legal tendel
notes would not have teen paid out at once
and there would have betu SO much the lesi
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 lee
your committee to look to Oh increase Of Gus
toms duties as the most appropriate source
OF additional revenue. They are
first. the fact that VS. are already
raising disproportionate amount from
internal revenue, which has always beer
regarded as war resort indeed JenerSor
took the ground that excise taxes should moi
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 homo, fol
revenue purposes, VIC can ut the same time In
cidentally 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 o demand for gold for export
which our treasury has been called to supply.
For. 30 long Us the balance of trade is against
US on account Of excessive imports. We must
export gold, or, what is the same thing, prom.
ises to pay gold to pay for the excess Of i'm.
ports over exports
The report after analy zing the tariff
bill proceeds to the subject Of bond
issue. Upon this matter the committee
declares that tho authority asked fol
by the secretary Of the treasury to is.
sue bonds at . lower rate and for q
shorter term than those now author.
lied should be granted.