Mower County transcript., 1893-10-18
THE. TR REAS'JJRY A NEED
RESULT OF INCREASED EXPENSES AND
DECREASED REVENUES.

DECREASED REVENUES.
Anomalous Position OF tho Contending
Forces-How tho Truth Often Lies Be-
tween Extremes-O One Great Question
That Was Settled without q Compromise.
WASHINGTON, D. c., Oct. 1s.-[Special.]-:
The greatest difficulty in the way of q
compromise in the 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 senators who stood out against the
bond issue for some time did so because of
their animosity to 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
basis of increased circulation, and pres
sure for 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 financier-
ing. The same senators who have opposed
bonds as an increase Of the national debt
have demanded more money and an in
crease of the circulating medium. Though
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 u 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 necessity. but highly desirable, and
that while it may help the national banks,
which some people do not like it will also
afford some relief to the country as we'll as
protection to the treasury.
The Treasury Must Have Help.
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 has 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
been no diminution of the expenditures. In
fact, the government has been gradually
approaching bankruptcy; and for year
and 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, ,OOO, ,OCO,
and available funds for meeting the appro-
priations of congress have been hard to
find, SO much so that the secretary of the
treasury has been compelled to forego ex-
penditures inS the way;ofp public buildings
and other matters which had been ordered
by congress.
Too Many Politicians.
With the receipts falling below the ex-
penditures 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
and those things about which statesmen so
we'll love to contend, the truth would have
been seen much earlier, and possibly some
action might have been taken long before
this. But of course politics had to have
it's part in the programme. It 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, that 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 Good Thing.
In Washington it is extremely difficult to
look at any question, legislative or other,
without taking politics into consideration.
And one may easily imagine, even in Wash
ington, that the people care much less
about politics than they do about good,
wholesome f1nanciering 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
fluences.
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-
lieve 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-
salt than they had ever expected to be.
Now that the politicians, demagogues and
ambitious presidential aspirants have con-
cluded their maneuvers the people can we'll
afford to settle down into the conviction
that perhaps, after all, the best and wisest
thing has been done =
One Question That Was Not Compromised.
OF course there are exceptions to all rules
It does not always happen that comnro-