The record-union., 1897-10-02

been approved or passed had it been
understood as Senator Elkins and Con-
gresham Tawney of Minnesota inter-
pret it. The proposed test in the courts
is therefore the best course that could
be pursued.
THE DEFICIT BOGIE.
Stockton Independent: Fears of a
treasury deficit are being written up
again by Washington correspondents
of free trade papers. As ground for
these fears they pretend to quote treas
ury officials as authority for the belief
that the deficit will reach S45,OOoO0O
by the close of the year. and they there
upon assume that the Government may
be compelled to resort to an issue or
bonds. Most of this is mere guess
work of the same correspondents who
have been guessing that there Will be
war with Spain over the Cuban ques-
tion or a suspension of friendly rela-
tions with Britain over the sealing
question. 1t matters not to them that
their guesses have all gone wrong.
They persist in their guesswork, con-
scious and confident that readers who
enjoy the coveted sensations for a time.
Another object is TO make it appear
that the Dingley tariff is insufficient TO
supply adequate revenue, and in trying
to show this they neglect to consider
the denunciation of the new law as the
"robber tariff Of course both as
sumptions cannot be correct, but the
correspondents only treat it from one
point of view at a time and trust to
the generous confidence of partisan
readers not to remember the "robber
tariff feature while they are reading
Of it's alleged insufficiency as reVe-
nue. producer The allegation of IN
sufficiency is based on present receipts
and those for August, which are un-
usually light on account of the enor-
nous importations just before the
Dingley Act became operative. The
amount of this importation is stated at
800, ,000,0 600 and until the goods are
absorbed inspirations and revenues
therefrom will naturally be light. The
duties on the goods thus imported in
advance is given at $50 000,0OO and the
whole of that amount should be cred
| tied to the Dingley bill, which has
| hastened the importation. There re-
main three months of 1897 during
which to test the correctness of the
correspondents guesses as to what the
revenues and the surplus or deficit may
be- The past is not always the best
guide for guessers on the subject be-
cause the business revival has been SO
surprising that even old and expert
enced merchants who study probabili
ties have guessed wrong, and have been
agreeably surprised to find that all
precedentS were surpassed by the re-
vival The absorption of the imports
have exceeded all expectation, and the
expected stringency in the money mar
ket which has usually resulted from
excessive imports, has not occurred
| That is because the purchasing power
of the people has been increased by
increased employment, better prices fol
/ farm products and the increased cir
culation of money. In view OF al
these unforeseen circumstances it Is
not unreasonable to presume that I'M
ports and revenues from that source
will exceed expectations also, and espe-
cially the expectations of those who
hope they may not be sufficient, as dc
the free trade writers. Even should e
deficit appear by January 1st it would
not be so bad as the results of the Will
son tariff which caused deficits nearly
every month that it was in force an6
compelled the Cleveland Administra-
ton to resort to sales of bonds at rates
of interest that were so high as to as
tound all financiers who were not il
the ring.
REPTTDTATED
Los Angeles Times Horace Boies
has been repudiated by the Democracy
of Iowa. We trust Uncle Horace ap-
preciates the full significance of this
compliment, for that it is a compliment
is known of all men who have ever
seen the Iowa Democrat in his natura
untamed state. To be repudiated by
him is a boon that is worth money.
AN EDEN
Los Angeles Record: The Sacramen.
to Record -Union," which is collecting
petitions to be forwarded to Congress
asking that the Government build an6
maintain free road across its land:
to the Yosemite, says: "The Yosemite
Valley is the heritage of all the people
access to it should be free to all, and its
! SdlSS DE ldlQ OpSil ~ ctll ICSctI Olts>S "
ability to make the trip in; the invita-
ton should be constant Instead d
one or two thousand tourists visiting
the valley annually, it ought to be sc
easily reached that ten or twenty thou
sand people will find it possible to dwell
for a time in this Eden of beauty and
grandeur"
WHO DID 1T?
Red Bluff Sentinel: Is it the golt
power or the foreign famine that ha.
raised the price of hides over 80 pei
cent. in the past few months? Hide:
in Chicago markets were 81 per cent
higher in the first week of Septembel
than in the first week of April But
then, there is the Dingley law. Posi-
bly,. that might have something to d,
with It