Morris tribune., 1897-05-26

effect which the bill would have upon
the revenue, and that they should ex-
plain, in a general way, the character Of
the amendments they have suggested.
The majority of the committee believe
that if a thorough revision of our rev.
enue laws, such as is contemplated by
the house bill, is necessary, it should be
carried out in conservative spirit, and
that such moderate and reasonable
measure should be adopted as will insure
a much greater degree of permanence to
our tariff legislation. Frequent revi-
sions of the tariff are productive of long
periods of uncertainty and arrested
development The radical change in
policy in 1898, proved disastrous to the
business interests of the country.
1t was, believe, thoroughly under
stood throughout the country in the last
political campaign, that if the Repub-
hcan party should be again entrusted
with power
No Extreme Tariff Legislation
would follow. 1t was believed that in
the changed conditions of the country, a
return to the duties imposed by the act
of 1890 would not be necessary, even
from protective standpoint.
It was with these facts constantly in
view that the majority of the finance
committee prepared the amendments
which they have submitted for your
consideration. Nothing could be more
conducive to the return and maintenance
of real prosperity in this country than
the well grounded belief that there were
to be no violent changes in our revenue
policy for some years to come. The true
friends of protective policy do not in
sist upon extreme rates, nor any that are
not necessary to equalize conditions.
While tits true that the rates above this
line are often imperative, yet it must be
admitted that they furnish needless op-
portunities-for destructive attacks.
The committee believe that in the
reductions they have suggested from the
rates imposed in the house bill, they
have not gone in any instance below the
protective point, and if the bill should
become law in the form presented by
them every American industry would
be enabled to meet foreign competition
on equal terms; that is, so far as this
equality can be secured by tariff legisla-
ton
Considerably Below House Rates.
The rates suggested by the commit
tees amendments are considerably be-
low those imposed by the house bill,
and in most instances below those con-
tanned in the act of 1890.
In suggesting these reductions, the
members of the majority of the COM
mittee reafirm and emphasize their po-
sition as friends of the protective policy.
The ultimate purpose of this policy is to
secure, as far as this is possible, by wise
and conservative legislation, the steady
growth and development of all interests,
agricultural, manufacturing and COM
mercial. The provisions of tariff law
affect all these interests in numberless
ways, and unless there can be stability III
tariff policy there can be no certainty OF
prosperity for any. Industrial con
ditions in this country with very few
exceptions, do not demand a return TO
the rates imposed by the act OF 1870.
The bitter contest which is going on
among the leading nations of the world
for industrial supremacy has brought
about improvements in methods and
economies in production to an extent
which was not thought possible few
years ago. These new conditions must
be taken into account in considering the
rates to be imposed.
Without re4inquishing one particle OF
our devotion to the cause of protection,
we feel that>we have right to ask that
the cause shall not be burdened by the
imposition Of duties which are unneces-
sary and excessive. In the readjust-
ment of rates suggested, the committee
have tried to make them sufficiently
protective to domestic interests without
being prohibitive.
Estimated Revenue.
The trainers of the house bill estimate
total revenue from the bill of $685.
07,710 in normal years. This would be
the largest revenue received from GUS
toms duties, and an increase of $113,.
479 over the customs revenue OF 1886,
and of $40, ,722, ,254 over that of 1898.
The secretary Of the treasury esti-
mates the expenditures for all purposes
for the fiscal year ending June 30, 1898,
at $466, ,946, ,O47.2S. The finance. commit
tee estimate the revenue to be derived
in the same fiscal year from customs, il
the provisions of the bill reported by
| them should be enacted into law, at
| $182, IA 900. This includes an estimated
revenue from the temporary duty on tea
of $8,000,00O
! The committee estimate the receipts
| from internal revenue for the same
| period at $170, roc, 900. If we addto this
the treasury estimate for miscellaneous
receipts, $40, ,00o, 900, and the receipts on
account of the postofice, $96, ,227, ,076, we
have total estimated receipts for the
fiscal year 1898, Of $469,671 orc, oFan
estimated excess of receipts over expen-
ditures for that year, Of $2, 725, ,o28.
If the estimated revenue from the
duty on tea, and the additional internal
revenue taxes should be omitted from
4 20 1fc