The North American Review, Vol. 158 (Classic Reprint)
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| Stand: | 2015-08-04 03:50:33 |
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Excerpt from The North American Review, Vol. 158 A Democratic administration, true to the traditions of the party, and following the precept and example of Mr. Jefferson, will earnestly attempt to substitute economy for taxation; but even when this has been done to the utmost limits that a judicious frugality will permit, it must still confront, as successfully as it can, the always unpopular duty of providing some new subject of taxation, not only to carry us through the existing crisis, but as a reliance for the few years during which our customs revenue may be lessened by the proposed reform of the tariff. It is well to give a brief recital of the stages by which the federal treasury has been brought to its present straits and to put the responsibility where it justly and historically belongs. The surplus revenue for the year 1889 was estimated by Secretary Fairchild in his last report at $104,000,000. It proved according to the first report of his successor, Mr. Windom, something over $105,000,000. When the Cleveland administration went out of office on the 4th of March, 1889, it turned over an available cash balance which, if stated in the form of treasury statement used for the past two years, amounted to $184,829,190.29. This included, of course, the gold reserve. During the four years of the Harrison administration the form of the public debt statement was twice changed, first by Mr. Windom to conceal the fatness, and later by Mr. Foster to conceal the leanness, of the treasury. Let us examine, now, how this splendid surplus with which it began housekeeping was scattered, and new methods of book-keeping became necessary to force any balance in its accounts. The Democratic party had made an honest but unsuccessful attempt to relieve the treasury of surplus revenue by freeing the people of unneeded taxes. The full control of the government secured by the Republican party in the election of 1888 gave it an opportunity to deal with a treasury surplus according to genuine protectionist methods and ideas. Any tax that escapes into the public treasury without being tolled by some private tax-gatherer is an offence to those ideas. The protectionist lawmaker is ever seeking some device by which he can tap its current, and the more of it the better, into some private reservoir. Failing in this he will generally abolish it altogether. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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