Arizona republican., 1914-06-21
A Government Bond Issue

The government is said to be contemplating q bond issue in amount determined. It was expected that the receipts the income would all defciences resulting from lowel ed tariff rates estimated that the government would derive from this s5500O 000 It is certain that that estimate entirely too high and the secretary of the treasury is said to have con ceded that the receipts from the income this year will not exceed s3O00oO00 e hopes, however year increase the receipts by the discovery and prosecution of evaders of the But that uncertain of of admittedly doubtful existence is unsatsfying Other we'll informed observers believe that the receipts the income this year will fall considerably be- low s3o,o00,Ooo
 Another of from which the country has been deriving s60 100000 annually the tariff. will disappear May l. Iel6. Also, for three months of the fiscal year ending June 30 this the country has enjoyed customs receipts under the PayneAldrich law. In spite of these figures and circumstances the secretary believes that at the end of the fiscal year there will be a surplus of s30,OoO,0OO
 Financiers do understand where is to come from but they notice that the secrearys esti- mates do not include the Panama canal payments of sS7,50O,0OO which would deficit of s75OO- GOO if the hopeful prediction of Mir M Adoo should be realized
 The operation of the tariff law is the hardest blow that could have been given to genuine tariff reform Nothing beneficial that was expected of the Underwood law has come to pass It has increased imports of manufactures and other articles in competition with our own products Our exports of manufactures, the products of labor and of the fields, have fallen off Notwithstanding the greater volume of imports the aggregate of duties 1ac baa,
 have to pay have not been reduced We are begin ming to notice the paralysis upon ndustdy The law has become club in the hands of the republi- can old guard who are busy comparing the effect of it with that of the niqutous Payne Aldrich law to the advantage of the latter
 The people when they see the bonded debt of the nation increasing in time of peace in spite Of efforts at retrenchment naturally be inclined to return to system under which bad as it was they fared at least well as they faring under the new and which had the giving the country surpluses instead of deficits
 So far. the administration has been unable to point to single beneficent result of the present law No man can now give satisfying reason backed by proof for it's enactment The men who denounced the bill while it was pending and for partisan reasons predicted the dire results that would follow. evidently much less immoderate than they intended be. Their worst hopes" have been more than realized.
 The law has served one useful purpose It has been educatve It's operation has demons ted that tariff legislation in the past in the present congress well, has been instrument of poli- ticians and the finished product of statesmen. The people will he convinced the end of this administration that there is better way than the inequitable way employed to privileged in terests in the Payne Adrieh law and the way of the blundering Underwood law. They will recognize the soundness of the national progressive theory tariff legislation, data systematically and scien- tifically collected by competent commission which shall first have ascertaned what legislation is need ed and what the effect of will be the country.