The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1889-09-21
The Difference.

Our readers can not have forgotten
how bitterly Cleveland's Administra-
tion was denounced by prominent Re-
publican politicians for boarding up the
money in the Treasury. He was charged
with creating stringency in the money
market for the purpose of forcing a 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 a good ground for impeach-
ment that the surplus should be loaned
to pet banks without interest. Presi-
dent Cleveland said we were confronted
by a condition, not theory, and insist
ed that this accumulation Of money in
the Treasury should be prevented by
reduction of taxation, that it 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 tho
precedent set by several preceding Re-
publican Administrations, without COM
plaint 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 we'll knew that Cleveland
was following in the footsteps of his pre-
decessors, and hence their dishonesty.
Well Harrison is now in Cleveland's
place, Blaine is his chief counselor, and
Window is in the place of Fairchild |
Have they adopted new policy in re-
gard to the surplus? Window is buying
bonds when he can get them at what he
regards as fair premium. The money
is loaned without interest to the very
1t is but honest and fair to say 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 tho Treasury on demand. If the |
Cleveland Administration was censura-
able the same fault should be found with |
the Harrison Administration. We be-
lieye both have done the best they could
under the circumstances. There Is,
however, q wide difference between them
in one respect. Cleveland recognized
the fact that the conditions which made
such policy necessary 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 have sixty or
eighty million of the peoples money in
National Banks without interest to
manipulate for their own profit. Tho
Republican Administration proposes no
adequate remedy for the reduction OF
the surplus
1t proposes not only to maintain the
system of taxation, but to increase the
levies upon the people, as 1t makes
them prosperous and deyises methods by
which it can be expended.
We characterize the distribution OF
the peoples treasure among the banks,
either with or without interest, as an
outrage, whether ii be the policy of
a Democratic or Republican admin
We commend Cleve-
lands administration for its recog-
milton OF the wrong, and for proposing
the only honest remedy, tho reduction
Of the tax levy to the economical
needs OF the Government Cincinnati
Weekly Enquirer,