West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1903-07-09
WASHINGTON LETTER.
A Demand for Reduction of the
Tariff.
Senator Steward Predicts q Serious
Panic for the United States I'm
the Near FIXTURE.
from Our Regular Correspondent.

| FROM Our Regular Correspondent.
Washington, ID. c.. July 6, s9o3.
From a Democratic standpoint
the remarkable excess of receipts
over expenses of the national gov
eminent during the fiscal year just
closed, upwards of ssa, 900, 900 in
amount, is but another proof Of the
necessity of some modification of
the tariff schedules. 1t has long
been maintained by the most able
financiers and political Economists
that just system of taxation con-
sisted in taking from the people for
administrative purposes only that
sum necessary to defray the ex-
penses of the government, but the
Republican party, according to an
able Democratic statesman, has SO
involved itself in the protective sys-
tenn that it now finds it impossible
to reduce the revenue without an
tagonizing some of the protective
interests on whose liberal contribu
tons to the campaign fund depends
the perpetuation of Republican adj
ministration. The present policy,
according to this authority, is re-
sulting in gross extravaganza and
actual waste of the peoples money.
1t is moreover, resulting is the hord
ing in the treasury of gold which is
NEEDED in the business affairs of
the country, and the lack of suffi-
Client currency TO transact business
1t is proposed to meet by bill au-
thorizing the issue of paper curren-
cy by the banks which will deposit
as collateral therefore their state,
county and municipal bonds. An
attempt to reduce the revenues with
out offending the protected interests
was made during the first session of
the last Congress when a 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 Re-
publican doctrine, no change must
be made in the tariff schedules.
TT
Even the "Iowa idea" has been
effectually throttled by the manipu-
lations of Senator Allison. In the
last Iowa platform belief was ex-
pressed in modification of the tar
riff schedules that may be required
to prevent their affording q shelter
to monopoly" but the imputation
that tariff schedules could by any
possibility afford a shelter to mono
poly was so offensive to the high
protectionists that the services of
Mr.. Allison were called into requi-
sition and he drafted the tariff
plank just adopted and which omits
the obnoxious implication. That
"stand pat" will be the policy of the
Republican 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.
II I
Although the revised Aldrich Fl
nancial bill has been progressing
finely in the hands of the sub-com-
mittee appointed to revise it, and
although Senator Aldrich has secur-
ed the pledge of majority of the
Senate that this bill, so dear to J.
Pierpont Morgan and his Wall Street
friends, will pass the>Senate, new
obstacle has arisen in the announced
opposition of Speaker to be Cannon
who, when in Washington recently,
declared that he would not permit
the consideration 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 ia
vor this measure and it is by no
means certain that he will adhere 10
his present determination subse.
quently, Mr.. Geo. w. Perkins. Mr..
Morgan's partner, came to Wash.
ington just before the Presidents
departure for Oyster Bay to plead
with Mr.. Roosevelt to sanction the
consideration 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 prece-
dence over his cherished treaty.
That Mr.. Cannon's announcement
occasi oned CONSERVATION among
the Wall Street interests expresses
il mil dly.
III
Senator Steward, who is a staunch
Republican, makes the dircful pre-
diction that there is a serious panic
but short way ahead for the Uni.
ted Statet a panic which the Aid
rich bill might postpone but could
i not avert The cnnn4n- ...--.-