Evening journal., 1915-07-19
MONDAY JULY 10. 1915
A FAmuRE. EYrN IN TINE on prACE.

AAiitttts hNlN ~ IlNE VI fEAlE.
an adequate producer Of revenue. the Underwood
"A Wilson law standing by Itself was failure in
normal times, despite all Democratic declarations to
the contrary A correct analysis OF its operations is
here shown for the first time
Although the blood OF Europe saved this country from
another 1898 IS apparent that the Democratic party
having saddled an its financial embarrassments onto
he European conflict now proposes to to the
try heraldingl as OF its making, a meretricious
prosperity which the war alone has created
The recent statement OF Champ Clark in phiadel-
phia is indicative OF the Democratic defense Of the
Underwood-Wson tariff niquty: 1T is claimed hy
those who love us not that the Underwood tariff bill
would not have brought IN enough to run the
government even II there had been no transatlantic
war and much ingenious mathematical calculation has
been resorted TO prove that contention but is not
true II would have brought in abundant revenue but
for the war"
The Democrats then point to the record Of the IN
dervood tariff for the nine months Of its operation
October 1918 to June 1914 proof of its potency as
an ample revenue producer and It is they themselves
who resort to much ingenious mathematical caicula
ton to sustain their argument What are the faotsg
The quarterly statement Of importations and duties
collected thereon, issued by the Department OF Com
merce extends the first OF the fiscal year 1914
from July1 to October g. 1913 during which period the
feepubloan arn law in full force and effect For
this quarter the duties collected on imports amounted
to SSSSSo457, which boldly credited to the Demo-
cratic law by the Secretary OF the Treasury and others
Had the Underwood Wilson law been in force for this
period with It's average ad vaorem duty for the peace
period Of Is per cent all imports the duties col
lected for this quarter would have been s57
difference in favor Of the Republican law of ssOes4
5o4 SO it is entirely fair TO say that for this quarter
the Democratic law benefited by its predecessor to
that amount
During the second quarter the duties collected we're
s652745ss But for two months of this period the Re
publican rates were effective on raw WOOL which yield
ed revenue of S6SSSS3 and for the entire period on
manufactures of wool, S1.6S5.46o. and sugar $685.
52l or total yielded by Republican law for the second
quarter Of s1O2S7,S64
The third quarter yielded revenue in the sum OF see
4571o2 Not until March Of this quarter did the reduced
rate go into effect so the Republican rate on
sugar subscribed Sl0O00Oo0 OF this sum 1t was S12-
$4,000 for the entire quarter-one month at the re-
duced rate)
During the last quarter the Underwood-wiison law
was in full effect and yielded revenue Of 6seo6e1e
Total customs revenues. fiscal year 1914 $2ss7ls074
Revenues derived from Payne
rates .......... ............. .S10S66S321
Revenue which might have come
from Underwood rates If in
operation during first quarter 57se5s5s
Credit to Payne law .................... 512T2S6S
Therefore Underwood law should be cred
tied with S232 446 7O6
Now for consideration OF the statement which Sec
retary McAdoo submitted to Congress July l. 1914 On
that date he reported customs receipts of s2e22s52
or about nine millions than really received as
above shown. The stands thus
Total ordinary receipts ............. S7SA243 ZOO
Deduct postal surplus earned in
1913 under Republican laws.s ssOOO0O
Deduct customs revenues earned
by Payne law .s............ 51,272,26s
Total credited to Republican laws ...... 55O7236S
Total revenues from Democratic laws .. 67sg 1882
Total Expenditures. McAdoo
statement ..-.-....--...-.- .SfO055S,2AS
Add general deficiency bill which
delayed until July Of next
fiscal year .................. 100000
c,al expenditures ACKNOWLEDGEMENTS. 706 24S
arlIit ordinary expenditures over ordinary
star pts without aid of Republican
Bufo beadd 10 this the difference between what
uu ywne 70 reported customs receipts and the sum
Ced yes,eiyed the deficit be about nine millions
- I'd memt
tn. it;neo fusion is unavoidable To quote the late
Park Phi.sno Payne when he spoke of Secretary Nc
NyaHetter 10 the condition Of the finances. Il
believe that a proper analysis OF that letter would
show that the Underwood bill in its first year would
dencit in the treasury. except that it was
carried out the crtches furnished by the Payne law
which it superseded"
The Democratic press IS waxing eloquent in commen-
1afion Of apponfr1enf Of cccro-