The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1892-10-18
IWHATA DIFFERENCE,

WHAT A DIFFERENCE!
WHERE THE SURPLUS HAS GONE
DURING HARRIsoN's TERM.
Under Cleveland the Money Was Put in
Favored Banks and Drew No Interest.
Under Harrison 1t Has Been Devoted
to Paying on tho Public Debt.
Horace Boies, the sexagenarian gov
ernor Of Iowa, is a politician who waited
until very late in life to become a polit-
ical humbug. His past is creditable to
him. 1t is q 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. 23, 1890,
ten months before his election, and the
other his first annual message to the
Iowa legislature two months after his
election:
BoIrs BEFORE TARIFF BoIEs' MESSAGE TO
REFORM CLUB, DEC. IOWA LEGISLATURE
IS, 1890. JAN. u, 1902
! have spoken Of the Never in the history
condition of nRricul- of Iowa have her poo.
tural industries In my pie been blessed with
I own state. l have more general prosper
called attention 10 the ity than they now en-.
fact that for years JOY.
these industries have In each OF the years
been prosecuted at a composing the last BIZ
loss instead of profit, ennial period we have
and want now to say been favored with
4 to the business men OF abundant crops. with
| this nation, and to the increased prices for
! politicians as WELL the products of our
| that come plan must farms has come sub
i be devised to get this st1ntial advance In
| industry on different the market value Of
basis or this nation the agricultural lands
must prepare for Of our state. mark
I storm, the conse- cd impetus has been
quences of which, in given to the upbuild-
both n political and ing of cities and
] economic sense, no towns An era of pros
man can measure. perity has come TO
| / want to say fur our manufacturing
\ ther that the men en- and mining industries.
! gagged In this industry Our lines Of railway
1 arc not going to wait have felt the influence
for home market to of botter prices for the
grow up around them great staples we are
\ that Is large enough able to send abroad,
( to consume tho enor- and wherever we turn,
nous surplus they an in every branch of In.
nually produce. dustry, trade or pro-
!, They are already fcssion in which our
, thoroughly aroused. people are engaged
They are fast becom- are to BIO seen unmis-
ing as thoroughly or taxable evidences OF
gsnized. Tho law ma tho general prosperity
Rlng power of this with which wc nre
nation must revise tho blessed
tariff, etc.
Governor Boies opened the campaign
! in Iowa in long speech, of which this
is tho keynote:
"Since the war closed we have he'd
five Republican administrations and one
, Democratic. The latter terminated three
and n half years ago. 1t came into
power with the war tariff in force. 1t
was powerless to change it, for one
J 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, 1889, it contained $s3, 900, 600 in ex.
cess of every matured obligation of the
government, and this was being in.
creased at the rate of nearly 300, 900, 900
Of surplus annually. This was the con.
dition of the treasury when a Demo.
cratic administration turned it over to a
Republican successor Where is that
+ surplus nowY'
That surplus is now in the pockets OF
the people, where it belongs, 1t has
. been used to pay the public debt and ro.
. duce tho annual interest charges Of the
J 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
I iel Manning and Charles s. Fairchild,
a having close personal, political and finan.
cial friends among the bankers who con
: scented to receive for safe keeping about
{ 500, 600, 900 Of the peoples money, which
: they Immediately relent to needy cap
: italists, not SO close to the national treas
b ury, at rates OF interest ranging from I
to G per cent. per annum. President
+, Cleveland did not believe in paying thu
? 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 a
!. the end of the fiscal year 1885, after Mr.
: Cleveland's election, the public debt wal
actually increased by $33 ABS $50 and il
:, the last year of President Clevelandi
/ administration it was again increased b,
r $16, 458, ITO.
What use did President Harrison max,
of this surplus? In the first year of hi
J. administration the Republican congress
removed taxes from sugar, as Repub
lican congresses had previously relieved
1 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
I and applied to diminishing the outstand
d ing bonds of the government. Thu
!. since March l, 1899, one-quarter of tn,
national debt then outstanding, or $3.50,
003, $50, has been paid off at an expend
iture of $500, 3i0,08l, These bonds, i
they had run to maturity, would hav,
cost, principal and interest, 1851 500, d24
Tho saving therefore was $55, 1862, 498.
II The annual interest charge was re
G duced by these payments from $84.
57S,219 to $22, $685. 71. The payment
u for interest on the public debt ant
u pensions, notwithstanding the larg.
|. increase in the latter. are now actual,
, lower than they were twelve years ago
Y when the country had about four-fifth
Its present resources, income or popula
ton.