The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-03-31
FINANCIAL DIFFICULTIES.
The New Administration Handicapped BY
Republican Mismanagement.


The New Administration Handicapped BY
Republican Mismanagem~nt.
The condition of the treasury when
Mr.. Cleveland resumed Office is in
striking contrast with what IL 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 il grew
steadily until iss amoant in excess of
the 500. 600 900 gold reserve for the re-
demption OF notes, and $50. 900. 900 Of
fractional and minor coin. and num-
Der OF other items which have since
been absorbed into the general cash
account, became $50. 900, 900 in July,
1885. and sli0.0o0.o00 in April. lsss
This great amount has since been 80
effectually wiped ont that, in spite Of
various changes of bookkeeping with
n view To increasing the apparent ball
ance il has recently been a question
whether the treasury could keep mp
the appearance of any surplus az all in
excess OF the 500. 600. 600 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 500. COO 600 in
excess of its ordinary expenditures
and throughout his terra Of Office the
management of redundant revenue
was among its serious problems. All
tins has been changed under the in
huence of the increasing scale OF pub
lie expenditures. until the treasury sur
plus has disappeared and the revenues
barely sufficient for the current needs,
and the requirements of the sinking
fund law are ignored.
The change in the money circulation
of the country has been quite rs great
as in the condition of the treasury.
The expansion of more than $780,
600. 900. which has occurred during the
eight years is fully accounted for by
the increased issue of silver paper; the
outstanding silver certificates being
greater in amount by more than $780,
goo. 900 than in March. ls,5. and more
than Sl25, 600, 900 of the new treasury
Sherman law
There can be no question as TO the
significance Of these changes in finan-
cial conditions and no room for doubt
as to the duty which they impose. The
scale o. public expenditure which has
wiped out the great treasury surplus
Of a few years ago must be reduced
and the silver legislation which is
draining the government Of its gold
and undermining lis power TO preserve
the Interchange ability of its currency
issues must be repealed.
The conditions that confront the new
administration differ W idely from those
OF eight years ago. and vet the main
source of danger and difficulty is one
that then existed and was clearly rec
ognized bv Mr. Cleveland. Silver pur-
chase Legislation had already become
source of anxiety and financial dis
turbance. and Mr.. Cleveland applied
himself from the day of his election To
the task of averiing its dangers The
expedients which he adopted. and
others that have since been tried. are
now well nigh exhausted. and nothing
re IN aims, if the worst of the threatened
results are TO be escaped, except the
prompt repeal of the silver law.
There is as vet little definite lxnowl-
edge of the intentions of the new adj
ministration in regard 10 financial
policy, and assumptions on the subject
are unwarranted Mr.. Cleveland and
Mr.. Carlisle have properly refrained
from committing themselves in adj
vance, and kept themselves free to act
as the case may require when they as
sumo responsibility. Temporary make
shifts are not now to be considered. /
The prosperity Of the country for the
next four years depends on the prompt
avowal of policy that will ensure
financial stability and confidence. and
the new administration must meet the
requirements Of the emergency.-N. Y.
Rulletin.