The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-26


revision OF our revenue laws, such IS
contemplated by the House bill, is necessary
IT should be carried out in 4 conservative
spirit and that such q moderate and rea-
sonable measure should be adopted as will
insure much greater degree of perma-
nence to tariff legislation. Frequent
revisi0ns of the tariff are productive of
long periods OF uncertainty and arrested
development The radical change in policy
in 1894 proved disastrous to the business
interests of the country.
1T was, believe, thoroughly understood
throughout the country in the last political
campaign that if the Republican party
should be again intrusted with power no
extreme tarin legislation would follow. 1t
as believed that in the changed conditions
OF the country return to the duties i'm
posed by the act OF 1880 would not be neces-
sary. even from a protective standpoint.
1t was with these facts constantly in view
that the majority of the finance committee
prepared the amendments which they have
submitted for your consideration. Nothing
could be more conducive to the return and
maintenance of real prosperity IN this coun-
try than the well-grounded belief that there
was TO be no violent changes in our rev.
enue policy for years to come. The true
friends Of a protective policy do not insist
on extreme rates or any that are not neces-
sary TO equalZe conditions. While it is true
that rates above this line are often inopera-
tive, yet it must be admitted that they
furnish needless opportunities for destruc
tive attacks.
RATES REDUCED.
THE committee believes that in the reduc-
tons it has suggested from the rates i'm
posed in the House bill it has not gone in
any instance below the protective point
and if the bill should become a law in the
form presented by it every American in
dustl'y would be enabled to meet foreign
competition on equal terms-that is, so far
as this equality can be secured by tariff
legislation. The rates suggested by the
committees amendments are considerably
below those imposed by the House bill, and
IN most instances below those contained in
the act of 1880.
In suggesting these reductions the men,
bers of the majority of the committee re-
anlrm and emphasize their position as
friends of the protective policy. The ulti
mate purpose of this policy is to secure
as far as this is possible by wise and con-
serYatiVe legislation, the steady growth and
development of all Observation-Disclosures
manufacturing and commercial The pro-
visions of a tariff law affect all these in
terests in numberless ways and unless
there can be stability in tariff policy there
can be no certainty of prosperity for any.
Industrial conditions in this country, with
Nery rev EXCEPTIONS 90 not demand a re-
turn to the rates imposed by the act of
1890. The bitter contest which is going on
among the leading nations of the world for
industrial supremacy has brought about
improvements in methods and economies in
production to an extent which was not
thought possible few years ago. These
new conditions must be taken into account
in considering the rates to be imposed
Without relinquishing one particle of our
devotion to the protection cause, we feel
that we have a right to ask that the cause
duties which are unnecessary and excess
SfVe. In the readjuS tment of rates Sug-
gested the committee has tried in every in
stance 10 make them sufficiently protec-
tive to domestic interests without being
,prohibitive.
1.-The trainers of the House bill estimate
a total revenue from the bill of S269, l05 10
in normal years. This would be the largest
revenue ever received from customs duties
and an increase of $113, AIS, 1893 over the GUS
toms revenue of 1896 and of $40, 1872, 254 over
that OF 1888 The report OF the ways and
the fact that anticipatory importa tons will
largely reduce the expected revenues of the
nest HscaI year under the new tarln, but
after making allowance for these importa-
tions, the report estimates an increased
income of $76, 600 600 for the year 1885, pro-
Yided the law should be passed by May l.
If its enactment were delayed until July
], the report added, that $150O0.G00 addi-
treasury"
NO REVENUE FOR A YEAR.
After giving in detail the House esti-
mates of revenue. Mr.. Aldrich proceeded
ut will be apparent from a critical exami-
nation of the provisions of the House bill
that the estimate of $6O,OOO0 600 increase of
revenue, if the bill should become a law
by the LIST Of July, was excessive. To in
dictate the grounds on which this judgment
is based We may take the wool and wooden
schedule from which $24,OOO,OOO out of &c.
100000 increase is expected. The fact is we'll
known that there have been unusual inn
portations of wool in anticipation of the
reimposition of a duty-enough according
to the trade reports, to supply all the for
elgn wool needed by the domestic manu-
Iacturefs Tor lnore than year. The statis-
tics on this point justify the belief that
there can be no revenue from the wool
duties during the fiscal year 1898. except
possibly a small amount from third-class
woods.
The estimate of $14.ooO,OOO increase from
wooden goods is equally erroneous. The
same conditions exist, in lesser degree per-
hapS, with reference to other schedules
Instead of an increased revenue from to-
bacco, we may more safely count on a de-
crease in the first wear; the increase from
sugar will be much less than the ways and
fact that Cne-quarter of the years supplies
of raw sugar will probably be imported be-
fore any new rates of duty can be applied
to them.
THE secretary of the treasury estimates
the expenditures for all purposes for the
fiscal year ending June 80 1885, at $685.
946,047.2S. The finance committee estimates
the revenue to be derived in the same fis-
cal year from customs, if the provisions of
into law, at $1S2,744 900. This includes an
estimated revenue from the temporary
duty tea of IS, 900 000 The committee
estimates receipts from internal revenue
for the same period at $780, co., If we
add to this the treasury estimate for mis-
cellaneous receipts $40 100000 and the re-
ceipts on account of the postoffice, 1876, 227,-
0l6, we have total estimated receipts for
the fiscal year 1898 of $469 gu. O76, or an es-
lures for the year of 81 725, OPS. If the esti-
mated revenue from the duty on tea and
the additional internal revenue taxes
should be omitted from the committees
estimated receipts there would be an es-
Jmated deficiency of $29,175,000 instead of
a surplus of $2,725.02S.
The committee believes it to be the inn
perative duty of Congress to provide in
the measure under consideration for a rev.
enue which will certainly meet the require
ments of the government for the next fiscal
year. The adoption of revenue bill
Nari4fa oh CHI foil in
which should create an additional defcien-
cy in the immediate future and which
would require further issue of bonds to
meet current expenditures would certainly
be fatal to the hopes of future success of
any political party responsible for such
legislation.
BEER AND TOBACCO.
I'm selecting the sources for additional
revenue the committee decided to increase
temporarily the tax on articles of volun-
tary use rather than to assess additional
duties. which might prove imperative, up
on articles of necessity or upon those
which enter into our manufactured prod
ucts. Assuming that the necessity for adj
ditional revenue exists, and of this we be-
lIeve there can be no question, there is no
economic reason and certainly none that
affects the public interests why beer and
tobacco should not bear their share of ad-
ditional taxation. The committee believes
that the duty proposed on tea will not
prove a serious burden upon the consum-
ers of that article. Nothing in the theory