Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-03-25
A DIFFICULT SITUATION.
The New Administration Handicapped by
Republican Mismanagement.

&, d New Administration Handicapped by
Republican Encouragement.
The coE7ition of the treasury when
Mr.. Cleveland resumed Office is in
striking contrast with what it was
when he entered upon the presidency
eight years ago, The so-called treas
ury surplus was then beginning to as
sumo large proportions, and it grew
steadily until its amount in excess of
the 500, 900, 600 gold reserve for the re-
demption of notes, and $50, 900, 900 of
fractional and minor coin, and a num-
Der of other items which have since
been absorbed into the general cash
account, became $50, Oo0, 600 in july,
1856, and S1l0, 600, 900 in April. ISIS
This great amount has since been so
leffectually wiped out that, in spite OF
Tarious changes of bookkeeping with
a view to increasing the apparent bal
ance it has recently been a question
whether the treasury could keep up
the appearance of any surplus at all in
excess of the sl00, 900, 900 reserve.
For the first fiscal year which closed
a few months after Mr.. Cleveland en-
tered office, the receipts Of the govern
ment were more than Sl00, coo, 900 in
excess of its ordinary expenditures
n throughout his term of office the
management of a redundant revenue
was among its serious problems All
this has been changed under the in
Of the increasing scale of pub
lie expenditures, until the treasury sur.
plus has disappeared and the revenues
sufficient for the current needs.
and the requirements of the sinking. !
fund law are ignored. l
The change in the money circulation l
the country has been quite as great l
IS in the condition of the treasury.
The expansion of more than $500.
600, which has occurred during the
years is fully accounted for By h
he increased issue of silver paper: the !,
outstanding silver certificates being d
amount by more than $780, 5
Oo,OO than in March, 1885. and more
han SIPS, 600, 600 Of the new treasury ii
otes having been issued under the ;r
herman law. "a,
There can be no question as to the >;
.gniheanee of these changes ia tinan-
al conditions and no room for doubt ri
5 to the duty which they impose. The i.
ale OF public expenditure which has g.
lped out the great treasury surplus IA
a few years ago must be reduced
nd the silver legislation which is
aiming the government Of its gold =,
Id undermining its power to preserve ~
re interchangeability Of its currency .e
sues must be repealed. VIZ
The conditions that confront the new III
iministration differ widely from those
eight years ago, and yet the main ~
nrce Of danger and difficulty is one io'
then existed and was clearly rec oe'
nized by Mr.. Cleveland. Silver pur. PIE
ase legislation had already become a hlI
lree OF anxiety and financial dis. -
'bance, and Mr.. Cleveland applied =
nself from the day of his election to no.
; task of averting its dangers The ko'
.pedients which he adopted, and the
lers that have since been tried. are Ne
!" well nigh exhausted. and nothing bill
If the worst Of the threatened u!o
uits are to be escaped, except the =
'mpt repeal of the silver law. on
here is as yet little definite knowl. int
re Of the intentions of the new adj poll
1lstration in regard to financial pos
ICY, and assumptions on the subject he
unwarranted. Mr.. Cleveland and -
Carlisle have properly ~refruined aug
m committing themselves in adj reat
ce, and kept themselves free to act owe
he case may require when they rs. Den
lie responsibility. Temporary make i,
is are not now to be considered. curr
prosperity OF the country for the willie
t four years depends on the prompt -
OF a policy that will ensure Mr..
ncial stability and confidence, and hast
new administration must meet the mes
airements Of the emergency.-N. Y. new
imercial Bulletin. afra