The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-25

The last issue of the London Spectator
contains the following most readable and
trenchant review of what Republican
flnanciers have done for the United States.
That our people submit to such outrages
is the highest possible testimonial TO
their patience and conservatism:
Five years ago American finance was
the envy of the world. Taxation was not
oppressive. the debt was being paid off
at a rate beyond dreams of economy,
and every year there rolled into the
Treasury a surplus which made Euro
pean ChancellorS of the Exchequer sign
with envy. Then came the administration
of General Harrison, and after four years
of judicious indiscretions in the matter
of finance, the whole condition OF things
as changed, and the Treasury was left
completely empty. And yet there had
been no war to waste the resources of
the nation, no plague. no famine, no
terrible or exceptional financial crisis,
none OF the things which impair a coun-
try's vitality and make her poor. The
money, as the parish clerk set forth in
his report to the vestry, had simply
been ''moodlcd away" and "moodled
away" consciously and deliberately.
ment of the Republican party when they
lodged their nominee in the White House
was the flourishing state Of finances.
They came into power pledged to the
manufacturers of the United States TO
maintain protection, and if possible to
extend IL; but this was q very difficult
thing to do in face of the fact that
the Treasury already had more money
than IL knew what to do with. 1t is
easy 10 clap on a duty of % per cent
when money is needed. When however.
you have got too much money, the
natural-almost the necessary-thing TO
do IS 10 take off taxation. The Republi-
can managers faced the dsagreeable
situation like business men. They saw
'hat the only plan was, by some means
or other' TO get,rid Of the surplus That
once accomplished the tariff remained
at their disposal. Till, however, the sur
plus was got rid of, and the finances
were thoroughly embarrassed. there could
De no sure foundation for protective
system. Accordingly, they set them
selves 10 bale out the Treasury and 10
throw overheard the superflous and I'M
welcome dollars. But the protectionists
were far too shrewd to give away the
surplus TO the first conner They saw
that the problem before them. when pro-
perly understood. presented itself in the
Following way: How 10 reduce the sur
plus In such way that the money got
ria or should buy the protectionist party
support In the country? Keeping this
OBJECT before them, they succeeded in
devisng a very ingenious scheme of ex-
penditure-one which not only most eff
tectualiy embarrassed the Treasury, but
won or kept steady thousands Of voters
in every State Of the Union
The facts. which are well worth looking
into in detail. are set forth I'm the speech
in which Mr. Wilson introduced the new
tariff bill into the House of Representa-
tiVes on Monday. The surplus for the
year 1879 amounted TO no less than f2l.-
Wo0O, and when the Cleveland admins
tration went out Of office the cash balance
IN the Treasury reached the enormous
sum OF tal.Oc0'e0o The first attempt to get
rid OF this incubus of gold was the pur-
chase OF bonds not yet redeemable at a
high premium. During the first seven
months of General Harrison's term OF
Office bonds To the amount OF f24OO0 Ooo |
were thus purchased at premiums ranging |
from ) TO per cent. on the bonds of 1901 |
and from n 10 % per cent On the bonds |
due In 1907. In spite, however, of this. and |
OF large disbursements at the beginning of |
ne following year for redemption Of bonds |
and payment OF interest not yet due Il |
was impossible TO keep the surplus within |
bounds by any such tentative methods |
the F'ifty-frst Congress re- |
solved to take the matter seriously IN |
hand. 10 succeeded. and won itself an |
everlasting fame in so doing. The Fifty |
first Congress of the United States of |
America win never need n monument |
The enptying Of the Treasury and the |
imposition OF new burdens on the people |
during time OF profound peace and pros |
perity is its everlasting monument-one
that will last till the end Of recorded time |
as the great example Of how public money |
may be wasted Congress began by re-