The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-09-01
THE LOOTED TREASURY.
E9cct 81 High Tariff Legislation o. ths
Gold Reserve.

Eject 81 high Tariff Legislation On the
Gold Reserves
II was stated in dispatch from
Washington that the treasury balance
was reduced TO si13,C09. osi. including
the 500. 100000 gold reserve. As the
excess above the reserve was only about
5000 900. and as nearly $4,000, 0c0 of
this excess was fractional silver and
over e6sl 900 WINS minor coin, neither of
which items Il available for current
payments, II is evident that il will very
soon become necessary 10 dip into the
gold reserve TO meet the ordinary ex-
pcnditures.
This statement serves to direct attcn-
ton once more ,, the fact that the
thing called McKinleyism was 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-tbe
duty on sugar-was abolished. That
duty was then yielding about go, 00o,-
600 of revenue yearly and would now
be yielding at least eco. 100000. 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 STA.
000. 900 a year.
To the same end the same party voted
away more than els, 900, 900 to refund to
the states certain direct taxes collected
nearly thirty years before from indi-
viduals. and 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 APP
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 bc made.
But even this was not enough. There
was a large surplus in the treasury ac-
cumulatcd 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 $751;
/ r n Al
by the national banks for the redemp-
ton of their surrendered note circula-
ton. This was not only bad policy,
but something very closely resembling
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 OF
below the expenditures. and thus pro
vide not only an argument against a
reduction of the monstrous protective
duties, but also IN excuse for their still
further increase. The scheme has
worked according to the intention cx-
cept in one respect The treasury has
been emptied. and we already have 70
deal with a deficit But the people
have not been fooled They know that
the tariff can be revised on free trssle
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 affordipg any relief
They therefore resent the republican
assertions that they created 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 bs
torn up by the roots and cast out for
cvcr.--Chicago Herald