The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-02-11
MORE REVENUE MUST he HAD.

MORE REVENUE MUST he HAD.
Chairman Cannon Of the House Appro-
priations COMMITTEES in his speech of
Thursday gave the country a glimpse Of
the financial side OF our career OF glory.
and II is far from reassuring. MIR. Can
non fints Secretary Cages estimate of
the deficiency at the end of the current
fiscal year far too low, even II the sub
sidy shipping and the Nicaragua
canal bills are not passed at this
session. Instead Of. deiicit OF
sii2 900. coo Ms Secretary Gage had esti-
mated, he claims it will be $3.50, 600. 900.
and with the 80 600, 900 to be paid under
the Spanish treaty over si7Q 0oo. 900. At
the present. rate Of drawing on the cash
balances by the end Of the Hscal year IL
will have fallen to siss. Oo0,ooo or sss-
ooo. 900 above the minimum gold reserve.
II we enter the fiscal year 1900 In this
condition, before the end Of the year
the reserve Is practically certain to
fall to the minim um or below IL, and then
t ere must be another bond issue to boil
ster up the reserve and prevent I'M
pairment Of public confidence In the sta
bility Of our currency
1t is Mr.. Cannou's duty as chairman OF
tho Appropriations committee to keep the
balance sheet Of the nation. and 10 ex-
bibit 10 from time to time
Ii is his business to warn the country
when it is drawing too hard Oh the treas.
ury. He performed this duty In his
speech on Thursday. There are only two
ways to keep out of the situation that Is
impending, one by diminishing expendi-
ture and the other by increasing the reve-
nues. There 10 little likelihood that we
can do the former in the immediate
future il ever. The obligations which
we have assumed in the Pacific Ocean
and the Caribbean Sea cannot be dis
charged except through the expenditure
of large sums Of money-how much
nobody can say. but in all probability 1t
will exceed the most liberal estimate yet
made. Economy at home while We are
expending large sums. abroad will be next
to impossible. The people here will
not practice self denial for the benefit
of the Filipinos or the Cub ms. They
will never consent to go without the
things they want because we are spending
a lot of money in the Philippines and
Cuba. The city that wants q new public
building will not moderate its demand
because We have TO spend millions
to pacify Cuba or reduce the Filipinos to
subsection. shipping men win be no less
insistent upon subsidy law because we
have got to have large navy TO protect
our foreign possessions. Not only shall
we not be able to retrench at home, but
the effect of lavish expenditure abroad is
practically certain to be lavish expen-
diture at home That is clearly
demonstrated already by the push
in the House Of Representa-
for all sorts of home improve ment
More public buildings will have been
ordered built at this session of Congress
than for a good many years past, though
as matter of fact we are less able to afford
them than for several years.
More revenue is the only solution of the
problem that CO fronts US unless We are
to pile up deficits, and the only source 70
which We can look for this is Internal
taxation. The limit Of revenue
from customs has practically been
reached. Additions have got to
come from direct taxes. The stamp
tax is probably too vexatious TO be
extended much beyond its present limits
| But more revenue we must have. Where
shall we get 1t? England gets a good deal
of hers from an income tax, and event
ually, II our expenditures continue TO
climb, that Is the source from which we
shall obtain much Of ours. To be sure 1t
was dec'ared unconstitutional fe~ years
ago, but the constitution has been sx
pandiug lately and when the necessity
arrives We have no doubt 1t will be found
that it mas expanded enough TO take in an
| income tax.