The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-03-19
DINGLEY'S DEFENCE
Specious Report Presented
in Favor of the Latest
Tariff Iniquity.
READY TO JAM IT THROUGH
Final Passage Set for the 31st-
Fake Figures 10 Justify the
Wool Schedule.

WASHINGTON, March 10, 1SS7-After
of Representatives, today, Mr.. Dingley
(Rep.. Me- Chairman of the Committee
on Ways and Means reported the Tariff
bill. When he arose great hush fell
upon the House and galleries. both being
filled by an unusually large attendance.
Mr.. Dingley said:-"Mr. Speaker, 1 am
instructed to return House bill 379, en-
titled An Act to provide revenue for the
government and to encourage the indus
tries of the United States with fav-
orable report 1 ask that the bill and
report may be ordered printed and placed
on the calendar of the Committee of the
Whole on the State of the Union.
As he concluded, there was a slight
ripple of applause. No objection being
offered to the request of Mr.. Dingley, the
Speaker announced that it would be
granted.
The report accompanying the measure,
which was written by Mr. Dingley, is as
follows:-
For nearly four years the revenue has
been inadequate to meet the current ex-
penditures and pay the interest on the
1od has been as follows:-
Fiscal year ending June 80, 1894, $50, ,80S, ,260
Fiscal year ending June 80, 1885. s4S, so. .22S
Fiscal year ending June 80. 1896, S25, ,203, ,24e
Fiscal year ending June 30 1897, (esti-
mated) s65. .00000
Total deficiency, S20S, 81, ,729.
A continuous deficiency of revenue for
four years, amounting in the aggregate
to more than S203 000,0 900 or over $50, 900 900
Per anlsum IN time of peace, with the off,
rralf<,
Treasury, in his last annual report, that
under existing conditions there would be
further deficiency of $45, 0c0 900 for the
fiscal year which win begin on the first
day of July next, and the further fact
that the Government has been obliged to
obtain means to pay this deficiency by
borrowing s2os, 100000 on which the people
are paying interest, clearly justifies the
conviction of Congress to devise a prompt
and adequate remedy.
The fact must not be lost sight of that
while the }GoveTnanent has, during this
time, issued and sold bonds of the face
value of s262. .315, 400, from which
it has realized $685. 4S1 1894 in gold.
for the purpose of paying its demand
notes NJ, e. presented for redemption, yet s2o8.-
WV,0U OF these notes SO redeemed have
been again paid out to meet the deficien-
cy. ard thus made available for a second
redemption, requfring a second and third
issue of bonds
Thus it will be seen that in the last an
alysiS 500, ,000s 600, or including the mat1r-
ed Pacific Railroad bonds, nearly $215, COO
000 of the 1928 800, 600 Of borrowed gold have
been used to supply an tnsufficierucy
revengue And worse STILL the practical
use of this reserve, or (what is the same
thfng) the notes paid from the reserve
to meet these continuous deficiencies of
revenue, has been one of the potent
causea of the distrlst which has existed
IN business circles.
NejHher does the fact that on the first
day OF March there was cash balance in
the treasury OF nearly $196 600, after
dedfcting the unavailable fractionaal sill
yef and minor codn, change the necessity
of additional revenue at the earliest pos
sibbe date, for the reason that at least
sixteen millions of this will be required
to meet the deficiency between March
and July of the current fiscal year, leaW-
ing only 180 millions In the cash balance
on July ] next, of which $50 millions is
geld that ought to remain in THE reserve
and not be used to pay current expenses
This would leave only 80 millions as the
Treasury working balance next July
which Is as small as safety permits.
FALLING OFF OF REVENUE FORM
IMPORTS.
The revenue derived froIa duties on
imports and ALSO from Internal revenue
taxes for each fiscal year, beginning with
1892, was as foilows:-