New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-05
THE SITUATION AT WASHINGTON

The offering of provision for bounty ON beet
sugar was step which cost some delay, rem
dered another hot days session nearly fruitless,
excited some antagOnism of feeling, furnished
the Nebraska Populist n chance TO pose as more
ready than the Democrats to help Western farm
ers, and gave the countenarce of the Senate FL
nance Committee TO a measure which would ADD
nothing TO revenue, but would increase expendl-
ture If the withdrawal Of the amendment by
the committee is evidence that Its proposal was
not calculated to promote speedy action on the
Tariff bill, it seems strange that the committee
consented to offer it without sufficient inquiry to
disclose the obstacles which 1t had TO meet. The
supposltion that the proposal was made, when
measure Of the utmost Importance was pending,
for no better reason than to place the Democrats
in an embarrassing position, Is Of course mad
Missile and unjust TO the committee. But It's
original mistake in casting aside well-consid-
cred sugar schedule which the House had
adopted and proposing one which the Repub-
lcan Senators would not accept, may in sense
be the parent of this hasty suggestion.
The other proposal Of the committee, to put
tax on issues and transfers Of securities, has
been received with considerable favor among
substantial and reputable dealers who hope that
1t might help the exchanges to limit bucket-shop
and other purely gambling transactions 1t is
probable that the form Of proposal needs enough
amendment TO make the tax apply 10 every con-
tract 10 deliver certain shares in the future, as
well as 10 an actual sale Of so many shares, for
otherwise the tax could be largely evaded by
easy devices. Nor will it be readily collected in
any case unless the organized and responsible
exchanges in order to restrict transactions
which seriously injure their business, join in aid
Ing the Government to secure complete reports
of all bona-fde sales They have the power,
through their own regulations, to make 1t I'M
safe and disreputable for any member TO evade
the tax, and many Of the best members would
undoubtedly be disposed TO support the Govern
ment heartily. Nevertheless, it is not well 10
count upon an Increase of revenue based upon
past reported sales of securities since no one can
estimate how much sales might be diminished by
definite tax. and it may be presumed the Sen
ators do not overlook the technical meaning of
the word transfer, and do not intend to tax only
transfers on the books Of a company.
The question Of revenue immediate or remote,
IS not materially enlightened by the computation
that the pending bill as it stands would yield
on imports the same as those Of 1896 greatly
increased sum. So much all know, but 1t Is
equally well known that imporatiOns Of many
products would not be as large under fully pro-
tective duties as they have been under the Demo
cratic tariff for deficit Apart from the imports
10 anticipate expected duties, which will take
the place Of the ordinary supplies for some
months 10 come In important branches, there re-
mains the fact that the measure was deliberately
intended TO secure greater command OF the
home market to American producers, and would
consp,cuousy fail in its purpose II the impor-
tatfons Of goods competing with important home
Industries were not materially diminished.
Nothing Is more difficult than to Judge how
much new tax will affect importations but the