Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-23
WEDNESDAY. .... MARCH 90, 1898
PAYING FOR WAR.

No one is disposed to take issue with
the recent declaration Of Secrctary-of-t the
Treasury-Gage that this country could
raise all the money necessary TO meet the
cost Of a foreign war. There is no qucs-
ton that our credit il such as that our
borrowing power would be all-suhicient
for any emergency. But how about the
burdens that would be entailed by rea-
son of the fact that payday for both
principal and interest would be bound TO
come?
From late compilation Of Treasury
statistics we take these facts and figures:
In the past five fiscal years-during Pc
Rod ranging from July ], 1893, TO March
]. lS9S-the revenue amounted to $1.5O1,-
9l97S6 while the expenditures footed up
Sl,7OS,Gl26iO. The figures I'm detail are:
Fiscal year 1894. receipts. $297,722, Ol9; ex-
penditures. 1861, 52j. 2SO--defcit, $50 sos. 261;
1895, receipts. 1913, 39O,O75; expenditures.
$356195 2SS-defcit. $40. sos 223; 1896, receipts,
S326. 976. 200; expenditures, 1852, 179, 4i6-de-
felt $25, 208 246 1897. receipts. $3i7 721, 705;
expenditures $365, IA, 159-defcit, SIS Oj2. 454;
1893 eight months). receipts. $2l6.1O9 737;
expenditures. S266. 93S, 457-defcit, $50 S2S,72O.
Total receipts 81, 5O1, $40 736; total expendi-
lures 81, 7OS 6l2, 6iO-total deficit, $2O5. 692 9Ot
In order 10 meet these deficits the gov
eminent was compelled TO resort to four
loans, from which it realized 1898, 4Sl, S94,
and on which there is an interest charge
of N1.492,6l6 per annum; and of the pro-
ceeds Of these loans the deficiency of the
revenue has absorbed all except $50, 7SS 800.
And just here IL Is worthy of remark,
par parenthesis. that an analysis Of the
exhibit by years shows that while the
Wilson act was in operation there was
a steady decrease in the deficit column,
thus proving that that act was in a fair
way of indicating itself. On the other
hand, during the eight months under
Dingleyism, there has been an enormous
increase in the deficit.
But TO return to the main question the
figures bear upon. 1t is clear that the
cost Of war would have TO be borne cut
side of any revenue that might be de-
rived under the Dingley act. There is
present and prospective upon receipts a
fixed charge Of S15OO00,OOO per AMMAN for
pensions, and the balance eft after de-
Quoting that amount is not sufficient by
a good round sum for paying the "ordi-
nary expenses" Of the government. More
over we. question whether Mr.. pingley,
with his astonishing genius for mathe-
MATES, could demonstrate" that in the
event of war the Dingley act would con-
duce TO increasing this balance. 1t fol-
lows. therefore. that war would necessi- I
tate heavy increase of taxation that
would run not only during the war pc
Rod but for long time after the cessa-
tion OF hostilities The pockets Of the |
people would. as far as possible be
drained for the time being i'm a more or
less direct way to supply the sinews of |
war, and in addition to that, enormous |
future obligations would be piled up |
against them. And the worst of il is |
that. taken by and through, the
burden would fall heaviest upon those
who would be least able TO bear IT,