Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-03-23
FULLY EXPLAINED.
Interesting Statement Regarding
tho Tariff Bill.
GIST OF CHAIRMAN DINCLEY'S REPORT

Increase of Revenue Estimated at
$113,OOO,OOO-Thc Reciprocity Pro-
vtsion-Danger of Delayed Ac-
ton Pointed Out.
Washington, March 2O.-Mr. Dingley,
of Maine, chairman of the committee
on ways and means, Friday reported
the tariff bill to the house.
The report accompanying the meas
ure, 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 war
debt.
"a continuous deficiency of revenue for
four years, amounting in the aggregate to
more than s2o3.Ooo.O00, or over s5O,oOO,0o0
per annum in time of peace, with the Of
fetal estimate of the late secretary of the
treasury, in his last annual report, that I'M
der existing conditions there will be a
further deficiency of s45,00O,0 600 for the fiscal
year, which will begin on the first day of
July next and the further fact that the gov
eminent has been obliged to obtain means
to pay this deficit by borrowing s2O3,-
100000, on which the people are paying In
terest, clearly justifies the convocation Of
congress to devise prompt and adequate
remedy.
1.-THE fact must not be lost sight of that
while the government has during this time
issued and sold bonds of the face value Of
s263, 315, 400, from which it has realized $685.
4S1 1894 in gold for the purpose of paying its
demand notes presented for redemption,
yet $203, 900 of the notes SO redeemed
have been again paid out to meet the de-
ficiency and thus made available for a Sec
ond redemption requiring second and
third issue of bonds.
THUS 1t will be seen that In the last an
alysis 1908 900, or, including the matured
Pacific railroad bonds, nearly s215, 900, 900 of
the $293, $780, 900 of borrowed gold have been
used to supply 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
one of the potent causes of the distrust
which has existed in business circles.
The Condition of the Treasury.
Neither does the fact that on the first
day of March there was a cash balance In
the treasury of nearly s196 900, after de-
Quoting the unavailable fractional silver
and minor coin, change the necessity of adj
ditional revenue at the earliest possible
date for the reason that at least SIG. 100000
of this will be required to meet the de-
ficiency between March and July ! of
the current fiscal year, leaving only $780,
100000 in the cash balance on July next,
of which $150,000,000 Is gold that ought to
remain in the reserve and not be used
to pay current expenses. This would leave
only 100000 900 as the treasury working bal
ance next July. which is as small as safety
permits
The Plain Duty of Congress.
Mr.. Dingley then goes on to discuss the
customs revenue since 1890, and draws this
conclusion:
1.-The plain duty, therefore, Of congress
a duty emphasized by the presidents mes
sage laid before the house on the opening
day of this extraordinary SESSIONS to so
revise the tariff as to secure an increase
of revenue from duties substantially equal
to what has been lost; first by the an
ticipated, and then by the partially realized
tariff reductions made by the act Of 1894.
Another imperative duty resting on this
congress is to so adjust duties in such a
revision of the tariff to secure needed rev.
enue to carry on the government as will
better protect the many industries which
have SO seriously suffered the past three
years from unequal foreign competition
and from the consequent loss of purchasing
power of the masses of the people, upon
which the demand for products and the
prosperity of every citizen depend.
Revenue and Protection,
1.-THE feasibility of uniting in a tariff both
revenue and protective qualities has been
amply demonstrated by the results of the
protective tariffs in force from 1861 to
1893. at which latter date the tariff of 1890
was practically nullited by the anticipa-
ton of a revision on a non-protective ba-
sis. The working of the wool and woolens
| schedule of the tariff of 1880 on a protec-
tive basis and of the same schedules In
the tariff of 1894 on an anti-protective basis
is exceedingly instructive on this point
The Wool Schedule.
The benefits derived from the tariff of
1880 on the item of wool are then set forth.
Enlightened by this experience in re-
| vising the tariff with view of securing
ooth revenue and protection to our farm
| erS, we have restored wool to the dutiable
| list al the same duty as it bore in the tariff
| of 1890 III cents per pound for the preat
| mass OF clothing wool in the unwa shed con-
dltlon and revenue duty of 80 per cent on
| carpet WOODS below IL cents and 50 per cent.
| above and have made the compensatory
| duties the equivalent of these duties So
as to place the wool manufacturer on the
same basis as to materials as his foreign
competitor, which is necessary in order
| that the farmer may have market for
| his woodland have then given the manu-
facturer compound duty largely con.
verified into specifics equivalent to the AZ
! and Do per cent. ad valorem duties of both
the tariffs of 1890 and 1894.
| The wool and wooden schedule is sub.
|
that few kinds of wool classed under tha
| and previous acts, as carpet woods. which
| have been largely used for clothing mr..
| poses, and whose use for purpose NOT In.
| tended by the old classified ton has caused
1 much irritation among wool growers have
| been transferred from third-class to first
| class woods; and the exclusively ad yaloren,
duties which have been previously giyer
| the manufacturer as protection agains,
| his foreign competitor employing chea ne,
| labor, and which enabled the latter by nm.
liberalization of the wide variety of i'm
| ported woolens whose value could not be
| definitely determined to avoid a large pa ri
Of the duty appearing on the face of the
| tariff, have been converted as largely a
possible into specifics equivalent to what!
ever the present law processes to give.
The Sugar Schedule,
1--WE have increased the duty on suga,
from the 40 per cent. ad valorem Imposed
| by the present tariff on raw sugars NOV
only nine-tenths of one cent per pound
on raw sugars polarizing 96 degrees or
account of the decline of sugars, although
about IL cents when the tariff was en-.
acted in 1890 to l.63 cents with counter.
vatling duty on all sugars equivalent ia
the net export bounty paid by any country
the same time afford sufficient protection
to enable our farmers and planters to ulti,
mately produce whatever sugar we may re-.
luire for consumption. The production OF
cane sugar is large and under proper pro
lection, growing industry now
I'm view of the decline of price, the rev
enue from sugar in the last fiscal yea,
was only about s29,5OO.cOO. and the presen
fiscal year it will probably not exceed
s27. 100000. We have therefore adopted the
specific policy of the act of 1883 starting a,
one cent per pound with sugars polarizine