Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1898-07-14
BONDS AND REVENUE.
b acts Which show That the Govern
mental Income Is Not
Failing OF.

of the new law, which will take effect
as to nearly all lis clauses July l, 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
ly 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 OF taken long to convince the
people that Spain has never had re-
spectacle chance of doing harm to any
well-fortitied seaport or to an appre-
ciable share of American shipping
Commerce has quickly resumer its nor
NAL volume so far that the duties on i'm
ports are fully up to reasonable eXpec-
.ations for the season.
When the Ding!ey law was first crit
icised data were presented showing
that if it yielded $1,000,000 daily it
would a little more than meet the or
dinary expenses Of the government as
they had been met for four years, and
that if it attained that measure of sue
oess within six months after its enact
ment the natural expansion of business
Sr1rnlIc 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 war, nearly the same
rate was maintained in March. Dur
ing 30 days of April, exclusive of $2,-
C51 800 received from the sale of the
Kansas Pacific railway, the revenue was
$50, ,361 ,443, and in May it was $30,074,-
S1G-not quite $1,000,000 short of the
rate required in the month after war
began. In June the revenue in IS days
was SIS, ,731 300, 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 13 days-having
since gained $2,70O,0oo 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 it's existence without modifica-
ton, and that in spite OF foreign alarms
and at last of war, affecting to some
extent the course of foreign trade.
With a 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 a very differ
ent one, both because the rate of taxa
tion has been greatly changed to meet
an emergency and because the eX-
pendtures 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 It's later months be-
fore alteration substantially the full
amount of revenee expected and re-
quired.
1t will be a much more difficult mat
ter to Judge of forthcoming revenue
after the new fiscal year begins with
its new war taxes. No experience af-
gords a reliable indication of their re-
suit, nor has any calculation been pos
sible giving other than reasonably con-
jectural estimates. 1t is also highly
probable that, partly through deliberate
opposition to taxes and partly through
negligence the penalties of which men
will not recognize at first, the new
taxes will yield FOR some little time
much less than may be expected from
them after the putlic has become bet
ter acquainted with the provisions of
the law. The country will be some
what in the dark as to its revenues,
and very much in the dark as to its eX
penditures, which nay be materially
increased in any moath by the fortunes
of war. The assurance that the Ameri-
vance their wealth upon government
securities more favorable to the nation
than most nations have ever been able
to place in time Of war is therefore of
the highest importance, since it re-
moves from the situati ground for
apprehension about the resources of the
treasury and the sonndness of the
currency. 1t is not out of place also
TO give full credit to Secretary Gage
for the good sense shown in urging
speedy provision for a loan while the
people were ready for it. and without
waiting for possible disappointments
either in amount of war expenditures
or in the productivenes of the new
revenue lawn. Y. Tribune.
DThe rush of people to invest their
savings in the new government bonds
justifies Secretary Cages judgment.
He has shown the far-reaching sagacity
of a statesman and financier. The eff