Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-08-24
LOOTED BY PRoTEcTIonlsrs.
90sct OF High Tarin Lsgislation ON the

M ~ IlObVb0
sheet of High Tariff Lsgislation ON the
Gold Reserve.
It was stated in dispatch from
washington that the treasury balance
was reduced to $113, 6O9, 0S1, including
the 800 zoo. 900 gold reserve. As the
excess above the reserve was only about
1900 900. and as nearly $12. 500, OG0 of
TINS excess was fractional silver and
over 1851 600 was minor coin, neither of
which items is available for current
payments, it is evident that it will very
soon become necessary to dip into the
gold reserve to meet the ordinary ex-
penditures.
This statement serves to direct atten-
ton once more tn the fact that the
thing called McKinleyism was a good
deal more than an increase in protec-
tive duties 1t was that In part, but it
consisted also of other parts intended
to fasten the protective system upon
the country for an indefinite period
and to put all possible obstacles in the
way of reform.
To that end not only were the pro-
tective duties largely increased where
they were not already prohibitory. but
the only important duty then remain
ing which was chiefly for revenue-the
duty on sugar-was abolished. That
duty was then yielding about $50, 0Oo,-
600 of revenue yearly and would now
be yielding at least sec, 600. 900. Not
content with that, the Mckinley party
voted bounty to American sugar
growers and another to American ship
owners, thus creating an additional
charge upon the treasury of some $12,-
oo0. 600 year.
To the same end the same party voted
away more than SIS, OOO, 900 to refund to
the states certain direct taxes collected
nearly thirty years before from indi-
viduals, and a vastly larger sum an
nually to pay pensions to soldiers on
account of disabilities not incurred in
the public service. And still further, it
made most extravagant continuing ap-
preparations for public buildings, al
legged river and harbor improvements,
and other purposes The object of all
this was to reduce the revenues and in
crease the expenditures until the latter
should equal or exceed the former, and
thus make people believe that no re-
duction of protective duties could safe
ly be made.
But even this was not enough There
was large surplus in the treasury &C
cumulated by the preceding democratic
administration. 1t was part of the pro-
lection policy to get rid Of this surplus.
But first it was increased by covering
into the treasury fund of some $685.
600, o0o, consisting of money deposited
by the national banks for the redemp-
# =, 49,
ton This was not only bad policy,
but something very closely resem bling
breach of trust Then the high tariff
executive took the business in hand and
proceeded in hot haste to get rid of the
entire surplus thus augmented. Bonds
not yet due were bought in large
amounts upon the pretext of relieving
the money market, and about half of
the matured ~ per cents were re-
deemed.
All these were parts of the Mckinley
policy. The object was to loot the
treasury, to reduce the income to or
below the expenditures. and thus pro-
vide not only an argument against a
reduction of the monstrous protective
duties but also an excuse for their still
further increase. The scheme has
worked according to the intention ex-
cept in one respect The treasury has
been emptied, and we already have to
deal with a deficit But the people
have not been fooled. They know that
the tariff can be revised on free trade
lines, and they have ordered the re-
vision to be made. They know that
the protection party crippled the treas
ury and cut down the gold reserve
nearly one-half. thus creating distrust
and causing the present distressing
crisis and leaving the government abso-
lutely without the means OF rendering
any assistance or affording any relief.
They therefore resent the republican
assertions that they created a panic by
electing a democratic president and
congress, and they persist in demand
ing that the whole protective system
which has caused SO great disaster be
torn up by the roots and cast out for
ever.-Chicago Herald