Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-03-25

july next, and the IurEa6F 12cE GnaG the gov
eminent has been Obliged 10 obtain means
to pay this deficit By borrowing sas. 600.
0O0on which the people are paying interest,
clearly justified the convocation OF congress to
devise prompt and adequate remedy. The fact
must not be lost sight Of that while the govern
ment mas during this time issued and sold bonds
of the face value OF s62 900 from which it has
realized 1893 Isl s94 in gold. for the purpose OF
paying its demand notes presented for redemp-
ton, yet S8. 000, 0Co Of these notes so redeemed
have been again paid out to meet the deficiency
and thus made available Tor q second redemption
requiring second and third issue OF bonds
Thus il will be seen that IN the last analysis
s20s, 600 900, or. including the natured Pacific
railroad bonds, nearly S2I5, 10000 OF the $685.
500 900 Of borrowed gold has been used to sup
ply an tnsuniciency of revenue. And worse
still, the practical Of this revenue, or (what
is the same thing the notes paid from the re-
serve to meet these continuous deficiencies Of
revenue, has been one Of the potent causes for
the distrust which has existed in business cir
cles-
Neither does the fact that on the 1st day Of
March there was cash balance in the treasury
Of nearly Sl96. 900 600 after de6ucting the IN
available fractional silver and minor coin
change the necessity of additional revenue at
least SIC CO. 900 Of this will be required to meet
the deficiency between March l and July Of
the current fiscal year, leaving only $50 900
In the cash balance on July next. of which
&lO0rUJO,UUJ1S gOEu ElaE ought 10 REMAIN II the
reserve and not be used to pay current ex-
penses. This would leave only $50, 10000 as the
treasury working balance next July, which is
as small as safety permits
The customs revenue under the act Of 1890 for
the first full fiscal year OF its operation was S1-
OO0, 600, and for the second fiscal year 1s9S) was
S213 600, 600, with sugar the free list In
October, 1892 before it was known that radical
reductions Of duties were 10 be made, the then
secretary Of the treasury estimated that the
customs revenue for the fiscal year 1894 would
be 500 900. CO., on the basis Of the gradually-in-
creasing receipts Up to that time. But in jan
uary, 1888. he informed the committee on ways
and means that the anticipation OF a new tarin
with lower duties would inevitably postpone
importations diminish the customs revenue by
anticipation, as well as injuriously affect BUSH
ness Thus, Notwithstanding the tariA Of 1890
remained on the statute book during the fiscal
year 1894, yet the fact that during that year
lower tariff was expected several months before
it was finally enacted, united with the arrest OF
industries and consequent reduction of the con-
Stunning power Of our people. caused postpone
ment or abandonment of importations to large
extent and thus practically partially nulifed the
tariff of 1s9Olong before its actual repeal
The customs revenue for the fiscal year 1895,
ten months In which gas under the act OF 1894,
was raised to sl5e, 600 600 by deferred importa-
lions and the restoration Of the duty on sugar,
and in the fiscal year 1895 1859 600 000 of which
nearly 600 was from sugar, that had
Oe6D placed on the Irce llSL D. the t3rlH OF 1871
The customs revenue under the present tariff
for the fiscal year that viii close June 50 next,
was estimated by Secretary Carlisle in his last
annual report at S140, goo and would have
fallen short of that amount it had not been for
importationS and withdrawals from bond to
avoid the anticipated revision of the tariff. And
in this report Secretary Carlisle estimated the
revenues from customs for the fiscal year that
viii begin on the lst of July next at only $780,
100000
1t will be seen thsG while the revenue from
internal taxes has been well maintained, the
annual revenue from duties on imports has de-
cIined over $50 900, oe0 since 1898, and nearly
$50. 900 600, compared with what Secretary Fos-
ter estimated in October, 1892. would be the rev.
enue for 1894 under the tariff Of 1890 on the
basis of the increasing receipts OF the year pre-
vious and the then existing conditions-condi-
lions which were revolutiouIzed by the result OF
the national election short time after this eS-
innate was made, as already explained
II the customs revenue had continued to grad
uaIIy rise after the opening of 1893 as it had be-
fore or even if it had mai ntained the figures of
the fiscal year 1893. the revenue would have been
ample to meet all expenditures and the govern
meat would have been spared the necessity. not
TO say the humiliation OF practically issuing
bonds to meet deficiencies of current expendf-
lures in time of peace
The plain duty therefore. Of congress- duty
emphasized by the presidents message laid be-
fore the house on the opening day of this ex-
to secure an increase of revenue from duties
substantially equal to what has been lost; first
by the anticipated. and then by the partially re-
allied tariff reductions made by the act Of 1894
Another imperative duty resting on this con-
gress IS TO so adjust duties In such revision of
the tariff to secure needed revenue TO carry on
the government as will better protect the many
industries which have so seriously suffered the
past three years from unequal foreign COMPETE
ton and from the consequent loss of purchas-
ing power of the masses OF the people, upon
which the demand for products and the pros
perity of every citizen depends
The feasibility OF uniting in a tariff both rev.
enue and protective qualities has been amply
demonstrated by the results Of the protective
tariffs in force from 1851 to 1898. at which latter
date the tariff of 1890 was practically nullihed
by the anticipation OF a revision nonpro-
tective basis. The working Of the wool and
woolens schedule OF the tariff OF 1890
on a protective basis and Of the same
schedules in the tariff of 1894 on anti
protective basis, is exceedingly instructive on
this point. The importations OF clothing wool
in 1898 under the tariff of 1920 was about 40
10000 pounds. and of manufactures of wool
about 50 NOO. 900. mainly from the dress worn by
the well-to-do who think it the thing to wear
foreign-Eade cloth and who are willing to pay
the duties imposed upon It From these i'm
portatfonS Of wool and woolens in 1898 the gov
eminent derived q revenue Of about S445Oo,0O0
The importations OF clothing wool in the fiscal
year 1925 exceeded I27. 100000 pounds-three
times as much as in 1893, and of manufactures
OF WOOL more than twice as many pounds In 1895
as in 1898. and yet the revenue derived by the
enormous increase in the imports of wool and
wooIens In the fiscal year 1885 was only $1,000
Ogl-a loss Of 81 go from that realized IN 1888.
In other words. by placing wool on the free list
and reducing the duties on manufactures Of
wool the treasury lost SCI O000 60 OF revenue, our
farmers lost market fer the 5000 900 pounds OF
wool which they raised in 1892 in excess Of what
they raised in 1861 as well as nearly ten cents
per pound n price. Involving loss TO them of
nearly ss7O,Oo0OOo per aunuEl Already this
one faz-c product previous manufacturers and
their xorkingmen lost market. not only for the
goods which increased foreign imports had sup
planted Dat also market Ter goods .sti.h tie
farmers and masses OF the people were able 10
purchase in IS93 but which they could not buyin
1876 because OF loss OF employment and pur-
chasing power.
Beyond this. il has been demonstrated that By
placing wool the free list 10 the injury of the
farmers and manufacturers. we have not been
thereby enabled 10 increase cur exports of man
ufaesures Of wool fas IL was claimed would be
the easel. and We hate greatly increased the
use of shoddy By diminishing the purchasing
power OF the masses. and thus compelling them
90 seek cheap cloths
Enlightened by this experience in revising
the tariff with . view Of securing both revenue
and protection to our farmers. We ha8e restored
wool 70 the dutyabie list. and at the same rate
1t bora In the tari1 CT 1850 III eentsl for the