Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1892-10-24
WHAT A DIFFERENCE!
WHERE THE SURPLUS HAS GONE
DURING HARRISON'S TERM.

him, 1t is a Republican past. He be-
came a Democrat on the prohibition is,
sue, Mugwump on the tariff issue, and
he was elected governor of Iowa because
the Iowa Republicans had enacted laws
which bore heavily upon the railroads
and the saloons. Horace Boies became
the champion of both and was elected
governor. Then he became humbug
We append two extracts from Boies
carefully written addresses-one before
the Tariff Reform club, Dec. 90, 1890,
ten months before his election, and the
other his first annual message to the
Iowa legislature two months after his
election:
BoIEs BEFORE TARIFF BoIEs' MESSAGE I'd
REFORM CLUB, DEC IOWA LEGIsLATURE
20, 1890. JAN. IL, 1892.
have spoken Of the Never in the history
condition of agricul- of Iowa have her peo'
tural industries In my pie been blessed with
own state. l have more general prosper
called attention to the ity than they now en-
fact that for years joy.
these industries have In each of the year,
been prosecuted at a composing the last bi
loss instead of profit, ennial period we have
and l want now to say been favored with
to the business men Of abundant crops. With
this nation, and to the increased prices fol
politicians as well, the products Of out
that some plan must farms has come a sub
be devised to get this stantial advance III
industry on different the market value Of
basis or this nation the agricultural lands
must prepare for of our state A mark
storm, the conse- ed impetus has beeh
quences of which, in given to the upbuild
both a political and ing of our cities and
economic sense, no towns. An era Of pros
man can measure perity has come I'd
] want to say fur our manufacturind
ther that the men en- and mining industries
gagged In this industry Our lines of railway
are not going to wait have felt the influence
for home market to of better prices for tho
grow up around them great staples we ard
that Is large enough able to send abroad,
to consume the enor- and wherever we turn,
nous surplus they an in every branch Of i'm
nually produce. dustry, trade or pro-
They are already fession in which our
thoroughly aroused. people are engaged,
They are fast becom- are to be seen unmisI
ing as thoroughly or taxable evidences OF
ganized The law ma the general prosperity
King power Of this with which we are
nation must revise the blessed.
tariff, etc.
Governor Boies opened the campaign
in Iowa in a long speech, of which this
is the keynote:
"Since the war closed we have had
five Republican administrations and one
Democratic. The latter terminated three
and half years ago. 1t came into
power with the war tariff in force. Ii
was powerless to change 1t, for one
branch of congress was Republican. II
could do nothing less than receive into
the treasury of the nation the money
which this tariff took from the people.
"What was the result? A treasury
gorged by these laws until at the end of
the Cleveland administration on March
4, 1885, it contained $s3,0OO,OOO in ex.
cess of every matured obligation of the
government, and this was being in.
creased at the rate Of nearly 800, 000, 900
of surplus annually. This was the con-
dition of the treasury when a Demo-
cratic administration turned it over to q
Republican successor. Where is that
surplus now?
That surplus is now in the pockets Of
the people, where it belongs. 1t has
been used to pay the public debt and re-
duce the annual interest charges of the
nation. What did President Cleveland
do with the surplus? He lent it to
favored national banks without interest,
both his secretaries of the treasury, Dan
iel Manning and Charles S. Fairchild,
having close personal, political and finan-
cial friends among the bankers who con-
sented to receive for safe keeping about
SOC, 900 of the peoples money, which
they Immediately relent to needy cap
italists, not so close to the national treas
ury, at rates of interest ranging from
to per cent. per annum. President
Cleveland did not believe in paying the
public debt.
He preferred to lend the money, as we
have stated, to few bankers, who paid
no interest to the government for the
use of the peoples money. Hence at
the end of the fiscal year 1885, after Mr..
Cleveland's election, the public debt was
actually increased by 1888, 435, $50, and in
the last year of President Cleveland's
administration it was again increased by
$16,456,170.
What use did President Harrison make
Of this surplus? In the first year of his
administration the Republican congress
removed taxes from sugar, as Repub-
lican congresses had previously relieved
Of all taxation coffee and tea consumed
by the people. The balance of the sur
plus was withdrawn from the favored
banks of the Cleveland administration
and applied to diminishing the outstand-
ing bonds of the government. Thus
since March /, 1889, one-quarter of the
national debt then outstanding, Or $780,
003,G50, has been paid off at an expend-
iture of $500, 316,931. These bonds, if
they had run to maturity, would have
cost, principal and interest, 1851, $3.50 ,424.
The saving therefore was $55 1859, 493.
The annual interest charge was re-
duced by these payments from 1884,
578,219 to $22, S93,671. The payments
for interest on the public debt and
pensions, Notwithstanding the large
increase in the latter, are now actually
lower than they were twelve years ago,
when the country had about four-ffths
its present resources, income or popula,
ton.