The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1888-05-11
THE NATIONAL FINANCES.

The report of the Secretary of the
Treasury for April claims reduction of
the public debt during the month to the
extent of So, 235, 800, and of S97, 795, SS1
since June 80, 1887, period of ten
months. AS a matter of fact there has
been no such reduction. To reduce
debt means to make payments Oh debt
and to cancel part of it. The extent to
which this has been done during the
past ten months is shown by the follow
ing statement of outstanding bonded in
debtedness at the dates given:
June 80. 81 April 50, 49, Reduction
AZ per cts sSS,ooS,oSS saas, O54 600 2i,s4S,4OO
per cts 737,s75,s5O 7Sl $4,000 6,595,s5
Totals .Oal ,6s2 $50 s959, 600 ,257 $50
The actual reduction of the public
debt during the past ten months has
therefore been S62 ,527, $50, instead of
$97, 795 ,SS1, as claimed. The difference,
S35, 53S ,l3S, has simply been added to
the already enormous surplus in the
treasury, and In no true sense can be
claimed as an offset or payment on the
debt. 1t is found, also, by comparing
the amounts of bonds outstanding March
81 and April 30 this year that the actual
reduction of the debt during the month
has been S., 574 800, instead of 50, 235 300,
as claimed. The difference is simply so
much money withdrawn from circula-
ton and locked up in the treasury.
But, says an exchange, these figures
do not expose the full extent to which
the administration has been piling up
the surplus. On June 30, 1887, the Sec
rotary of the Treasury, reported, "Total
cash IN the treasury, S4S2, 49, l7." On
April 30 this year he reports, ''Total
cash in the treasury, $3.50, 35S, 51S," an
increase of Sl07 1884 ,601 in ten months.
Part of this enormous accumulation has
probably been loaned to national banks
on the security of federal bonds, as re-
Gently stated in reply to Senate IN
curry, but the monthly statement makes
no exhibit thereof.
For three years the Democratic party
has controlled the treasury and the low
er house of congress in which revenue
legislation must originate. For years
previous to securing the Presidency it
denounced the Republican party for
permitting the accumulation of less than
$500, 100000 in the treasury. But three
years of Democratic administration have
come and gone and the surplus has in
creased by over $100, 5000 instead of
being diminished, and the probabilities
are that it will increase another 800, 0O0,-
600 within the remaining year of Demo-
cratic control of the treasury, whether
the Mills tariff bill passes or not. The
Democrats have demonstrated their ina
bility 10 deal safely with the finances.
By abolishing the tax ON tobaccoes and
the tariff on articles we cannot produce,
in which legislation the Republican Sem
ate would have concurred, the surplus
could have been largely reduced during
the past three years, instead of being
largely increased. 1t is time the Repub-
lican party should be returned to power
in order that the national finances may
be rescued from Democratic mismanage-
ment, and the industries of the country
be protected from Bourbon free trade
assaults. That such will be result of the
November election we confidently be-
lieve.