Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1888-10-05
SUPPLEMENT-.
- TO -
Iowa County Democrat.
THE MESSAGE.
The Wise and Patriotic Recommends.
ti0ns of President Cleveland.
" II is Condition which C0nfr0nts Us
Not n Theory

YOU are COllIOntCO dl lnt lHICSHONu OI
your Legislative duties with condition of
the national finances which inperatively
demands immediate and careful considera-
ton The amount of money annually
exaCted through the operation Of present
laws from the industries and necessities
of the people largely exceeds the sum
necessary to meet the expenses of the
government.
When we consider that the theory of
our institutions guarantees to every Cit
zen the full enjoyment of all the fruits of
his industry and enterprise, with only
such deduction as may be his share
towards the careful and economical main
tenanCe of the government which protects
him, It IS plain that the exaction of more
than this is indefensible extortion and a
Culpable betrayal of American fairness
and Justice This wrong, inflicted upon
those who bear the burden of national
taxation, ike other wrongs, multiplies
brood of evil consequences. The public
treasury, which should only exist as a
conduit conveying the peoples tribute to
its legitimate objects of expenditure, be-
comes a boarding place for money need
lessly withdrawn from trade and the
peoples use, thus Gripping our national
energies, suspending our country's de
vclopment, preventing investment i'll pro
ductivc enterprise, threatening financial
disturbance and inviting schemes of pub
lie plumber.
This condition of our treasury is not
altogether new; and it has more than once
of late been submitted to the peoples
representatives i'll the congress, who alone
can apply a remedy. Ard yet the situa-
ton still continues, with aggravated Incl
dents, more than ever presaging financial
CONFUSION and widespread disaster. Ii
will not do to neglect this situation be
cause its dangers are not now palpably
imminent and apparent They exist none
the less certainly, and await the unfore-
seen and unexpected occasion when
suddenly they will be precipitated upon
TINE ENCESS OF REVENUE OVER EXPENDI-
TURE.
On the goth day of June, 1885, the
excess of revenues over public expendi-
lures after complying with the annual re
quiremcuts of the sinking fund act was
SI1SSg,755.S4. During the year ended
june 80, 1856, such excess amounted to
Sl9,4o5, 545. 20 and during the year ended
June go 1887, it reached the sum of S55,~
567S49. 81. The annual contributions to
the sinking fund during the three years
above specified, amounting i'll the aggre-
gate TO ST3S, o5S $50. 81 and deducted from
the surplus as stated, were made by call
ing i'll for that purpose outstanding three
per cent bonds of the government. Dur
ing the SIX months prior to June 80. 1887,
the surplus revenue had grown so large by
repeated accumulation and il was feared
the withdrawal of this great sum Of mon
ey needed by the people would so effect
the business of the country, that the sum
of $40 S64, 100 of such surplus was applied
to the payment of the principal and in
tere6t of the three per cent. bonds still
outstanding, and which where then pay
able at the option of the government
RELIEF MEASURES ADOPTED.
The preCarious condition of financial
affairs among the people still needing
relief, Immediately after the 5oth day of
June, 1887, the remainder of the per cent.
bonds then outstanding, amounting with
principal and interest to the sum of SIS
S77,5oo, were called i'll and applied to the
sinking fund contribution for the current
fiscal year. Notwithstanding these opera
tons of the treasury department, repre-
seutations of distress i'll business circles
not only continued but increased, and
absolute peril seemed at hand In these
sinking fund for the current fiscal year
was at once completed by the expenditure
of S27, 6S4, 2SS.5S i'll the purchase of gov
ernment bonds not yet due, bearing and
AZ per cent interest, the premium paid
thereon averaging about "a per cent. for
the former and s per cent for the latter.
In addition to this the interest aCCruing
during the current year upon the outstand-
ing bonded Indebtedness of the govern
ment was to some extent anticipated, and
banks selected as repositories of public
money were permitted to somewhat in
crease their deposits.
While the, eXpedients thus employed to
release TO the people, the money lying
idle Ill the treasury served to avert inn
mediate danger, our surplus revenues have
continued to accumulate, the excess for
the present year amounting on the first
day of December to SIS, 25S, 7oI. 10 and
estimated to reach the sum OF SIIS, 900, 900
on the 3oth Of June next at which date If
is expected that this sum added to prior
accommodations will swell the surplus i'll
the treasury to $40, ooo, 900.
There seems to be no assurance that,
with such withdrawal from use of the
peoples circulating medium, our business
community may not in the near future be
subjected to the S5sile distress which was
quite lately produced from the same cause.
And while the functions of our national
treasury should be few and simple and
while its best condition would be reached,
| believe, by its entire discounec ion with
private business interests, vet when by a
perversion of its purposes, 1t idly holds
money uselessly subtracted from the
channels of trade, there seems to be rea-
son for the claim that some legitimate
means should be devised by the govern
ment to restore in an emergency, without
waste or extravaganza, such money to its
place among the people.
EMERGENCY SHOULD BE PROVIDED
AGAINST.
II such an emergency arises there now
exists no clear and undisabled executive
power of relief Heretofore the redemp-
ton of ) per cent. bonds, which were pay
able at the option of the government, has
afforded means for the disbursement of
the excess of our revenues, but these
bonds have all been retired, and there are
no bonds outstanding the payment of
which we have the right to insist upon.
The contribution to the sinking fund
which furnishes the occasion for expendi-
ture on the purchase of bonds has been
already made for the current wear so that