Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-12-02


itGcit breeding DingIey Tariff bill, the
News compares it's receipts
with the customs receipts under tho
Wilson bill, and dishonesty says
. 4 fter the Wilson act went into opera
ton there was regular defcit every
month 10 receipts over expenditures,
and the administration had TO borrow |
on bonds $500 600, con. "
Tim plain Inference from this state.
meut is that by reason OF the Treasury !
deficit that prevailed uuier the Wilson |
bill, tho government had to borrow ON
bonds the sum Of $780, 600, 600 for cur
rent expenses, when such is nut the
fact. These honi issues wcra for the
purpose of obtaining gold to keen the
Treasury gold rsserye up to the safety
limit. under tho peculiar financial
system prevailing in this country, ny
the result of long years Of Republican
legislation. tho Treasury gold reserve
il sub ieet TO depletion at any time
raid may 10 made upon it. and il was
10 repair the wasts OF such raids that
made the bond issues Of the Cleveland
administration necessary A similar
issue was all hut matte during tho Har
rison administration, the plates for the
liunds having bsen prepared, hut the
raid On the Treasury gold reserve ceased
and the necessity was for the time
ayerte1.
Bur if Treasury deficits make bond
issues necessary, President Mckin-
10y and Secretary Gags hnd better mako
preparations at once, for the Diugey
hill 10 going to make record as a pro
ducer of deficits in tho Treasury. The
excess of expenditures over receipts
from August LIST, when the Dingley bill
becams operative, to the last week of
October was s27, 2o7, s2s against $40.
800. 023 for the same period Of 1896 and
Ss,3Gl, 26l during 1899.
The forthcoming November state
ments of government receipts and OK
penditures, according to dispatch from
Washington. will not servs to improve
this showing. They show that the re
Ceip,s during November 40 far have
reached S22, $50, $50, which indicates a
sum total of about SO, 090, 600 for tho
month, There is a triaing improve
ment over Octnher. when the receipts
we're S2i, 39l, 4lJ. The deficit thus far
during November stands at S., 572, 100,
which is larger than was expected. The
deficit for tho fiscal year stands at SIG, :
ISL. 100 the receipts having heen
Sl27, 70l, l60 and the expenditures STA,
2S2, $50. The same dispatch statos that
tho receipts from customs 30 far this
siderably short af the estimates matiu
by the managers of the new tariff bill
during its tendency in Congress-. All
that time il was estimated that Gus
toms would yield about $3.50, 600, 00o
during the fiscal year. The indications
now are said to be that the receipts
from this source would not aggregate
more than SlG5, 600, 200.
| And so, no matter from which poini
il IS viewed, the Dingley bill cannot be
clnimei as remedy for Treasury
deficits, and the Morning News may al
well urge another bond issue if i
intends to maintain that the bont
Issues of the Cleveland administration
were made for the purpose of covering
deficits in tho Treasury. Senator Aid
rich while the Dingey bill was pend
ing declared that "the adoption of
revenue bill which should fail in thi
purpose, which should create an ad
ditional deficiency in the immediate
future. would certainly be fatal to tn
hopes of future SUCCESS of any politica
party responsible for such legislation. ;
No wonder Mckinley looks to lIawniial
annexation and kindred schemes, t
, divert public attention from the ute
: failure Of the financial policy of his ad
/ miniatration.