The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-29
SECRETARY SHAW
MAKES CONCESSION
Says Wilson Tariff Law Was
Better Revenue Producer
Than the Dlagley Act
Globe Special Washington. Service
1d17 q Cfraa4


1417 G Street
WASHINGTON, D. c., July rs
Since Leslie M. Shaw is recognized as
the chief representative of the admin
istratlon on the stump this summer,
any .hlhg that he may have to say
ABOUT the condition of the national
iiiahces VIII have special significance
ana his words will certainly not be ac-
cepted as less significant from the fact
That he is the secretary of the treas
ury Mr.. Shaw will make possibly
twenty or thirty speeches during the
Campaign, and he will try to meet all
the criticisms that may be made by
the opposition in regard to the pres
ent condition of the treasury. The re-
ldtlon of receipts to disbursements is
the reverse of what it was during more
than six years of the Mckinley and
Roosevelt administrations for there is
now large deficit, and the deficit
premises to continue during the entire
liscal year which began on the LIST of
July.
Is there likely to be any improve
1nent in treasury conditions after tais
mcnth? the secretary was asked To-
day.
The disbursements thus far in July
nave been $21, 100000 more than tie
current receipts was the reply, 'but-
this ratio of income and outgo will Ger
talniy not continue during the whole
year. The expenditures are ALWAYS
heavy during the first month of the
rev fiscal period
DO you expect there will be a sur
Plus at the end of the year?'
No, do not. In my annual reu)rt
TO congress- last winter nredipta6
there would be treasury deficit CT
S2S,O09.0O0 for the fiscal year 1905
estimated that the deficit for the fiscal
year 1904 would be $14,O00,000, aud
that would have turned out to be true
If it had not been for the large pay
nents for the Panama canal AMI TIE
extra appropriation for the st. Louis
exposition. If my estimate for the
current year should turn out as well
as the other did, the 100000 esti-
mate would prove to be about right
That figure was given on the basis
OF estimates of appropriations sub
mitted to congress. But congress. Us il
something like $4,000, 900, and so, 9th
er FACTORS remaining the same, it would
appear that my estimate of a deficit
Tor this fiscal year would have to be
Increased accordingly.
For the Sinking Fund
But it will be noticed from an ex-
animation of the statement recently
made according to law by the clerks
OF the appropriations committees of
the Two houses that an appropriation
Of sat, $4,000 was made to meet the re-
quirements of the sinking fund 1t
may not be necessary to use this and
The disbursement of the money for this
purpose is discretionary with the sec
rotary of the treasury. If this appro-
prlatlon is not used, the actual ex-
pendltures of the government during
TINS fiscal year may be actually less
than the estimated appropriations on
which | based my estimate of treas
ury deficit of $23,000,000. To sum up
the matter, the appropriations were
So5,00O,000 more than the estimates, but
$56,500,0OO was appropriated for the
sinking fund, and this was not includ-
ed in the estimates. 1t is possible
therefore, that unless there should be
an unexpected falling off in current in
come, the deficit for this fiscal year
will not exceed 100000
But if conditions should be as thew
were in 1884, continued the secretary,
we should have Il deficit of $4,000 900
for the year.
What do you mean by the condi-
lions of 1892"
Il mean to say that, if the relation
VI pipuuCllOi anu imports ana con-
sumption should be as they We're IN
1894, we should have a 100000, 900
treasury deficit at the end of the fiscal
year which has just begun. In 1894
We had hard times. The people were
buying in foreign countries only what
they had to buy-that is, necessities
not Injuries. We were under the Will
son-Gorman law then; and the WILSON,
German law was a much better rev
enue producer than the Dingley law is
relatively speaking. Of course il
wasn't as good protectionist meas
ufe, by any means. But if we should
nave hard times as We had in 1894 it
would be found that the revenues
would suffer more than they did then.
The Dingley tariff is a tariff for pros
perity." Walter p. Clark