Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-05-12
r.,,.c,ous REVENUE ESTIMATES.

Finance Committee 10 inc D''7'N'
dulles. and of the provisions maze ny '"e
committee for putting duty on tea all"
increasing the internal-reyenue tax OF
manufactured tobacco, cigarettes, ana
bear that the experts had found NE
Dinelev's revenue estimates subnhtte"
with his measure TO be utterly faiiacious'
These experts, we were told, could h"'
6erre on the basis OF the Dingley sche-
dulles more than sl5,oD0O00 increase OF
revenue for the first fiscal year, but De-
leved that the Senate committees
changes IN the schedules.the raising or
the internal-revenue tax on the articles
noted. and the duty on tea would carry
the increase for that year UP TO sJ0'oVo'ooV'
and for the succeeding year up to w.
100000. OF the si5,0Oo.Ooo several Millions
II was estimated, would come from the
duties on wool
But now the light Is being turned on
the Senate bill. and the more searching
that light becomes the more apparent II
Is that the revenue figures that were
made up on the basis OF that bill were
also exceedingly fallacious. Take. for In
stance, the part wool plays in the calcu-
lation. 1t is conceded that a new tarif
bill cannot be passed before the LIST OF
July. Indeed, many persons DOUBT
whether the matter will be settled before
the 18th of July or the 1st OF August.
Those who keep informed as to what Is
going on in eastern manufacturing circles
declare that the manufacturers have on
hand or under contract for delivery be-
fore July a two years supply of wool
well-informed correspondent says tina,
the reports from Boston for the month OF
April show entries OF wool to the amount
Of 50 900 900 pounds, which is nearly equal
to the entire imports for the preceding
three months, and that while imports were
light during the early part of the year.
March showed a total of about 5S,OS5.9o9
pounds. valued at $9,2S0,72i against i'm
ports in March, 1886. of 17,7sl,5H pounds,
valued at ST. 4S3. April, adds this cor
respondent, is likely TO show double this
amount at all the ports, and May will
show a still larger total unless supplies
have been accumulated to meet long
future demand before the month is at an
end. The two-fold operation of this Will,
upon a little reflection, be readily under
stood. First, 1t sadly disarranges the reve-
nue. calculations as to wool. Second, it
turers to advance heavily soon after the
new tariff goes into effect, and present
manufactured stocks have run down, the
prices of their manufactured products. At
the same time the manufacturers will for
two years be practically in the position
of having to pay old prices only for raw
material The government will get no
revenue worth speaking OF, and the people
will pay enormous tribute to the manu-
facturers for the privilege of keeping
warm and dressing decently.
Then as to the tax Oh tea, and its bear
ing upon the first fiscal years revenue.
Already. it is said, that duty has been
largely anticipated by cable orders TO
China and Japan, which can be filled be-
fore it is possible for the new bill to
become a law. The increase of revenue
for the first year must, therefore, practl-
cally come through the increased internal
tax on manufactured tobacco, cigarettes,
and beer. This, we learn, the experts
are now recognizing, and they have con-
seqYently reduced their estimate Of in
crease for that year to s25,0Oo,o00.
AS to $S5,0OO,OC0 estimate for the sue
ceeding year. that does not bear scrutiny
any better than cid the sJ00Oo,00O estimate
for the first year. After the stocks Of
tea on hand and those that may have
been imported before the bill passes shall
have been exhausted, the duty on tea,
together with the increased internal reve-
nue. tax will, 1t is estimated, yield SS5,0co,-
600. This calculation Is made on rea-
sonable basis. and may, therefore, be ac-
cepted as approximately correct In
deed, we may accept the $35,0c0,000 as
known quantity of the ss5,OOO0O0. But
where the other 100000 is to come
from is unknown, and unknowable. The
closer one inspects many Of the sche-
dulles the clearer 1t becomes that no ex-
pert can figure dollar Of revenue for the
government out of them, and the stronger
becomes the proof that 1t was never in
tended that they should be revenue pro-
ducing. The very articles which, under
a Cow tariff, would be the greatest reve-
nue. producers. seeing that they are al
most universally used, are the articles
that have been put under prohibitory
duty, the object Of this prohibition of
course being to give the domestic manu-
facturers an opportunity to batten on the
earnings of the masses.