Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-03-23
4 pirF,CuLT SITUATION.

rhe New Administration Handicapped By
Republican nIismanagem~nt.
The condition Of the treasury when
Mr. Cleveland resumed Office is In
striking contrast with what 1t was
when he entered upon the presidency
eight wears ago. The so-called treas
ury surplus was then beginning to as
sumo large proportions, and it grew
steadily until its amount in excess Of
the 800, 600. 600 gold reserve for the re-
demption of notes, and $50. DOC, 600 Of
fractional and minor coin, and num-
Der of other items which have since
been absorbed into the general cash
account, became $50, 000, 600 in July.
1886, and S11O, 600. 900 in April, 1888
This great amount has since been SO
effectually wiped out that, in spite OF
various changes Of bookkeeping with
a view to increasing the apparent bal
ance it has recently been question
whether the treasury could keep mp
the appearance of any surplus at 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, 600, 600 in
excess of it's ordinary expenditures.
and throughout his term of Office the
management of redundant revenue
was among its serious problems. All
this has been changed under the i'm
fuence 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 as great
as in the condition of the treasury.
The expansion of more than $780,
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,
000. 900 than in March. 1885, and more
than $125, 900, 600 of the new treasury
notes having been issued under the
Sherman law.
There can be no question as to the
significance of these changes in fnan-
cial conditions and no room for doubt
as to the duty which they impose. The
scale of public expenditure which has
wiped out the great treasury surplus
of few years ago must be reduced
and the silver legislation which is
draining the government of its gold
and undermining its power to preserve
the interchangeability OF its currency
issues must be repealed.
The conditions that confront the new
administration differ widely from those
of eight years ago. and yet the main
source of danger and difficulty is one
that then existed and was clearly rec
ognized by 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
expedients which he adopted, and
others that have since been tried, arg
now well nigh exhausted, andfiothing
remains, if the worst of-tfe threatened
results are to be escaped, except the
prompt repeal of the silver law.
There is as yet little definite knowl-
edge of the intentions of the new ad-
ministration in regard to financial
policy, and assumptions on the subject
are unwarranted. Mr.. Cleveland and
Mr.. Carlisle have properly returned
from committing themselves in ad-
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 a policy that will ensure
financial stability and confidence, and
the new administration must meet the
requirements of the emergency.-N. Y.
Commercial Bulletin.