St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-04
WHERE THE RESPONSIBILITY
RESTS.

Who is responsible for the existing
deficit in the treasury? The Repub-
lican press declares that the Democrats
are at fault. But what are the facts?
There has been no business session Of
congress since the Democratic party
came into power The special session
attempted no financial legislation other
than that involving the repeal of the
silver purchase act. 1t undertook no
works OF internal Improvement iHyolv-
ing large outlay; it created no new
offices, increased no expenses. The
regular appropriations are yet to be
made. And yet there is a treasury
deficit of S5O.OO0.O00. How did that
deficit accrue?
The report of the director of the mint,
just issued, shows how much of the loss
has been sustained by the government.
The purchases of silver by the United
Ststes under the act of July, 1899, gener.
ally known as the Sherman act, which
was passed at the behest of the leading
Republican senator of the country
through Republican congress, amount
ed to 16S,674,6 fine ounces. The aver
age cost of this silver, according to the
authority referred TO, was 1924 cents per
ounce. At 6S cents per ounce. which is
somewhat higher than the present mar
ket price, this silver is not worth so
much by about SAL 100000 as was paid
for it. This item alone. it will be seen,
is responsible for more than four-fifths
of the existing deficit.
The silver policy which has entailed
such loss upon the country was, it
should be remembered, Republican
policy. The Democracy had no share
Ill the enactment of the Sherman law.
A few members of that party, 1t is true,
voted for the measure, but not at the
dictation of the party caucus or in ODE
dlenca to any party platform. The act
was Republican act in its inception
and contamination. and the Republican
party is responsible for the evils its has
wrought, not the least of which is the
present deficit.
1t is too early to outline the policy of
the Democracy with respect to this
financial problem. There is talk of an
issue of short-time bonds. This would
require special act of congress which,
it seems likely, would be difficult to OBJ
tain. The only other way out of the
dilemma would be to draw on the treas
ury reserve or defer the payments that
may become due until such time as the
treasury may be replenished. Either
plan is open TO grave objection. But
there seems to be little reason to doubt
that, by the exercise of proper economy
III the expenditures. there will be
sufficient surplus at the end of the next
fiscal year to pay all the obligations of
the government and at the same time
leave the treasury reserve intact.
The task before congress is not an
easy one. The work of economy must
beundertaken unselfshly. 1t will be
necessary to postpone the erection. of
some public buildings that are greatly
needed. 1t will be necessary to delay
the prosecution OF the work on internal
mproyements-our harborS and rivers:
1t Will be necessary to consolidate the
work of many offices wherever it can be
done without injury to the service. 1t
will be necessary to apply the pruning
hook in many directions, and it must be
done without regard to section or politi-
cal predictions. The havoc wrought
by Republican extravaganza must be
repaired, and it will require wisdom and
unsPlfshness of high order to success
fully meet the emergency.