The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-04-26
\ | Il II J
v AR FINANCE.
Ding1ey Adopts Democratic
Measures to supplement
the Revenue
HEAVY INTERNAL TAXES
The Idiotie High Tariff Policy
Deliberately Given Up by
Republicans.
FIVE HUNDRED MILLIONS OF BONDS
Money Urgently Needed by The
Treasury Emergency Fund
All Gone.
APOLOGY FOR THE JACKAss Law
Those Awful Ansicipatery imports
Had Nearly Been Ofss,;
But Alas
APOLOGY FOR THE JACKASS LAW
Those Awful Anticipatery Imports
Had Nearly Been Ofiss,;
But Alas

WASHINGTON, April rs, lSSS.-Ghalr-
man Dingley, of the Ways and Means
Committee, today submitted to the House
with the war revenue bill the following
report
The precipitation on the United States
of a war with Spain has rendered II
necessary to Immediately provide ways
and means to meet war expenditures on
the scale demanded by modern naval anu
military operations.
such an unweicome demand on our re-
sources comes at a time when, unaer Inc dme
workings of the tariff act OF July "a. 1eSi'
we had begun to overcome in large meas
ure the injurious effects of anticipatory
importations. and had already received
in the months of February ana March
revenue more than three milhons IN ex-
cess of ordinary peace expenditure Ior
these months -four millions or the eXpen-
6itures appearing in the March statement
having been made on the account of prep
arations for national defense under the
authority of the joint resolution OF Marcn
81, and that. too, with large railing OF f
of customs revenue the last ten days OF
March in consequence of the disturbance
of trade arising from threatened war
There IS no doubt that II peace of cpiiqle the
Secretary of the Treasury tnat.Ine rev, rev
enue for the next fiscal year would reach
SIS Co. Goo IN excess Of the revenue for the
fiscal year 1886 and more than that sum IN
excess of what the re evenlaes for the next
hseal year 1897 would pave been II IL, u
had not been for anticipatory importa-
tions in the last four months
b s the aftsf Duties of the new sf
would have been more than realized, and
these receipts would have fully met the
expenditures for the next fiscal year If
it had not been for the increase caused
by the difficulties with Spain inasmuch
as the expenditures for the fiscal year
1896, exclusive of postal expenditures PAID nd
by postal revenue, were only 1852, ,000, 600
and for the fiscal year 1887 only S365, ,000, O00
These difficulties, even before war con-
dftions arose. had so stirred the pubic
mind as to demand largely Increased ap,
preparations for enlarging the navy and
ational defences. The destruction of
the United States battleship Maine in
ruary last so intensified the situation
that Congress, a few weeks thereafter
realized the necessity of taking prompt
measures to prepare for any exigency
and by Joint resolution appropriated $780,
e9c.O00 for national defence
Upon the authority of this joint reso-
luton about $35. 900, COO of this appropria-
ton have already been practically used
although payments have as yet been made
for only a part of this sum, and liabilities
for the remainder OF the appropriation
An examination of the condition OF the
treasury will make 1t apparent that no
time should be lost in providing ample
ways and means for carrying to sue
cessful conclusion the war in which we
are now engaged.
.sThe apparent cash balance in the
Treasury when the joint resolution ap-
propriating $50, 0,C00 for national defense
was passed was about $225, ,000,0 600, inciud-
ing 800, 600 gold redemption fund, or
s125, GOO excluding that fund.- But this
balance was only apparent inasmuch as
S13 900 consisted of fractional silver,
largely uncurrent and minor coins, leav-
ing only $112 2.000,o00. But Of this amount
sl4000,O00 consisted of receipts from sale
of Pacific Railroad held in the Treasury
for the payment OF that amount of Pacing
Railroad bonds due January ! next, ana
r.f 1oy rod