Show HOW THE DEMOCRATS ARE RUN W NING OUR FINANCE Nat national loral bankruptcy is not thoughts thought even even by the republican press to be in any ny immediate prospect after a years democratic control of our national finances yet a survey ot of the views of 0 all parties on n the years record does not cot show any great cause either tor for democratic jubilation and the new york times ind dem aiming at impartiality concludes that on the whole the governments finances are in good condition not beyond improvement in pro to be sure but comparing well with other years the tariff act has helped the consumer without hurting business says the democratic editors the republican and progressive critics reply that it has had just tho the opposite effect the republican boston transcript remarks sadly that the first fiscal year under democratic rule is what might be expected to follow when reformers bitten with theory run amuck among the industries dus tries of a great nation against this may be placed the conclusion of 0 the new york journal of commerce after a careful and impartial analysis quoted below that the tariff act has really been of some benefit to the consumer with a minimum disturbance of business the income tax returns are indeed smaller than was expected this is a failure which seems to opposition editors a complete justification of all their pessimistic prophecies but the philadelphia record thinks the tax has succeeded in supplying the revenue released in lightening the burden of the consumer and other democratic dailies show reasons why it ought to prove of permanent value in spite of some disappointment of the first few months trial discussion ot of revenue figures inevitably leads to the question of the depression of business busine gs and so while the new york evening mall mail tells the president that his country 41 staggers and groans under his indus try tiry paralyzing rule chairman simmons of the senate finance committee informs his colleagues tn in the course of a debate that an investigation aill show there have been less lesa disturbance and depression in this country in the past year than has occurred in any other great industrial country in the world compared ahe known dondit conditions ions in canada mhd situation in the united states might well be described as a boom in bustness business secretary mcadoo declares himself exceedingly gratified with the results tor for the first fiscal year of the new tariff and income tax law ills his figures for the year ending on june 30 subject to some revision upon the basig ot of fuller returns show total disbursements bur bur gemenis of bi ilo and total receipts aggregating leaving cleaving a surplus of but as the press dispatches point out the surplus will be wiped out by the panama canal expenditures for during the 12 months has been spent on the canal and when this has been charged off there will be a deft cit for the year of on the books eventually as several editors note the treasury will be reimbursed for the panama expenses by bond sales to be authorized by congress and without waiting for that says the springfield republican secretary mcadoo may claim a moral surplus in ill view of the tact fact that some in income taxes are being held back in order to take advantage of the ten days grace allowed by bi the income tax law before penalties can be imposed for nonpayment non payment of taxes democrats probably agree with the brooklyn eagle that they have a right to be proud of the way the revenue law has haa worked out in the first firs i experimental year the country should be reassure red thinks the indianapolis news an independent pro wilson paper tor for even with the loss ot of the sugar duty there thera will be no difficulty in meeting all legitimate expenditures buethe but the expenditures it reminds its democratic friends must be reduced tor for the party has made no attempt to r redeem its pledge of economy the one universally acknowledged disappointment is the failure allure ot of the income tax to come up to expectations after a forecast of and a later estimate of a total receipt of makes a slim showing uio tho the corporation tax brings the figures up to that there is something in mr explanation that the tax represents about abod six months income by reason of the tact fact that it Is for less than a year on oil all taxes and only for three months on the excess rates Is admitted by the pittsburg dispatch rep which also believes that many incomes have been inadequately reported but the rochester post express rep altri autes ates all the disappointment to tile the inaccuracy ic of the earlier guesses the providence journal ind would attribute it to the serious reduction ot of incomes since president wilson was inaugurated augu rated for diminished incomes mean a diminished income tax the milwaukee journal ind is inclined to put much of the responsibility for the low return on the governments inexperience in collecting a tax of this kind and the tax says the springfield republican publican le will surely yield more revenue as the people become used to its ts intricacies it feels certain that the tax has come to stay for the political party that hereafter should venture to repeal the income tax and replace it with higher tariff duties on food and clothing would have trouble in surviving the shock of the election returns it seems to the new york world dem that the tax was a partial failure because attention was paid to it principally fil f n the larga largs centers where the newspapers played it up and it notes that new york city a as a whole pays more than one third of the tax an amount exceeding while philadelphia pays chicago and boston 1 turning from the income tax to the tariff we find there has been little difference between the last two years in the tha customs duties collected at the port of new york imports are practically the th same tor for the two years and exports have decreased secretary redfield explains that the falling off has been large in exported foodstuffs and very small in manufactured goods he would encourage american manufacturers by showing that they are selling almost as much as ever abroad and have practically no greater foreign competition to meet naturally headds he adds the coming large crops will again make us a large seller ot 0 foodstuffs abroad nevertheless we find a continued belief in some quarters that the tariff is a menace to business especially among those hit b by Y the new schedules Judge Gary lately declared it to be his sober judgment that the tariff law lately passed has adversely affected the business condition I 1 of this country other steel men are mentioned in the wall street journal and the new york journal of commerce as being of the same opinion some tearing fearing large imports in the tall fall and winter to the detriment of the market the washington post ind prints letters telling of southern cotton mills which can not get near cost for their yarn because there has been a vast increase in the imports ot of yarns and cotton cloths claths under the now new tariff law and papers like the new york evening mall baltimore star rep philadelphia press rep and san francisco chronicle rep continue to denounce the democratic tariff as a source of hard times on the other hand democratic editors are floating such bits of trade gossip as the statement in the commercial and financial dry goods market report that manufacturers find that domestic goods could be advanced considerably and still hold their own now that the full effects of the tariff have become known and the philadelphia record concludes that manufacturers in general have discovered that they were not nearly so much hurt as they were alarmed in view of all that has been said a careful editorial analysis of the result of the tariff in the new york journal of commerce Is worthy of attention taking first the effect on the cost of living the total imports since meats were put on the free list were valued at compared with none a year ago it was asserted by many krotec zionists that no meats would be imported and by others that so great an importation would occur as to drive american producers to the wall nel neither forecast has been fulfilled the amount of 0 meet imported has been but a small percentage of the total consumption yet enough to have a per cep ep tible effect in ill restraining the tendency to a further advance in the price higher home charges would unquestionably tion ably bring in still larger quantities the removal of duties is thus seen in this case at its best since it acts as a equalizer of prices yeti yet drives no one out of business and simply operates operates to prevent monopoly extortion or famine charges much the same may be said of the movement of grain which while not affecting the domestic price to any extent hurtful tp to the farmer has furnished a useful addition to the home supply and has suggested the possibility of an emergency resource within the reach of all our imports of bread stuffs during the ten months of the fiscal year were over against tor for the same period last year the increase being chiefly in corn in those classes of subordinate products where duties were high under former acts and where the reduction has been but moderate as in ie the case of cocoa and olive oil increases have evidently resulted in supplying a home demand not previously satisfied and in putting the goods within the reach of many who could not purchase und der the old conditions without driving the price to a aroh prohibitive level the effect here Is so far as made plain beneficial and few will criticise criticism critic ise the situation as now revealed the manufacturing results are found harder to annaly annalize ze tor for iu in many lines there have been no precept ible changes the imports of iron and steel tor for tile the ten months were only or about alie the same as last year the cotton industry hardly felt the change during the seven months of 0 the new duties the increase of importations being scarcely over 6 per cent in gross value of 0 the total importations ot of the same Is true of paper whose manufacturers raised so laud a wall regarding the threat of foreign invasion hiva slon even in printing paper where the free trade princ principle tille was applied the growth la in importation ii Is admitted by producers to io have been i insufficient h to hurt them owing to the t h e immense increase in the demand for the product there is a different situation in a few lines such as manufacturer turere ot of wool where there has been a notable increase during the period in question carrying the importation ot of goods from to nearly ac 1 yet staple articles like carpets show a positive decline while dress goods formerly most highly taxed d are in lower volume than before the conclusion drawn by most persona will be that in many if not most branches of manufacture the united states Is well able to hold its own against foreign industry the fact remains that the consumer is not receiving the benefit of a materially lower scale of prices and that his advantage lies largely in improvement of qualities and in the prevention of further advances some lines of merchandise show appreciable prec preci able lable cuts of price but they are comparatively few and this lack of bf reduction Is particularly noticeable in such articles as leather manufacturers where there has been a distinct advance in importations the conclusion is that the tariff has thus far had little real effect upon trade or industry there has been a considerable reduction in the burden of tariff taxes yet the changes are so carefully made as to impair but little the productiveness of the tariff there is is in part a tribute to the expansive power of domestic demand and in part a compliment to the work done in preparing the new schedules both as to revenue and as to the industrial effects tariff bariff revision has been accomplished complis hed with practically a minimum disturbance to business literary digest |