The Maryville times. (Maryville, Tenn.) 1884-1944, 1898-08-06
BONDS AND REVENUE,
Facts Which Show That the Govern
mental Income Is Not
Falling OF.

scarcely affected by single provision
of the new law. which will take effect
as TO nearly all its clauses July /, never
theless keeps up so well. 1t was
naturally apprehended when war broke
out that it would to some extent affect
foreign commerce, and not merely the
imports from Spain and Spanish pos
sessions, but also imports from other
points with which trade had been main
~ in American vessels. For time there
did appear distinct decrease in the
| amount of imports and the duties de-
rived from them. But it sounds like
joke in these days to mention the fran
tic anxiety shown by shippers to get
war risks at high. rates ON their goods,
and by owners of buildings TO get spe-
cial insurance against bombardment
| 1t has not taken long to convince the
people that Spain has never had re-
spectacle chance of doing harm to any
| well-fortified seaport or to an appre-
ciable share of American shipping
| Commerce has quickly resumer its nor
|
ports are fully up TO reasonable expec-
tations for the season.
When the Dingley law was first crit
icised data were presented showing
that if it yielded $1,000,00o daily it
would a little more than meet the or
binary expenses of the government as
they had been met for four years, and
that if it attained that measure of sue
cess within six months after its enast
ment the natural expansion of business
would insure moderate surplus in
subsequent years. The revenue
reached that point in February, and in
spite of apprehensions caused by the
destruction of the Maine and general
preparations for var, nearly the same
rate was maintained in March. Dur
ing 80 days of April, exclusive of $2,-
G51, 500 received from the sale of the
Kansas Pacific railway, the revenue was
$50, 1861 ,443, and in May it was s3O,o74,-
S16-not quite 100000 short of the
rate required in the month after war
began. In June the revenue in IS days
was SIS, 1871 ,3OO, and on the day the war
tax bill was approved the revenue for
the month had been close to the desired
average-$12, 4O7 1929 in 10 days-having
since gained $2,70O,OOO in customs re-
ceipts for five days.
These facts may well be placed on
record and kept in mind, because they
show how the Dingley law was closely
answering the expectations of its
trainers and supporters down to the last
day of its existence without moditica'
ton, and that in spite of foreign alarms
and at last of war, affecting to some
extent the course of foreign trade
With natural growth of business in
harmony with the growth of population
it is proved that the act would have
yielded by the end of the fiscal year
some surplus. with certainty of its grad
ual increase, over the expenses of the
government during the preceding four
years. AS the problem to be considered
from this time forward is very differ
emit one, both because the rate of taxa
ton has been greatly changed to meet
an emergency and because the ex
penditures of the government will run
far beyond the ordinary limit of recent
: years, it should be set down as an his
torical fact that after the effect OF
anticipatory imports had measurably
) though not wholly passed the Dingley
act came to yield in its later months be
fore alteration substantially the full
amount of revenue expected and re
quired.
1t will be a much more difficult mat
ter to judge of forthcoming revenue
after the new fiscal year begins will
its new war taxes. No experience af
fords a reliable indication of their re
suit. nor has any calculation been pos
sible giving other than reasonably con
jectural estimates. 1t is also highl,
probable that, partly through deliberat
, opposition to taxes and partly through
| negligence the penalties of which mel
will not recognize at first, the new
taxes will yield for some little tim
much less than may be expected from
them after the public has become bet
ter acquainted with the provisions o
5 the law. The country will be some
, | what in the dark as to it's revenues
Z and very much in the dark as to its eX
penditures. which may be MATERIAL,
increased in any month by the fortune
of war. The assurance that the Ameri
can people are ready and eager to ad
vance their wealth upon government
I securities more favorable to the natiol
than most nations have ever been abb
to place in time of war is therefore o
, the highest Importance, since it re
: moves from the situation ground TO
e apprehension about the resources of tn
: treasury and the soundness of tn
q currency. 1t is not out of place ais
10 give full credit to Secretary Gag
! for the good sense shown in urgin
speedy provision for loan while tn
people were ready for it. and withou
waiting for possible disappointment
! either in amount of war expenditure
q or in the productiveness of the ne'
revenue lawn. Y. Tribune.
UThe rush of people to invest thei
S savings in the new government bond
e justifies Secretary Cages judgmen
V He has shown the far-reaching sagacit
of statesman and financier. The e
fects of this general distribution OF tn
S | government loan among the people cal