The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1889-09-19
The Difference.

how bitterly Cleveland's Administra-
ton was denounced by prominent Re-
publican politicians for boarding up tho
money in the Treasury. He was charged
with creating stringcncy in the money
market for the purpose of forcing re-
duction of taxation and of the public
revenue. Harrison claimed that the
surplus money should be used in buying
up Government bonds at an enormous
premium, and thus reduce the interest
bearing debt. Blaine was unstinted in
his denunciation of the President, and
declared it good ground for impeach-
ment that the surplus should be loaned
to pet banks without interest. Presi-
dent Cleveland said we were confronted
by condition, not theory, and insist
ed that this accumulation OF money in
the Treasury should be prevented by a
reduction Of taxation, that 1t should be
left in the channels of business and
in the pockets of the people. The
Republican doctrine was that these
enormous drafts upon the resources Of
the people brought prosperity to the
whole country, and that a reduction Of
taxation would bring business disaster
and ruin. From the bold assaults made
by Mr.. Blaine the ignorant were made
to believe that the policy of distributing
the Treasury surplus among the banks
without interest was conception Of Mr..
Cleveland and Secretary Fairchild, Of
the Treasury Department. He was dis
ingenious and dishonest enough to con-
ceal the fact that the Democratic Ad-
ministration was only following the
precedent set by several preceding Re-
publican Administrations, without COM
plant from Mr.. Blaine, Mr.. Harrison or
any other Republican statesman. They
were playing the part OF the demagogue
with the purpose Of making political
capital. They well knew that Cleveland
was following in the footsteps Of his pre-
decessors, and hence their dishonesty.
Well Harrison is now in Clevelahd's
place, Blaine is bis chief counseloe, and
Window is in the place Of Fairchild.
Have they adopted o new policy ih re-
gard to the surplus? Window is bdying
bonds when he can get them at what he
regards as fair premium. The money
Is loaned without interest to the very
same pet banks selected by Cleveland.
It is but honest and fair tosay that there
have been no "pet banks" 1t is distrib-
uted among them according to the secu-
rites furnished TO the Secretary Of the
Treasury in the shape of Government
bonds that the money shall be returned
to the Treasury on demand. II the
Cleveland Administration was censura-
able the same fault should he found with
the Harrison Administration. We be-
leve both have done the best they could
under the circumstances. There is,
however, wide difference between them
in one respect. Cleye1apd recognized
the fact that the conditions which made
such pohcynecessary should be changed.
and urged Congress to provide for q
different disposition of the surplus.
His plan was to immediately reduce
taxation, so as not to Rave sixty 9f
eighty million ii the peoples money in
NATIONAL Banks without interest to
manipulate for their own profit. The
Republican Administration proposes NO
adequate remedy for the reduction Of
ths surplus =
It PROPOSES not only to maintain tho
system Of taxation, but to increase the
levfes upon the people, as it makes
them prosperous and devises methods by
which it con be expended.
We characterize the distribution Of
tae peoples treasure among the banks,
either with or without interest, as an
outrage, whether it be the policy Of
q Democratic or Republican admin
istration. We commend Cleve-
lands administration for its recog-
pition of the wrong, and for proposing
the only honest remedy, the reduction
Of the tax levy to the economical
needs of the Observation-Disclosures
Weekly ENQUIRER.