Iron County register., 1897-10-14
THE DiNcLEY pEFIcIr


a Bomd Issue In Among 4he ImxnAm@mA
Probabilities.
Mr.. Nelson Dingley very coolly In
forms the country through the New
York World that his celebrated tariR
act may reasonably be expected to pro-
duce deficit in the governments rev
enue of something like $5o.O0O, 900 be-
fore it can be expected to make its be-
nign influence felt. Between Mr.. Reeds
Estate of mind" as panacea for finan-
cial evils and Mr.. Dingley's defcit-pro-
ducing tariff act the country has some
rare prospects before 1t.
Mr.. Dingley says the deficit viii be
the natural result of the vast imports
tions that took place before the bin
went into effect, but we think it must
be clear to all sensible persons who
know the character and effect Of the
Wilson protection bin that the ;mpor-
tations in anticipation Of the enactment
of the Dingley law paid their due pro-
portion of revenue into the treasury
so that these importations. instead OF
contributing to the deficit, have ac-
tuaIly tended to cut it down by adding
to the resources of the treasury.
But what effect will the predicted def
icit have on our finances? The repub-
licans during the campaign of last year
declared over and over again that the
bond issues were occasioned by the
treasury deficit, and they raked Mr..
Cleveland fore and aft-especially aft.
in the nature of things-for permitting
such a dangerous thing as deficit to
make its appearance, thus compelling
the government to issue bonds in time
of peace. And not only Mr.. Cleveland,
but the democratic party, was called
harshly to task for enacting a tariff
law that would create such terrible
thing as deficit.
In the face of all this, Mr.. Dingley
comes ou. boldly and says the deficit
under his celebrated monopoly-feeding
and trust-breedipg act will amount to
$50, ,000. 900 the first year. If the repub-
lican theory of bond issues is true Mr..
Mckinley will have to engage IN that
business before he is many months old
er. IF the failure of the treasury in
come to keep even with the outgo makes
it necessary to issue bonds in time Of
peace, Mr.. Mckinley Gin the interim OF
appointing negro postmasters in the
south) would do well to have his bond
plates prepared. The so-called deficit
under Cleveland had not reached $685.
100000 before he was compelled to issue
$110, ,000,o 900 of bonds. This being so,
nothing short of an issue of $500, ,0o0. 900
will satisfy the deficiency promised by
Mr.. Dingley as the result of his wonder
full law.
AS all sensible men know. however,
there was no such thing under the
Cleveland administration as an issue of
bonds to cover a deficit. The violation
of law by which Mr.. Cleveland made
greenbacks and treasury notes payable
in gold instead of coin drove some $780,
100000 of our gold abroad. and Mr..
Cleveland, acting as the partner of the
gold grabbers, issued bonds to buy the
gold back. That was all there was to
the bond issues.
1t is very fortunate thing for the
republican trainers of the Dingley law
that the eheapening of the gold dollar
with respect to number of commodi-
ties has helped business and revived
hope in the minds of the people, other
wise the so-called deficit would have
assumed alarming proportions-for the
treasury receipts are in direct ratio
with the prosperity of the people.--At.
lanta Constitution.