Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-03-20
O,HatErl NIL
Continued from page i,

7-7--T
ought to remain IN the reserve and not
M, ~ ,.,a,,,a Iao,,a .,,,.. soa o,n 80
Ihis "ouiu ie1ss oaiy $Iv'VUV'VOV az
the treasury WORKING balance next
July. which is as small as safety per-
mis-
The revenue derived from duties on
imports and also from internal revenue
taxas for each fiscal vaar hagir,,i,. :,
'aAes ioi Seaf pesinhang
with 1872 as IoiioWs'
For 1892, from customs $177. 452 1874 from
internal revenue 1891 73. For 1888,
027, 624 For 1894, sustoms $131, SIS. $50. inter
nal revenue $l47. III. 232. For 1885 ems
421672 For 1896. customs $3.50, on 75l inter
nal reverale $l46,. 762, S64. For 1881. esa-
mated, customs $40, ,000 internal reye-
nue. $l5O00O,000. 1t will be observed that
the customs revenue under the act OF
1899 for the first full fiscal year Of its
operation was 900 and for the sec
ond fiscal year, 1893, was 5000, 900 600 with
raw sugar on the free list.
In October. 1892. before 1t was known
that the radical reductions of duties, were
treasury estimated that the customs reve-
nue. for the fiscal year 1894 would be s290.-
100000 on the basis OF the GRADUALLY in
creasing receipts up to that time. But
In January 1893. he informed the conmIt-
tee on ways and means that the santici-
patton of a new tariff with lower duties
would inevitably postpone importations.
diminish the customs revenue by artici,
patton. as well as injuriously AFFECT bust
ness. Thus, notwithstanding the tariff
of 1890 remained on the statute books
during the fiscal year 1894. vet the fact
that during that year a lower tariff was
expected several months before Il was
finally enacted, united with the arrest OF
Industries and consequent reduction of the
consuming power OF our people caused
pOStporlement or abandonment of impOrta.
tio Tor eyf md
~ nullified the tariff OF 1880 long before It's
actual repeal. The custom revenue for
the fiscal year 1885, ten months OF which
was under the act OF 1894 was raised to
$3.50 100000 by deferred importations and
the restoration of the duty on sugar. and
in the fiscal year 1896 to 1854, 100000, of
which nearly thirty millions was from
sugar that had been placed on the free
list by the tariff of 1890.
The custome revenue under the present
tariff for the fiscal year that will close
June 80. next was estimated by Secretary
Carlisle In his last annual report at $l4Q-
100, 900 and would have fallen short of that
amount II 1t had not been for importa-
lions and Withdrawals from bond to avoid
the anticipated revision OF the tariff. And
in this respect Secretary Carlisle esti-
mates the revenue from customs for the
fiscal year that will begin on the first
Of July next at only $3.50, $4,000, the add
sional revenue required.
1t will be seen that while the revenue
from internal taxes has been well main
tanned. the annual revenue from duties
on imports has declined over $50. 1000
since 1898. and nearly 81. 100000 compared
with what Secretary Foster estimated in
October. 1892. would be the revenue In
1894 under the tariff OF 1890. ON the basis
Of the increasing receipts of the year pre-
vious and the then existing conditions.
conditions which were revolutioned by the
result of the national election II short
time after this estimate was made. as al
ready explained.
If the customs revenue had continued TO
gradually rise. after the opening of 1893
IS 1t had before. or even IL II had main
aimed the figures OF the fiscal year of lss3.
the revenue would have been ample to
meet all expenditures and the government
would have been spared the necessity not
o say the humiliation of practically issu-
.ng bonds to meet deficiencies OF current
expenditures in time of peace.