Rensselaer Semi-Weekly Republican, Volume 19, Number 97, Rensselaer, Jasper County, 12 August 1898 — GOVERNMENT FINANCES. [ARTICLE]

GOVERNMENT FINANCES.

Attempts of Free Traders and Free Silverites to Distort Patent Facts. There is some disposition to judge the new war revenue law before there has been time ttf measure its results. The same disposition was shown for some months after the prelsent- tariff was enacted, until the attempt to distort facts became so glaring that even the most extreme free traders perceived that they were only bringing into disrepute the cause they' were striving to defend. Fair-minded persons will agree flint the tariff can be honestly judged only in the light of the conditions arising while it was passing through congress, and with regard to the amount of revenue required for a state of peace, Its operation was for some months in part unavoidably postponed by anticipatory imports. Before it had become fully operative through exhaustion of supplies thus brought in, the destruction of the Maine led to quick increase of expenditures in preparation for the war which, it was seen, could not long be averted. Yet the fair-minded have observed the fact that the law had begun in February' to yield the full amount of revenue intended —namely, the $1,000,000 a day w'hich had for years sufficed fpr the ordinary expenditures 6f government in time of peace —and that it has continued, notwithstanding some interruption of foreign business through the war, to yiek} 1 substantially' that amount of revenue. The new war revenue latv was intended, according to Mr. Dingley’s statement when it passed, to add $138,481.306 to the receipts, but it was.frankly' recognized by those who framed the law that it would not be possible to judge with great accuracy the fruitfulness of internal taxes which had never been tried in this country, or of others which had not been tried for 30 years or more. The newlawbas not been in operation n month, andpart of its provisions cast become fully operative only' after a quarter or half year has elapsed, while others can be enforced only when cases pending in the courts have been decided. Yet persons are found who make haste to conclude that the new' law will fall short of its purpose. In 23 days of July the law’ hasyielded a revenue of $33,526,572. or about sl.456.000 daily. Some of its provisions were capable of anticipation, and considerable revenue at the outset was thus cut off. while the effect of other provisions will not appear for some time to come. But the receipts thus far have been at the rate of over $530,000,000 a year. Strictly speaking, if the law were to be judged at all in the light of present insufficient experience, it would have to be held rather more productive than it was originally intended to be. Allowance must be made, however, for the fact that purchases of stamps at the outset are usually for considerable time to come, an that other payments are to cover periods not yet expired. The same law might not-yield as large a revenue in succeeding months, because the first month of a fiscal y r ear usually brings considerable Settlements of various kinds. When these things are taken into account, with the obvious fact that full payment has not been realized on all provisions of the law, it seems within the truth to say that it has worked thus far quite as well and has yielded quite as much as was expected. A time of war is one in which expenditures cannot be closely scrutinized. No citizen and no official can judge what unexpected outlay patriotic duty may require in any given week or month. The necessities have H) be met as they arise, by instant provision for the success of army and navy, the supplies of men in the service half around the \sorld, and the preparation for other and possibly large requirements in the near future. In the one matter of smokeless powder, for instance, not many realized at.the outset how clearly necessary it would become for the government to provide a full supply for its troops without delay and without regard to expenditure. But the magnificent success of the loan which the government has proposed, showing that sums practically unlimited are at the command of the government at any time, and on terms more favorable than were thought possible a year ago in days of peace, relieves the government and people of present anxiety. The thing to do is to push the war so that it may be finished as soon as possible.—N. Y. Tribune.

• E7The attempt of a few democratic organs to make the senatorial election last winter an issue in this fall campaign will be a signal failure, from a democratic standpoint. Everyone knows the facts in connection with it. Everyone is familiar with the disgraceful combine which was organized to defeat Senator Hanna, and which was abetted to the best of their ability by the democratic organs of the state. The infamy of that combine will not be forgotten and the effort of the democratic party to make the election of Senator Harfna an issue again this fall will react with telling effect on them.—Ohio State Journal.

ICTThus far since the new revenue laws have been In operation the total receipts have averaged al»out $875,000 a day, whereas the receipts under the Dingley law were but $462,524 a day. Very likely these recemts will be increased later on, when various special taxes not yet collected have been paid, and it is safe to assume that the new law will enslly raise the $173,000,000 per annum predloted by its framers. The war has been costing at the rate of $2,000,000 a day. so that even if it end* within a short time the war taxes will remain as a legacy for a considerable period.—Troy Times.