The times., 1897-04-11
a Rough Outlook.

Bet wecn the devil Of the trusts and
the deep sea of foreign protest and in
dIgnation, the Administration is entitled
to sympathy for its unpleasant predica-
msnt in connection with the Dingley bill.
To begin with, it has become evident to
the Republican experts of the Treasury
Department that, like its antelope, the
Mckinley bin, the present measure is IAN
act to reduce the revenues" They do not
believe that. if passed, it would produce
90 per cent of the Dingley estimate during
the first year of its operation. This, taken
in conjunction with Treasury facts already
published in The Times, would involve a ma
tonal shortage of over S15S,0Oo,000 at
the end Of the first fiscal year of the new
another bond issue, or, alternatively, the
coinage of the seigniorage silver in the
Treasury vaults. stares the Republican
party in the face. There appears to be
but one practicable, even partial, escape
from the situation, and that is to remodel
the Dingley bill and make 1t a revenue
measure.
1t is quite needless to say that this will
not be done. The Dingley bill is not yet
revenue destroying enough TO satisfy the
voracity of its proposed beneficiaries.
There is a. steady a pressure from inter
ests demanding enrichment at the cost
and loss of the people, as there is indig-
nant protest against the entire scheme
from all other sources. The financial and
monopoly powers which joined TO make
this Administration possibility, each will
have its pound of flesh To the latter the
question OF public revenue is one of COM
nete indifference, so that the fiscal sys-
TEN enacted enables it to gather unearned
wealth by grinding the people. To the
former it is the vital consideration The
money power is heart and soul for such
a measure as the Dingley bill, because it
viii not produce revenue, and therefore
will create a situation which ii believes
will necessitate more and greater bond
Issues. These two dominant, contributory
Republican forces will compel the Admin
istrauon TO stick by its fiscal policy and
program, without reference to what eff
feet tie same may have upon national or
International interests
That the enactment into law of the Ding
ley bill would have serious commercial con-
sequences, is not doubted in any quarter.
The diguified, but explicit protests OF Ger
many, Italy, and the Netherlands, are
proofs OF this. Germany reminds this Gov
eminent, in the studiously courteous Ian
guage Of diplomacy, that certain provisions
of the proposed law are in violation Of ex-
listing treaty agreements between the
United states and the Empire. Ifthese vio-
Iations are enacted into law by the Con-
gress, Germany viii feel compelledto adopt
measures corresponding with her interests,
and that would involve the prohibition OF
American breadst uffs, German imports OF
which alone last year amounted to S8,o00,-
OO0; Of all our provisions; and possibly CT
all our exports to Germany, now aggregat-
ing an annual value of S94, 600 900 What
other countries can, or will. do to US, re-
mains 10 be seen. 1t will be commensurate
with our insane attack upon them
For these and other sufficient reasons
we venture to opine that the Republican
picnic in Dingley Deli will not result in
as much pleasure to the participants as
they may have anticipated.