Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1893-10-19
THE TREASURY NEED
RESULT or INCREASED ExPENsESA AND
DECREASED REVENUES.

Anomalous Position Of the Contending
Forees-How the Truth often Lies Be
tween Extremes One Great 0aession
That Was settled without a Compromise.
WASHINGTON. u. c., Oct iS.-lSpecial.l-
The greatest difficulty in the way of a
compr> Mise in she senate last week was
the opposition OF many Democrats to the
issuance of more bonds. but the stress OF
events was powerful enough in the end TO
break down this opposition Those Demo
cratic senator's who stood out against the
bond issue for some time did so because OF
their luminosity 20 national banks They
represent constituencies which believe the
national banking system is monopolistic,
wrong and cruel. OF late years the nation
al banks have had much difficulty in Sc
curing government bonds at a low enough
rate for the purpose Of making deposits as
a basis of increased circulation, and pres
sure for a new bond issue has therefore
come largely from the national banks.
A new issue would afford them the means
of increasing their circulation. Right here
has come in one Of the peculiarities OF
craftsmanship when applied to fiDancier-
ing. The same senators who have opposed
bonds as an increase of the national debt
nave demanded more money and an in
crease of the circulating medium Though
q bond issue would be sure TO result in this
very thing, they have opposed bonds be
cause of their fear that an issue of new Sc
curities would play into the hands of the
national banks. Out of a severe contest
like this the truth usually shines in the
end, and the truth at this time, as every
one sees, is that an issue of bonds is not
only a necessity, but highly desirable, and
that while 1T may help the national banks,
which some people do not like, it will also
afford some relief 20 the country as well as
protection 10 the treasury.
Up to the last minute during the progress
of the great fight in the senate many men
persisted in overlooking the truth of the
situation. The truth E.s.s been that an is
sue of bonds was an absolute necessity to
protect the treasury and the gold reserve,
no matter what was done with the Voor-
hees bill in the senate. For two or three
years the revenues of the government have
been gradually decreasing, while there has
bten no diminution of the expenditures. In
fact, the government has been gradually
approaching bankruptcy, and for a year
n a half nothing but smart management
and the use of every scrap of money has en-
abled the treasury to tide over emergencies.
The gold reserve has frequently fallen much
below the traditional limit of 500, CO., GOO,
n available funds for meeting the appro-
priations of congress nave been hard to
lind, so much so that the secretary Of the
treasury has been compelled TO forego ex
penditures i'll the way Of public buildings
and other matters which had been ordered
by congress.
Too Many Politicians.
With the receipts falling below the ex-
penditures a crisis has been gradually ap-
preaching, and if men had been able to
clear their eyes from the fog and mist of
prejudice concerning banks, silver, gold
n those things about which statesmen so
well love to contend, the truth woulE have
been seen much earlier, and possibly some
action might have been taken long before
this. But of course politics had to have
its part in the programme. Ii is almost i'm
possible to do anything in congress without
an effort to secure either personal or party
advantage. If the Republicans had been
smart, they would have perceived that
their greatest strength lay in some such
compromise as that which has been agreed
upon, securing the friendship of the silver
states by continuing the purchase of white
metal, and, while the Democrats were re-
sponsible for congress and the executive.
putting through the scheme to issue more
bonds and increase the national debt.
The Democrats, On the other hand,
should have perceived long ago that good
politics on their part lay not in a demand
for unconditional repeal, but in charging
| upon the Republicans, who enacted the
Mckinley law, hat through the operations
of the new tariff the government was be-
ing driven into bankruptcy, and it was the
duty of the Democratic party To face the
necessity this produced and provide bonds
for protection of the treasury and of the
gold reserve.
Compromise Often n Good Thing.
In Washington il Is extremely difficult to
look at any question, legislative or other.
without taking politics into consideration.
And n may easily imagine, even in Wash
ington, that the people care much less
about politics than they do about good.
wholesome financiering which will protect
the interests of the country and the treas
ury. The truth is often found to lie between
two extremes, and such has proved to be
the case in this instance. In the result of
the great fight in the senate we have an
other illustration of the principle that all
civilization and nearly all great move
ments are produced by some sort of COM
promise between contending forces and in
iuences.
Though a large proportion of the people
of the country, stirred up by the vociferous-
ness and insistency Of the politicians on one
side or the other. had naturally come to be-
feve that either unconditional repeal was
absolutely necessary to the prosperity of
the country or that free coinage was also
necessary, doubtless many of these people
will be much better satisfied with the re-
suit than they had ever expected to be.
Now that the politicians. d~emagogues and
ambitious presidential aspirants have con-
cluded their maneuvers the people can well
afford to settle down into the conviction
that perhaps, after all, the best and wisest
thirg has been done.
One Question That Was Not Compounded.
OF course there are exceptions to all rules.
1t does not always happen that conipro-
mise results when great forces meet and
clash Ne had a StriEinr ;ft,.&..r