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Show ! Is Being Mislead by His Associates President Wilson Wrongly Informed Concerning the Facts of Business Depression De-pression . Prejldcnti as well as kings are surrounded sur-rounded by their ilatteiers. When the President anys that business is normal, nor-mal, or better than normal, It Is evident evi-dent that ho has been misled by his associates. For tho ilrst tlmo wo have a Cabinet a majority of whom ar6 medlocro men. When the President Presi-dent repeats the statements ot tha flamboyant Secretary of Commerco wo are reminded of the proverb, "A man that flattereth Mb' 'neighbor sprcadcth a net f?r his feet.f Nearly every man in tho street knows that tho volumo ot business this year is subnormal, Tho most re liable- indices prove this. Iron and steel production, copper consumption, exvorts, bank clearings and building construction havo decreased while commercial failures, Imports, Idle cars nnd the unemployed show an Increase. In-crease. Serrrtary licddeld attempted to prove that tho steel trade was not deprrssed by citing the fact that tho Pennsylvania Steol Co., had taken an order for 10,000 tons of steel rails for shipment to Austrnlla. Tho New York Times wired ttho company for Information. Infor-mation. Tho following reply wns received: "Tho order for rolls for Australia will keep our mills occupied' fpr ten dayB. It Is unsulted to our' 'mills, both In specifications and weights. It was taken solely to koep our- men employed. We consider tho present depression In tho steel Industry the worst since X189C." Tho .Pacific Coast Steel Co., reports re-ports that 3,332 tons of foreign finished finish-ed steel has been delivered at Scat tlo. Tho pricois $1.30 to $1.35 per cwt., duty paid. Stool mills on the Paclllo Coast cannot meet this price They say: "Wo aro living In hopes that result ' ? i of tho operation of tho present tariff will soon convince tho proper authorities auth-orities that operating less than half time, while we watch the largo liners unload steel at our door, does not offer much encouragement to our workmen for a1 full dinner pail. Wo havo no Information yet ns to how much lower tho rates will bo from Europe when tho Panama Canal is open. Wo feel suro that they wil bo lower, so wo can see no bright spots In the future." Treasury officials no longer conceal the failure of tho Income tax law. the receipts havo fallen nearly CO per cent belot their estimates. Tho num ber of taxnblo Incomes was not greatly great-ly overestimated, but thero was a disastrous miscalculation or tho number num-ber of Incomes llablo to the surtax. A heavy loss to tho government arose from tho fact that tho dividends ot ntno railroad sytems, which two years ago aggregated $35,000,000 will this year not excoed $10,000,009 . Incomes havo declined all around, and tho revenue rev-enue commissioner cannot tax what does not exist. Another revenue difficulty looming up In tho distance Is tho loss on sugar sug-ar duties. In eight months of the present fiscal -year sugar duties amounted to about $40,000,000; noxt jear this will decllno to about $4, 000,000, and In two yenrs from now sugar will be on tho free list. Every thing points to,, tho necessity of; borrowing bor-rowing money to pay government ex penses. Thcro Is little doubt that a bond Issue will havo to bo made to ralso funds. This Is precisely what occurred in tho last Cleveland administration, ad-ministration, In which over 5200,000,-000 5200,000,-000 was borrowed to pay ordinary ex-pcii3C3 ex-pcii3C3 of tho government. Indianapolis Indian-apolis Star. - |