Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-02-28
The Wilson and the Dingley Laws.

DO you not see tnat lne DiGSSeu tallit
of the 'far-seeing and patriotic Ding
ley. is piling up scores of millions for
deficit instead of for revenue?-lcast stern
Argus.
Not at all. nor you either. That
is one of those sights" which exists
only in the minds of Democratic editors
whose perceptions are blunted by their
desires Like most tariff measures the
| large anticipatory imports. But as this
handicap has gradually been removed
| the measure has gained steadily. The
| treasury receipts for the first "a days
of the present month have amounted to
| $24 lab. 5O3 This is more than a million
dollars a day. including Sundays and
Feb %. Washngton's birthday. which
was national holiday. This rate of
receipts will equal expenditures. These
should give its readers the benefit OF
them. They show that although th.,
Dngley law is young yet, ii is in good
health. and doing all that was antici-
pated for il. The Argus might also en-
terrain and instruct it's readers by
drawing a few comparisons between
the workings of the Dinsley law, ana
the notorious prosperity smasher called
the Wilson law which afflicted the
t;,,
rule. Under that measure during the
first u months of its operation, a
the Mckinley law which it superseded
there was a decrease of $220, 33553 800 in
our exports and a decrease of $63, 1875.
975 in our imports. During the same
period we exported $20,0l0,210 more
gold, and imported $19,759, 052 less gold
than during the corresponding period
under the Mckinley law The Wilson
law bred distrust where the Mckinley
law had engendered confidence. 1t
law had erected factories Nor was
this all. In order to meet the short
comings of this measure the Cleveland
administration. which enjoyed through
out its devious career, the hearty sup
port and endorsement of the Argus
increased the interest bearing debt Of
the country 500 900 900 This was done
ostensibly to maintain the gold reserve
but actually to make up. in the cx-
penditures of the government, the de-
ficienCy in revenues occasioned by tne
Wilson tariff bill. AS these bonds run
for thirty years-sl0O. 000. 900 at per cent.
and Sl62 900, 900 at per cent. they Will
have cost the American people. at ma
turity, the enormous sum of $6o1 ,093
$50, All this in addition tn the almost |
incalculable loss which that infamous |
measure inflicted upon the productive |
enterprises of the country. Surely |
Democratic rule came high to the pco-
pie of this country. The record |
Of the Cleveland administra- /
ton in endcavoring to con-
duct the business of the country upon /
the receipts from the Wilson tariff, is
in painful contrast to that of the Har-
rson administration, under which the
national debt was reduced S234 5SS. $50
With these facts of history so near at
hand, criticism of the Dingley law
comes with a poor grace from Demo
cratic sources That measure was
passed to relieve the country from the
wide spread ruin and disaster wrought
by the Wilson tariff law. 1t was Ger
tanly a gigantic undertaking for any
measure; but the results show that in |
spite of all preliminary handicaps. it is
accomplishing this desirable result.
Already in the present month receipts.
which have been steadily gaining I'M
der it practically equal expenditures.
More than this it has restored cont
dence. Timd capitalists are no longer
raiding the gold reserve. and notwith-
standing the fact that not a single bond |
has been issued by the Mckinley ad |
ministration for its maintenance. it |
stands today at more than $167. 900 900
and is still climbing
No, brother. the Dingley law needs |
no apologies. 1t is Vindcating itself
handsomely. 1t will never call for any
increase in our bonded debt, and the |
country will prosper under it.