Oxford eagle., 1897-03-25

| -Fiscsl year endins June ~
ee.eo,sc
10 ..................... &sOs0
~ ....;................. rresss
1T estimated eh.uo.o1
Total deficiency ncy.....................te .tessii. -
ccu,inuous tcfciency Of revenue for fcu
yesrs amounting In the aggregate 10 more thai
eAa.onon. 90 over cooooo Per snnum Ii
time % peace, with the ot.c.Al estimate af N,
late secretary of the treasury. In his las, an
nusl report that under existing coalitions ther'
| vii - further cencisncy q txoo op for IN.
| rseai rear which will b~gin on the nrss day o
july next. ami the further facs tha, the sos
errncnt has been ooliSci 20 obtain mesn,
20 pay this deeest By borrowing eso.oo
ooon which the people are p@ytas intcress
clearly !tss;ia>f the eo1vscasssa of congress v
devise pronps Ani adequate remedy. rhc ssc
must not be Lost sight of that shils N. govern
meat has turins ssis time isslst aai sc4 bonii
of the face vaiae Of s>s sis en- from ~k.sA Il Ia,
rcAliset e.sa ssl.-es In soid. for the purpose o.
psytns its teuani notes grs->nfs-i Ter recernp
/ ti0n. ycs en1.es eo of these n0tes % ref~era~t
have besn again paif out 70 meet the teHeiencl
ant thus male available tor seconi reiemptios
| r-euirtns . s--eoni sai Third lssas q bon..s
thus n ~til ,. se-a that IN the las, HnAiyxt'
tsae. aou. 90. inciuttns ths nAtur~,i Psctas
rsliroai hoaais. neariy seisssss % the eas..
tooes q borrvwed soif "a. e~ea u-ei 10 sup
1 ~ IN AA@8ts4@t"-AN 81 fNNF1A~s A4A sHrnF
stilI the prartirAI s-e q tAts r~x-nsr. aE (shai
10 the sane thinsi the nosss paid fron TIE ~
1 serve - m~ct the~~ cc1ttnuuls f~tcteacies ..
rcvsaae. has been cae q The gct~at cas-e< "a
IN. dlstrust vAieA n&s erisee1 n ea~iz~<. ctr.
| rlex
Neither cs>s tA- fsss shas "a ts~ iss 1zy Il
Narca theFc .2s q casA esisnr- Ia re sr~.s4ry
q neariy sl'sss.ss za~r e~a2etiax ~ IA
available frarsisasl ssls~r ,nf mincr cots
chang the aece<sity q sitlttonel r~xena- 81
the earliest pp~.fnae Gay. ser tha that u
least sis,assss q thts wsli - r-ggir-.l - meet
the decrlsncy b-txe<n Nara I xna Jsly / q
the eurreat nsesi year. seaxtn< eniy sl-l ss ~
In the cash balance On Jaly n>st. % satea
si'sl as ass Il xoii that o1-hs ~ rrznsia IN m
reserve ana cot - u--d % rsJ current e1.
pcuses This ~caIi l~avs only s1o ss ss' tas
treasury workinx balance R~xt July. vhich Z,
a. small safety psrmit<
The customs revenue un,ier the act of Isgo for
the ir~t fall fiscal year a IL ep~ratl.n sas ssss
oman. aud for the .~coud fiscal year Olsssl ~.
tse,so.cs'. with raw sugar On the fire list In
OStcoer. i-Ve. before u VAS known that radical
reductions % duties Ner~ 20 he ma.ie the tAer
| secretary of the treasury estimated that tbs
customs revenue for the nSeal year I-es wouIi
b. sen.0oop. on the basis of the gradually In.
cr~asing receipts up 20 ,ha, time. hut In yaa-
uary. issd. he informed the committee on wsys
AMI uiesns that the anticipation of . new tarti
| impor;s,ions. diminish the customs revenue ey
anticipation. A. well lniurioasiy Affect bust
| hess Thus. notwithstanding the tarif Of i.sl
remained on the statute book during tho nscal
year isas. yet the fscs that during that year q
| lover tArif was expected several months before
II was rnaliy enacted united with the arrest OF
trdn sgies aud conscsuent retuctioa Of the con-
s'Iming powrrOf our people. caused yc-tpone-
ueut or abandonment Of imports,ions 10 q iarss
extent and thus practically partially nulir.i tbs
tarir Of isgo long before IT, actual repeal
The customs revenue for the fiscal year 1870.
ten mouths In which vas under tho act % IseA
WAS raised 10 sis.ooes by deferred impor,a-
tious ami N. restoration Of the duty on sugar
AMI In the fiscal year l-se TO slee o go Of which
nearly tS.0o.m wAs from sugar. that hal
been placed on the free lis, by the tarir Of isoD
The customs revenue under the present tariff
for the nscal year that viii close June ~ nex,
MAS estimated by Secretary Carlisle IN his Last
annual report At sIs1eo0o and would have
fallen short Of that amour, 1T had not been sor
imrortations and Withdrawals from bond to
avoid the anticipated revision Of the tsrir And
In this report Secretary Carlisle estimated the
revenues from customs for the fiscal year tha,
will begin on the ist of July ness ~ only tiso.-
sooa
II will b. seen that while the revenue from
internal taxes has been we'll naintatzed. the
annual revenue from duties ON impcKts has de-
elsned over ts.uoa0 since Issa ND nearly
sso.opcn. compared with What Secretary ros-
ter estimated In October t-ss souli be tho rev
enue for ises under the taria of $50 90 the
basis of the Increasing receipts Of the year pre-
vious and the then existing conditions -eonkii-
tions which we're rcvolutionlxsf by the result Of
the national election . short time after this e.
innate vas mafe. As Air-.iy erplaiaei
II the customs revenue had eonsinn.si to grad
ually rise after the op~ninx Of t-su IL had be-
fore. even IL it had mai nrs;nesi the rzur.s Of
tho fiscal year Issa. the revenue wonli have b~en
ample 20 meet all rxTeufi,ures. assi the govern
men, would have besn spared the necesslty. no,
TO ssy the humiliation os practically issuinz
bonds TO meet derei-neie> Of eurrrnt exp-n1i-
tures IN time os peaes.
The plain duty. therefore. Of congress duty
emphasized By the pr-sid~ns'. message ia,f BE-
fore the house on the openinx dsy Of this ex-
traoriinary session. l. % 80 revise the tarif ~
10 secure an increase 0f revenue from duties
substantially equal 10 shat has been lost: first
by the as,cipafed. and then By the partially re-
sltzef tarf reductions male b the act os issk
Another imperative duty resting on this con-
rress Is 10 ADJUST duties in such a revision Of
the tarif 10 secure needed revenue to carry on
the government will better protect the many
Industries which have seriously suffered the
past three years from unequal foreign competi-
tiOn and from the consequent loss Of purchas-
ing power Of the masses Of the people, upon
which the demand for products and the pros
perity Of every citizen depends
Tue feasibility Of uniting in . tariff both rev
enue and protective qualities has been amply
demonstrated b tic results Of the proteetivc
tariffs In force from 1881 TO tseo ct which latter
Gate the tsrif Of isso vas practically nullifed
By the anticipation Of . revision on nonpEo-
tectfve bseis TIE working Of the wool and
wooi<ns schedule Of the tarif OF 100
on . protective basis ami OF the same
sehes,aies In the tartf os 1904 on anti
prutertive basis. Is exceedingly instructive on
this poinr The fnportations Of eiothinx wool
u i-aa unter the tArir of isso w1s about 81
sstss poznzt-. aad Of manufactures Of wool
aeoas s.m.os. mainly from the dress xorn By
tae ueis-so-io Who shink if the thing 10 wear
fr-~lxn-uese eiosh and Who are willing To pay
res duties imposed upcn IL Prom these i'm
PuEfasxlr> % wool and uoci-1z in l-90 the z0v-
s--=e=. e=-tret \ revenue ~ ahnnt ~. SO ooo
TIE trportsrions cf clothing wool In the fiscal
year rso. erceefef fs..eoeo pes-fs -;hr.e
tines ss much as In i-e9. and Of man1fsrtur-s
% wool. more than tviee Is many pounds In i-ss
As In 80. alsi yes The revsaas derived ey the
e1orr0cs Increase IN the imports OF wool and
woalens In the fseAi year 100 Was only ~ 3e,o- :
oao-a loss Of ei op from that realized La isea
In osher words. By placing wool on the free List
AMI sessuctns the duties on manufactures OF
wool the treasury Lost eei. .oQno Of revenue our
farmers lost market for the o. oOo 900 pounds Of
wool which they raised In isoe In excess Of What
they raised IN i-9e e. - well nearly ten cents
Per pound in price. involving . loss 10 them Of
] reAriy 30 00.oo0 Per snnunl Already on this
| one farm product previous manuiasTaFeTs 80;
| their worktngmen lost market. not oaly for the
goods which increased foreign imports had sup
| planted, but also market for goods which she
| farmers and masses Of the people were able to
purchase In tsG5. but which they could not buy In
| 1880 because Of . loss Of empioymsnt and pur-
| chasing power.
Beyo1f this. II has been demonstrated that b.
placing wool the free list 10 the injury Of ths
| farmers and manufacturers. we have not beer
| thereby enab,sd 10 increase our exports Of man
| usAetures Of wool les II was claimed would b
| the cssel. and We have greatly ircyeased shs
use OF shoddy oy diminishing the purchasing
| power OF the masses. and thus compelling then
| 10 seek cheap cloths
| Enlishtened by this experience In revisinl
| the tarin with = view OF securing 10th r~venr.
1 and proeectiop 70 our farmers. We have Eos<oTe<
1 wool 70 the dntysble List. snd % the sGue ras
y bore u W. sssis Il ~ " seetN tss ~