New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-25
THE FINANCES.

There is some disposition to judge the new
War Revenue law before there has been time
to measure its results The same disposition
was shown for some months after the present
tariff was enacted. until the attempt to distOrt
facts became so glaring that even the most
extreme Free Traders perceived that they
were only bringing into disrepute the cause
they were striving to defend. Fair minded per-
sons will agree that the tariff can be honestly
Judged only in the light of the conditions arising
while it was passing through Congress and
with regard to the amount of revenue required
for a state of peace. Its operation was for
some months In part unavOidably postponed by
aptlcipatory imports Before II had become
fully operative through exhaustion of supplies
thus brought in, the destruction Of the Maine
led TO quick increase Of expenditures In prepare
tior for the war which, 1t was seen, could not
long be averted Yet the fairmnded have OBJ
served the fact that the law had begun in Feb
ruary to yield the full amount Of revenue in
tended-namely, the 81, 100000 a day which had
for years sufficed for the ordinary expenditures
of Government in time Of peace-and that 1t has
continued Notwithstanding some interruption OF
foreign business through the war, to yield sub
stantally that amount Of revenue
The new War Revenue law was intended
according to Mr.. Dingleys statement when 1t
passed, to add 1906 to the receipts
but it was frankly recognized by those who
framed the law that IL would not be pos
sible to Judge with great accuracy the fruitful
ness Of internal taxes which had never been
tried In this country, or Of others which had
not been tried for thirty years or more. The
new law has not been in operation month, and
ma of its provisions can become fully operative
only after a quarter or a half year has elapsed
while others can be enforced only when cases
pending in the courts have been decided. Yet
persons are found who make haste to conclude
that the new law will fall short OF its purpose
In twenty-three days Of July the law has
yielded a revenue Of $33.526.572, or about
$1.4JGOO0 daily Some Of It's provisions were
capable Of anticipation and considerable reve-
nue. at the outset was thus cut of, while
the effect Of other provisions will not appear
for some time to come. But the receipts thus
far have been at the rate Of over $3.50 0OO,-
600 year. Strictly speaking, II the law were
to be Judged at all in the light Of present INSULT
cient experience, il would have to be held
rather more productive than II was originally
intended to be. Allowance must be made how
ever, for the fact that purchases Of stamps at
the outset are usually for considerable time to
come and that other payments are to cover
periods not yet expired. The same law might
not yield as large a revenue In succeeding
months. because the first month of fiscal year
usually brings considerable settlements Of vari-
ous kinds. When these things are taken into
account, with the obvious fact that full pay
ment has not been realized on all provisions OF
the law, 1t seems within the truth to say that
II has worked thus far quite as well and has
yielded quite as much as was expected.
A time Of war Is one in which expenditures
cannot be closely scrutlnized No citizen and
no official can Judge what unexpected outlay
patriotic duty may require in any given week
or month. The necessities have to be met as
they arise by instant provision for the sue
cess Of Army and Navy, the supplies Of men
n the service half around the world. and tina