The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-07-21

from the best students of finance in this
country will be able to frame q much
more satisfactory currency measure
than would in all probability be prepar-
ed by any general committee of Con-
gress, which in the nature of things,
would not be made up of men who had
made a life long study of this complex
and difficult questions.
BETWEEN the prospective increase
in demand for farm products in the
manufacturing districts of this country
and the certainty that there is to be an
unusual demand abroad, the prospects
for the farmers are brighter than they
have been for four years. There is
every reason to believe that there will
be Ia prompt renewal of business ac-
tivity in the manufacturing districts
after the tariff bill becomes a law, the
effect of which will be felt among the
farmers in the increased demand for
farm productions, while the advices
from abroad indicate an unusual short
age of crops in nearly all the grain pro-
ducing countries of the world. In
Australia, the Argentine Republic, and
in India the crops are not up to the
usual standard and will not supply what
is required for home consumption.
Reports from Russia, France, Hungary
and Germany point to a large decrease
in the wheat crop and make it probable
that these countries, al we'll as many
others will be obliged to call upon the
United States for supplies for the en-
suing year. This makes it almost
certain that the demand upon the
farmers of the United States both from
abroad, and from those whose condition
is to be improved by the revival Of
manufacturing industries, will be un-
usually great. Fortunately the farm
ers of the United States seem likely to
have al unusual large crop of wheat
with which to supply this demand.
Now that we are about to bid adieu
to the Wilson tariff law it may not be
uninteresting to refer to some of its
failures, since it is almost impossible to
say anything good in taking leave of the
easur which has brought such dis
tress to the country and to the United
States treasury. The deficiency of
1926, 000, 900 which this law had made
up to the time President Mckinley was
inaugurated has been somewhat re-
duced during the last three months by
the enormous importations which were
made in order to escape duties under
the new tariff law. Notwithstanding all
the increase in receipts by eason of THIS
flood of importations since the inaugur-
alton of President Mckinley, the total
receipts under this law have been much
less than in the corresponding months
of the history of the Mckinley law.
This is especially interesting and i'm
portant because of the statements made
from time to time by the Democrats to
the effect that the Wilson law was more
successful as a revenue producer than
the Mckinley law. The official figures
show the absolute falsity of such a state
ment. The Wilson law has now been
in operation two months less than three
years. In these thirty-four months the
custom receipts aggregated $467 ,465,-
24s, while in the first thirty-four months
Of the Mckinley law the custom re-
ceipts were $685. 52 ,414. The internal
revenue receipts under the Wilson law
for the same period were 1882, 1872 ,453,
and under the Mckinley law were
$433, 772,45S. The total receipts under
the Wilson law during the time it has
been in force amounted to 1904 200 1852,
while the Mckinley law in its first
thirty-four months produced S1,041 ,048,-
607, a balance of more than $137 ,OOO,-
900 in favor Of the Mckinley law.
AN item respecting the finances of
Vermont's sister State, New Hamp-
shire, has been going the rounds of the
papers, and has appeared in some of
the Vermont papers, including the
WATcHMAN. The Reformsr makes