The Penn's Grove record., 1897-03-19

AAAN AZ
have them burned, as they are OF no
more use locked up than burned up.
1t is the design of the millionaire
capitalists who are now engaged i'll
forming an imperialism of capital 10
rule the world to keep the people divld-
ed over the tariff and other matters OF
little consequence while the leading
fnanciers manipulate the money and
cause the common people to loose their
homes by foreclosures. When they
have lost their homes they will not
quarrel and the poorer men are made
the cheaper they can be bought on cleo
ton day.
There are millions who believe the
Wilson-Gorman tariff is the cause OF
hard times, because of larger imports
under it, while the reverse is the cause
of the revenues falling off,
Wharton Barker, one Of the ablest
writer's on finance and tariff in the
United States and a high protectionist,
whose journal, the American, is ready
probably by more statesmen than any
other national journal, in the issue Of
March 9th says:
"Much is laid to the door OF the Will
son tariff that does not belong there.
1t was squeezed through the Fifty-third
Congress in the last days of August,
1894. 1t went into effect Immediately.
The income tax feature of this revenue
law that was calculated to turn between
0 1000, 900 and 40, 1000, 900 of dollars in.
to the Treasury annually, was declared
to be unconstitutional, under ciTcum-
stances that reflect little credit on one
justice Of the Supreme Court, and thus
the law was left to do duty in a some.
what mangled condition. Now, to the
door OF this measure is laid the deficit
in revenues that has mounted up to a
total of something like S190, 100000
during Mr.. Cleyeland's administration.
Also to its door is laid industrial de-.
preston, under the plea that it let
down the tariff gates to a flood of Eu-
pean goods that swamped our producers.
Now, if this food had come, the deficit
in revenues would not. As the deficit
in revenues did come ge may conclude
that this flood did not come.
SIT is the falling off in imports that
is, in a large measure, accountable for
the deficit in revenues. Our imports
for the years of Mr.. Harrison's admin.
istration averaged about $50, 900, 900,
For the calendar year 1898, they were
76,249, 924, and the deficit in revenues
S43, 1851, 9S4; for 1894, they we're $780,
319,94l, and the deficit in revenues
SCI, 1904 for 1895, they were SS01,-
669,247, an increase due, first, to the
thrush of goods that had been held
back in anticipation of being entered at
lower duties under the Wilson law, and
second, to the artificial stimulus given
TO imports by the transactions of the
bond syndicate. With this increase OF
imports, revenues rose and the deficit
fell to So 1904 ,432. Then, picking up
the thread again, we find imports for
1886 fell off TO S651, SIC, 139, and the
deficit grew to $50, 249, 1926. In other
words, there has been a deficiency of
imports for the years 1S93.1S9G as COM
pared to the years 1SS9-1S92 of over
$500, 900. 900, and as the average rate
OF duty based Oh imports, both Tree and
dutiable, under the Wilson law is close
TO q per cent, VT have here accounted
for one-third of the deficit built up dur.
ing Mr.. Cleveland's administration.
But there is more of this story. The
custom revenues under the Mckinley
law for the years 1892 and 1893 amount
ed to less than 2! per cent, ollie
value OF imports, which would Indicate
that the Mckinley law would have
yielded something between ten and
twelve millions more of revenue a year
than the Wilson law. In other words,
for the two and a half years the Wilson
law has been in force our customs and
revenues would have been not more
than Sl2 ,000, 1000 a year in excess Of
what they have been. And as the in
ternal taxes were increased rather than
diminished by the Wilson law, although
revenues hereunder, consequent on a
diminished consumption of whiskey.
have fallen off, it is evident that even
if the Mckinley Law had been in force
during the whole of Mr.. Cleveland's
administration, the deficit would have
been within $50, O00, 900 S large as it
was, or say, s160. 100000 in place of
$3.50, 900, 900.
"Clearly, then, it is eurtailment Of
imports and of general consumption
that IS largely responsible for the deilc.
it in revenues, and it is i~npOyerish.
ment of our people that has led to this
curtailment. Nor cal this impoverlsh.
ment be charged to the Wilson tariff
and a flooding of our markets, for it is
seen there has been no increase, but an
actual diminution of imports. The i'm.
poverishment is due to the fall in price.
consequent in III adherence to the
gold standard; this aud nothing else.
at is true manufacturers have fell
European competition more keenly
than ever during the past three or foul
pears, but it is not because more good
have been thrown on IA markets, bui
because our markets have been less re
s.