The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-03-20

Washington, March 19.-Mc. Dingle
of Maine. chairman of the committe
on WAYS and means, TODAY reporte
the tariff bill to the house. The repor
accompanying the measure, which wa
written by Mr.. Dingley is as follows:
For nearly four years our revenue
has been inadequate to meet the
current expenditures and pay the
interest on the war debt. The de-
ficiency during this period has been
as follows:
Fiscal year ended June so:
1884 ...-....----.-...- .S69, SO3, $50
1898 Observation-Disclosures 1896, 223
1896 ACKNOWLEDGEMENTS. %, ,246
1897 (eStimated) ..... $4,000, 00e
Total deficiency, S203, S11, 729.
A continuous deficiency of reve-
nue. for four years, amounting in
the aggregate to more than S2O3.-
100000. or over $4,000, 900 per an
mum in time of peace, with the Off
cial estimate of the late secretary
OF the treasury in his last annual
report that under existing condi-
lions there Will be a further def
cheney of $4,000, 900 for the fiscal
year, which will begin on the first
day of July next and the further
fact that the government has been
obliged to obtain means to paw this
debt by borrowing S2O3, DOC, 900. on
which the people are paying inter-
est, clearly justifies the convoca-
ton of congress to devise a prompt
and adequate remedy.
MUST BE REMEMBERED
The fact must not be lost sight
of that while tie government has,
during this time, sold bonds of the
value of $262, 315. 400. from which it
has realized s29S. 49,, 1894 in gold, for
the purpose of paying it's demand
notes presented for redemption. vet
$203. O00 600 OF these notes so re-
deemed have been again paid out
TO meet the deficiency, and thus
made available for a second re-
demption requiring a second and a
third Issue of bonds. Thus it will
be seen that in the last ANALYSIS
$685. 900 900, or, including the ma
tured Pacific railroad bonds, nearly
$215, GOO, 600 of the 1929. 800, 900 of Dor
rowed gold, have been used to sup
ply an insufficiency of revenue. And
worse still, the practical use of this
reserve, or what is the same thing,
the notes paid from the reserve to
meet these continuous deficiencies
of revenue, has been the potent
cause of the distrust which has eX-
listed in business circles.
Neither does the fact that on the
first day of March there was a cash
balance in the treasury of nearly
1896. 600. 900 after deducting the un-
available fractional silver and
minor coin, change the necessity of
additional reserve at the earliest
Gossible date, for the reason that at
least SIG, 1000, 900 of this will be re-
CURED to meet the deficiency be-
tween March 1 and July 1 of the
current fiscal year, leaving only
$3.50. 600 900 in the cash balance on
July 1 next, of which $50. 100000 is
gold that ought to remain in th>
reserve and not be used to pay cur
rent EXPENSES This would leave
only $40, 900 as the treasury
working balance next July, which /:
as small as safety permits
CUSTOMS REVENUE.
The customs revenue under the
act of 1890 for the first full fiscal
year of its operation was $117,0OO.-
600 and for the second fiscal year
0S93) was S203, 000 900 with raw
sugar on the free list. In October,
=,
ical reductions of duties were to be
made, the then secretary of the
treasury estimated that the Gus
toms revenue for the fiscal year
1894 would be 1920, 900, 900, on the
basis of the gradually increasing
receipts I'D to that time. But in
January, 1898, he informed the COM
mittee on ways and means that
Of a tariff with lower
duties would inevitably postpone
importations, diminish the customs
revenue by anticipation, as well as
affect business. Thus,
Notwithstanding the tariff of 1890
remained on the statute book dur
ing July, 1894, yet the fact that dur
ing that year a lower tariff was
expected several months before it
was finally enacted. united with
the arrest of industries and conse-
uuent reduction of the consuming
power of the people, caused a post
or abandonment of i'm
to a large extent, and
thus partially nulliied the tariff
of 1890 long before its actual re-
peal.
The customs revenue of the fiscal
year 1895, ten months of which was
under the act of 1894, was raised to
s152, 900, 900 by deferred importa-
tons and the restoration of the
duty on sugar, and in the fiscal
year 1896, to $3.50, 900, of which
nearly $30,000,000 was from sugar
that had been placed on the free
list by the tariff of $780,
The customs revenue Under the
present tariff for the fiscal year
that will close June 80, next, was
by Secretary Carlisle in
MS last annual report at STAG, 000,-
100 and would have fallen short OF
that amount if it had not been for
and Withdrawals
from bond to avoid anticipated re-
vision of the tariff.
And n this report Secretary Car
isle estimated the revenue from
custom receipts for the fiscal year
hat will begin on July next, at
)nly $10,000,0 900.
HEAVY DECLINES.
1t will be seen thai while the