The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-06-26
Blioan rin.noisring up to Date

blican Financiering up to Date
present fiscal year closes on Friday,
he tariff conspiracy organs are at
bting to stir up enthusiasm over the
that the deficit will be 'only one
dred million" dollars. 1t is perhaps
to say that a party must be hard
for material when it finds not only
collation. but joy in such a fact as
one we a noted.
10 years ago the Republican party
waited into power, to a considerable
tent. by the breeze stirred up over the
|hciency of revenue resulting from the
emocratic tariff. 1t has had two years
rnportunity. and the shortages which it
has achieved have Zach amounted to al
most double the worst deficit of the
Democratic Administration.
According to this mornings Tribune"
the results of the current year to date
have been as foliows:-Receipts, $54, 4es, :
1885,; expenditures. 500, es7. s72; deficit, $751;
52s, 2s2. During the year there have been
two heavy calls upon the Treasury, and
one large payment which could not have
been foreseen one year ago. In March the
Government received s11, 79s, 314 on account
of the settlement of its claims against
the Central Pacific Railroad Company.
During the same month $50 900 was
drawn out to pay off the Cuban insurgent
army, and in April $40. 900, 900 was paid to
Spain in settlement of treaty obligations.
Leaving these three items out of the ac-
count, the deficit this year would not have
exceeded $50. Ooo.o 900.
This net figure vastly exceeds anything
resulting from the Wilson tariff and the
depression of business which the Republic
can papers deliberately created by a gem
eral assault upon credit Immediately fol-
lowing the election of President Cleveland
in 1892. An analysis of the facts, besides,
makes 1T even worse than it appears on
the surface.
The totas expenditures for the year now
closing exceed those of 1878 by about
s165. 900, 900, a sum which may he said,
roughly, to represent the cost Of the
war. But this amount has had, to our
terbalance it, the product of the Wal
Revenue Act. passed almost Immediately
after the opening Of hostiiities. h
revenue. as nearly as can be estimated,
has brought 500. o0o. 900 into the Treasury
since it went into operation, thus leaving
about sS5, 5000 of wal expenses charge
able against the ordinary revenue of the
country. 1t only remains to do a sum in
simple subtraction to arrive at the results
of the Dingley revenue system.
Total net deficit for 1Sss-s........ $50, ZOO. 900
Amount chargeable TO the war. $1,000, 900
Amount chargeable to Dingley. s21, ooo, 600
This sum is greater than the average
deficit under the Wilson tariff. And this
result. be It borne In mind, has been
reached in one of the greatest periods of
business ~huoyancy that the country has
ever seen. thus contrasting with the Will
son epoch when credit was wrecked, when
the uncertainty about the currency stran-
xled all enterprise and when grain was
so cheap that 1t might be said the farmers
were giving It away.
What the coming year may have in
store for us remains to be seen. There is
evidently no intention of repeating the
WAR Revenue measure. On the other
hand the cost Of the rebellion among
our subjects" by purchase in the Phil
1ppiue Islands is an unknown quantity.
That the latter will overbalance the
former ID not impossible, and then we will
be apt to see the STRANGE phenomenon
Of a continuous deficit in times of
peace and plenty, with a high tariff
and the Republican party in full
control OF affairs. And about this time
next year, when we are sizing up the
results OF one more year of Republican
dnanciering, we will also be on the very
eve OF the National Conventions to NOM
mate new candidates for the Presidency.
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