The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-02-27

Al Compared with the Revenue Pro-
ducing Mckinley Law.

Al Compared with the Revenue Pro-
ducing Mckinley Law.
III anybody doubted the wisdom OF
President-elect Mckinley in deciding
that n special session of the new con-
grcss should be held as soon as prac-
ticable after his Inauguration that
doubt has disappeared upon the exam
nation of the treasury department fig
ures just made public. showing the as
tonishing failure of the present tariff
law to accomplish what was promised
for II by its trainers.
II there was anything which the dem
ocrats who enacted II delighted most es
pecially in repeating, IL was the phrase:
"0ur tariff law will do what your Nc
Kinley law could not do; 1t will produce
sufficient revenue 10 meet running cx-
penses." If there is anything that those
same gentlemen now do not like TO
hear it is a reference TO those pledges
and boasts, for the statements were
made boastfully. Their revenue law be-
gan. by producing a monthly deficit of
from 100000 TO $4,000. 900. but they
apologized for IL month by month and
IL had adjusted itself to business condi-
tons and business conditions had adj
justcd themselves to IL. But the 20
months of adjustment have failed TO
bring about the result which they prom
Used, and at the close OF these weary
months shows a deficit practically as
large as when the experiment of the
democratic tariff began.
The following figures show the total
receipts and expenditures of the gov
eminent during the first 20 months Of
the Wilson tariff law, as compared with
those of the first % months of the Nc
Kinley tariff law:
Mckinley law. receipts first
29months. ..................... sSS5. 964, $50 a.
Wilson law, receipts first 20
months ACKNOWLEDGEMENTS. ISo,S61.IIb ~
In favor OF Mckinley law. .sl4G. 977. ia 60
Mckinley law. receipts first
~ months. ............... .Soo0,yo4eJ0 =
Mckinley law, expenditures =.
first 20 months........,....... S62.eSS. I62 rs
Surplus .......................2 a.O2c. 1888 &c
Wilson law. receipts first 60
Wilson law expenditures first
~ months ......'.............''. ooo,oo4'ssl o.
Deficit ...................... $40. s77. ZIG OF
Mckinley law. FIRST 20 months.
Wilson law. first 2S months.
dencit .sl26.SIi' 40 w
Twenty-Five months OF democratic
tariff under the Wilson law have made
a record which will probably remain
with the people OF the United States
of the present generation.
A tariff law which can produce def.
icit of $l26,o00,000 in 20 months is not
likely TO pass from the memory OF the
average student of national affairs
This will be especially true, however.
II he compares the workings Of the
democratic tariff law dw;s,g its exist
ence with those OF the Mckinley law
during corresponding period of its
existence. Fortunately for those who
desire 10 make comparisons, the two
laws went into effect at about the same
time of year, and It is thus entirely APP
propriate 20 compare their workings
during given number OF months. The
Mckinley law went into effect Octo-
Der /, In the year 1890, and the Wilson
law went into effect August 2s, in the
year 1894, the period Of the year in
which each took effect differing but by
practically one month. The COMPARE
son, therefore, is fair one. IL shows,
however. that the Wilson law has been
a more disastrous failure even than the
average student OF affairs of the kind
had supposed. and at the same time
puts at rest the charges made over and
over again by the democrats that the
Mckinley law was failure in the mat
ter of revenue production. The first
20 months OF the Wilson law produced
deficit of over Si2s,000Oo0, while the
corresponding 20 months of the McKin-
ley law produced surplus OF $23,026,-
1873. In other words, the Mckinley law
did iust what II was intended il should
do, by producing sufficient revenue TO
meet the running expenses OF the gov
eminent, with enough margin OF sur
plus to make its operations safe, while
the Wilson law, although IL produced
enormous importations OF foreign
goods, hos fallen behind nj the average
rate of nearly $5,O00,000 per month.