The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-14
THE DINGLEY LAW.

]
The Dingley law deficit amounts to $751;
1923 FOR SEVEN MONTHS. which is at
| the rate of OVER $85, 100000 A YEAR.-Sen-
/ tinel.
When a farmer takes an exhausted and
rundown farm he is allowed a reasonable
length of time to bring ii into productive
state before judgment is passed on his eff
forts. When an assignee takes an insolvent
business or a receiver a broken-down rail-
road everybody knows it will take good
while to repair the effects of past misman-
agement and get the business on a paying
basis. Yet the architects Of financial ruin,
who brought on the panic of 1893 and assist
| ed in passing tariff law that created a
deficit of $1s6.O61, $50 in three years and eight
| months, and left the business of the coun-
try absolutely paralyzed, have the audacity
to- criticise the Dingley law because in six
months it has not repaired the ravages and
| restored the losses of forty-four consecu-
| tive months Of disaster under the Wilson
law. During the three years and half
that that law was in operation the financial
/ energies of the government were absorbed
in two objects-keeping down deficits and
issuing bonds-yet each month saw an in
| creased deficit and each year an increase
Of the public debt. During the fiscal year
ending June so, 1894 the government ex-
| penditures exceeded the revenue by 1853, $685.
26O.5S. In February, 1894, $50,00O,OOO OF bonds
We're issued, and in November $5O,0O0, 900
more. During the fiscal year ending June
30, 1895. the government expenditures exceed
ed the revenue by $42SO5, 223.1S, and a fur
| fha- Of 400
During the fiscal year ending June 30, 1896,
there was a deficit of $25, 2O3, 245.70. and dur
ing the year ending June 30, 1897 a further
deficit of $1S62S, 1O7. The deficit during this
year would have been much larger but for
the enormous increase Of customs receipts
owing to increased imports in anticipation
| of the repeal of the Wilson law. The same
cause, as everybody knows, greatly reduced
the revenues during the first few months of
the Dingley law. The latter came into op-
GRAFTON handicapped by the trade paralysis
and deficit producing influences of the Will
son law, yet in spite of these disadvantages
| it has reduced the monthly deficit to a
point that insures its speedy disappearance
1t is the belief of treasury officials that
| from and after this month the receipts will
exceed the expenditures during every month
OF the present fiscal year till July, and reg
ularly thereafter If, after it has been in
operation less than four years, it should
have caused an accumulated deficit Of 1885,
O6l.5S0, as did the Wilson bill, its trainers
and defenders will not have word to say.
There is another aspect of the case. In
| his speech introducing the bill Mr. Dingley
said: 1T has two purposes, namely, to
raise additional revenue and to encourage
the industries OF the United States" No
person will deny that it has accomplished
wonders in the latter direction and that in
this respect it affords a striking contrast
TO the Wilson law, which killed the indus
tries Of the country as effectually as it did
the revenues. The Dingley law is already
indicated, and is growing in popular favor
| every day.