The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-23

Almost everybody has, some time or
other, experienced what seemed to be a long
period of stubborn had luck, and has
waited patiently for the tide to turn. Often
the turning point is FASTENED by some wise
action on the part of the victim, for God
helps those who help themselves" but no
matter what brings about the change it is
always welcomed. Uncle Sam" is on the
point of experiencing a change from long
period of bad luck, and when the change
comes he will have the satisfaction of
knowing that he has been largely instru-
mental in bringing it about by his own wise
action. His bad luck has been in the ac-
emulation Of deficits. For long time ma
tionaI finances have been on the wrong
side. The era of monthly deficits began in
the first year OF the Cleveland administra-
ton. That is so long ago that it may be
we'll to recall the beginning of the disas-
trous period During the fiscal year from
June 80, 1893, to June 80, 1894, the revenues of
the government were $296, $780, 1856, and its ex-
penditures S366. 593, 1853: deficit for the year,
$69, 63S 023. During the next fiscal year, June,
30, 1894, to June 30 1885, the receipts were
$313 SIC, 1885, and the expenditures $3.50, 135, 215
deficit, $42, ,O49. During the fiscal year
June so, 1895, to June 80, 1896, the receipts
were $326, 1925, and the expenditures,
1852 231, 47O; deficit, $26,O42,244. During tho
year from June 30. 1896 to June, 80, 1897, the
receipts were $347, ,72S, and the expendi-
lures, 1866 SO7 1886; deficit, ,107. Since
July /, 1897 the excess of expenditures
over receipts has been more than $4,000, 0O0
All will admit that this is a very bad show
ing and long run of bad luck. The deficits
began under the Wilson tariff, and they
have continued to the present time, partly
because the Dingley tariff is not yet in full
working order, but mainly on account Of
the very large importations made in .antici-
of the Wilson law. There is no means of
knowing the full extent of these importa-
lions, but they were enormous. The steam
ship lines of all nations were pressed into
the service, and the ocean was alive with
vessels filed to their utmost capacity with
the products of all countries, which foreign
exporters and domestic importers were
before the new tariff bill should pass. Every
government warehouse in every port Of en-
try was filed to overlooking with these i'm
ported goods. The result was Cutting
of the market the accumulation of stocks
which it would take several months to con-
sumo. a great falling of of imports and
corresponding decrease OF revenues.
tide which has been running one way SO
long will soon be running the other way.
The warehouse stocks are rapidly disap
pearing, the people have gone right along
buying and consuming until the great sur
plus of foreign products imported under the
Wilson law and piled up in bonded ware
houses is nearly exhausted Appraiser
Wakeman, of the New York custom house.
says that by next month most of the goods
imported before the passage of the Dingley
law will be out of the way. There is still
a considerable stock of sugar on hand, but
that, too, will be exhausted during January,
and by Feb. all importations will have to
law will begin to get in it's perfect work,
and there Will be no more monthly dehcitS.
That hateful word, so familiar since the
first year of the Cleveland administration,
and made a permanent feature of the
monthly debt statements by the Wilson law,
will no longer offend our ears or eyes. The
turning point will have been reached, and
Uncle Sans revenues, thanks to Repub-
lican administration, will once more ex-
coed his expenditures. That is why he
smiles