The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-12-03
A SERIOUS QUESTION.

[From Yesterdays True American
The question OF what is to be done with
the growing deficit in the treasury is be-
| coming a serious one. TIL New York
Evening Post is of the opinion that if 1t
| continues to grow for the remainder of
the fiscal year as it has during thhe last
| five months the deficit on the S0th of June
next will be Sos. 600, 900. This sustains
the estimate of the True American
| some day age, that the deficit would foot
up at the close of the fiscal year an
amount approximating 500, 10000. The
Philadelphia Ledger that UNI
less there shall be a large cut in ex-'
~penditures the deficit will approximate
SIS, 900, 600. But whether more or less, 1t
appears to be certain that the Dingley
tariff either has deceived its authors or
else they have deliberately deceived the
public, and that there will be a deficit
very much larger that that undo the
Wilson bill. which was gradually educ
ing the deficit and giving promise of
wiping it entirely out in a few months.
The Ledger bases its estimates upon
the expectation that there will be con-
siderable increase in customs receipts
during the last quarter of the year, but
this expectation is not likely to be
realized if the Dingley tariff operates as
it was designed to do, namely. to check
importations. That was the object of
making the duties on some of the
schedules practically prohibitive, and of
using them upon all of the schedules.
The ideas tha revenues could be in
creased by raising the rates is self
oopfrodiotnru AS a matter of fact the
Dingiey bill was enacted in the interests
OF the trusts and combines, and it
could not operate in that way unless it
shut out competition from abroad.
But whatever the underlying motive OF
the trainers of the existing tariff law, the
fact to be considered is how to make up
for the deficit. Any attempt to revise the
Dingley act would reopen the tariff cues
ton and be an open confession of failure
on the part of the Republicans IN Con-
gress to comprehend the question. Tha
they will not do for very shame'ss sake,
but more especially because It's pene-
ficiaries who procured its passage ana
dictated its schedules would array them-
selves in opposition to its modification or
repeal, and as they were powerful enough
to push the measure to the front ahead
of all other legislation, and to hold the
party to it's work, they are powerful
enough to keep them to it. The difficulty
could be healed at once by the enactment
of a revenue tariff on the lines of the
Wilson bill, but the Republicans are
forced to stand by the present measure
if they go down with it. VIII they in
crease the rates of the internal revenue
law? That will create serious opposition
in another direction. possibly quite as
dangerous to the success of the party
next fall as any tampering with the
tariff bill would be. The only door open
to relief is that of retrenchment, but
that will not avail them for a year or
two to come, because contracts made
under appropriations already made will
nave to b fulfilled. There seems absolute
ly no help for it but to go on and pile
up a deficit against the treasury surplus,
which at the present rate the deficit is
growing cannot last long, and then to
issue bonds. No wonder that the APP
preparations Committee are exceedingly
anxious about the situation and are seek
ing in some way to reduce the appropria-
tions at the next session.