Daily Yellowstone journal. [volume] (Miles City, Mont.) 1882-1893, 1890-10-07
THE SURPLUS.
A Dissertation on its TT atment
by tire Cleveland and rne Har-
rison Admin. strations,
Showing the Democratic Policy
to be to Accumulate il for
the Benefit of Bank
ing Institutions.

Economy In the Administration ~ the
| @ Serbm mt, by Hon Joseph q. Cannon,
(copyrI GIFTED by Brodix Prh. Coz
Mr.. Gmf Id, III DC ressing The
House 1T one line "Uching tire ap-
propria'ions fr III. support OF the
Government and the raising of ne
necessary revenue ro pay the same,
stated:
a Very wise man said many year.
ago. rohceruiny '.,. finances of q
European kingd, III, Hat II ore #
their annual budgets stone shon,d
survive the neg, delmg". II II wpr. the
only fragment left nf dry land ap-
pear.d. fEc.n that annual budget alone
C ulI be r. I'D ard r-,a,ns ruct'd the
entir. history of The ia'ion.'
| Keeping the stat, nleut n III nj,
conrrrst Ci-y,ltrd'- tinnuc'si iilc,
with Harrison.
Mr. Ciev-lsn', on l. %, 1855. pri.
or 10 hi- inrugursir by letter {"
X IreseuIs',v- Wstner, of Ohio, tried
10 induce Cong 'e-- Ia l.Rislrt. ~ sus-
end The coiuags of silver. In his
list message tp CIngres- he again
recomm. nded the same, and ris Sc
cretsry OF the Tors.ury rnucurred In
the recGmmennation, a, d IN addi'i ion,
stronI' urged Cr gress to enact leg
isl.tion providing ,or the redemption
snd CANCELLATION q { al the greenback
curr-ncy.
Cle-eiand's whole rdmiri rptinu
was unfriendly {, both s'lve- aud
grrenh ,ck.. Prior t. his a"m nistr'-
ion, IL was al~ars the Republican
prl,ry t, use the surplus revenues for
the payment If tl,.,uh.ic debt. On
the 4 h of Msrrh lSSj, when Cleveland
wa inangu rated, u Mt cash surplus
In the Treasury wa. IS 76l. .590.ll. On
August 81, 1886 Is mouths a'f'r, II
had grown to s,6,527 56l.2i. During
thi- time th.r- sss outstanding 1884,
OOO. 900 Of 3 rar cent. interest bearing
b nd- t.Hysb'e NJ the option of the
Government. Ins''ad of buying
these bond-, Mr.. Cleveland allowed
the surplu- To- accumulate, until in Ju-
ly, 1856. tn. Hous. snd Senate passed
an Ac. directiug thst when the spr-
pin. in The Treasury exca' ded s20,-
600 0OO the President should buy not
less than Sl0,OO0,0OO If 3 per cent.
bonds morth. Sr. Cleveland CAV,
the Acfan -st veto He deposited
$50. GOO ,0l0 of fne sur ms in $50 foyor-
ite National B ,nks. and s'''l the sur
plus in the Trss urv s'nou 'red mp un.
ill, on Aug. 81, lsss, i resched In
round numbers sl07. 100000. He only
redeemed during the fir.t IS months
of his Administsstion-to september
], lss6-ss2 lSS. 400 # the 3 per cent.
bond. He refused tn apply the SUI.
plu. revenues to psy the rublic debt.
He held the money idle in rh. Treas
ury .ud without interest In the fav VI
lite Banks. As stated above, he Was
unfriend'y to silveran' the greenbacH
currency. Ee c,ns'a"tly demanded
legislation revising the tariff uron the
principle of for revenue only" and
not for protection.
All this won for him unanimous
renominstion from the ID m'crstir
party In 1858. Dissst.r followed such
q policy, as death f,'lows the exhan =
ton Of the oxygen from the air. BIZ
siness was demoralized; con fidence de
stroyed; the prices of products depre
ciated; the wage or labor ,rs cut down
In word. the price of money aprrs
ciated, and the price Of everything
else deprecated When disease OF
starvation has pulled down the atronp
man. ma,ii' Il treatment, nursing an'
food mus .,ave time to do their worl
in aid Of nature t, restore blood, vital
ity and strength 10 the patient. Pres
ident Harrison was inauguraied oi
the 4th Of March, 1889. Ie reverse'
the engine. While CLEVELAND, in th
fret Is months Of his Administratit 4
with an overflow'ng Treasury, onl
applied So, 900, 900 on the pu5llc deb
. Harrison, In corresponding periot
. applied SOC, 900, 600 on the public deb
Or, 10 put It In another form, Clev'
land paid ou. on the public debt les
than three and n half millions p'
month, while Harrison paid out q
the public debt over eleven million
per month. Cleveland allowed th
J money to lie Idle In the Treasu'
while the bonds drew interest ia
r,son paid II ON the public debt M
q stopped the Int rest. Cleveland ke
10 out Of clrcula.iou, while Harris
kept 10 In circulatiou.
u In December last, ? months On