The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1903-07-09
WASHINGTON.
From our Regular Correspondent.

| washington, July o, 1908
From democratic standpoint the
remarkable excess of receipts over ex
penses of the national government
uring the fiscal year just closed, up.
wards of $52, 100000 in amount, is
but another proof of the necessity OF
oome modification of the tariff sched.
ules 1t has long been maintained
by the most able financiers and polti-
cal economists that a just system OF
taxation consisted in taking from the
people for administrative purposes
only that sum necessary to defray the
expenses of the government, but the
epublican party, according to an able
democratic statesman, has so involved
itself in the protective system that, it
row finds it impossible to reduce the
revenue without antagonizing some of
tNe protected interests on whose lib
eral contributions to the campaign
fund depends the perpetuation of re-
p' blcan administration. The pre-
S At policy, according to this author
i,y, is resulting in gross extravaganza
and actual waste of the peoples
money. 1t is, moreover, resulting in
the horading in the treasury of gold
which is needed in the business affairs
of the country, and the lack of sufficient
| currency to transact business it is
proposed to meet by bill authoriz
ing the issue OF paper currency by the
banks which will deposit as collateral
therefor their state, county and NUM-
clpal bonds. An attempt to reduce
the revenues without offending the
protected interests was made during
the first session of the last Congress
when material reduction was made
in the internal revenue taxes but that
did not prove sufficient. The next
move will be the reduction of the tax
on whiskey and beer as, according to
the republican doctrine, no change
must be made in the tariff schedules.
XIX
Even the "Iowa idea" has been
effectually throttled by the manlpul-
atlons of Senator Allison. In the
last Iowa platform belief was expressed
IN 'modihcation of the tariff schedules
that may be required to prevent their
afordng a shelter to monopoly" but
the imputatlon that tariff schedules
could by any possibility afford shell.
ter to monopoly was so offensive to
high protectionls.s that the services of
MIR. Allison were called into requisi-
ton and he drafted the tariff plank
just adopted and which omits the
obnoxious implication. That ''stand
pat" will be the policy of the republi-
can party is thus affirmed and those
republicans who favor moderate tariff
revision will be compelled to admit
that it can only be secured by the
election of a democratic congress.
Xxx
Although the revised Aldrich
financial bill has been progressing
finely in the hands of the sub. commit
tee appointed to revise it, and al
though Senator Aldrich has secured
the pledge OF majority of the Senate
that this bill, so dear to ]. Perpont
Morgan and his Wall Street friends,
will pass the Senate, a new obstacle
has arisen in the announced opposi.
tion of Speaker-to-be Cannon who,
when in Washington recently, declar.
ed that he would not permit the con-
sideration of any financial bill at the
next session. Of course the strongest
kind of pressure will be brought to
bear on Mr.. Cannon by the powerful
interests which favor this measure and
1t is by no means certain that he will
adhere to his present determination
subsequently. Mr. Geo. w. Perkins,
MIR. Morgan's partner, came to Wash
lngton just before the Presidents de-
parture for Oyster Bay to plead with
Mr.. Roosevelt to sanction the consi-
deration of the Aldrich bill at the
special session to be called next fall
to perfect the ratification of the
Cuban treaty but Mr.. Roosevelt,
having learned of the opposition of
Mr.. Cannon, refused to permit the
financial measure to take precedence
o'er his cherished treaty. That Mr..
Cannon's announcement occasioned
CONSERVATION among the Wall Street
interests expresses it mildly.
XXX
Senator Stewart who is staunch
republican, makes the dlreful predic-
tlons that there is serious panic but
a short way ahead for the United
States, panic which the Aldrich bill
might postpone but could not avert.
The Senator moreover expresses the
belief than if the Aldrich bill is passed
1t will but furnish little more cur
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