St. Paul daily globe., 1894-09-08
trIbuted to the panic Of last year. For
Condition OF tho Treasury,

Condition OF tho Treasury,
which led in part to the fear. the Re-
publican administration was RESPONSE
Die. The whole administration Of MIR.
harrison, with the exception of the
ilrst year (Which received Its impetus
from the excellent financial cunditions
existing at the close OF Mr.. Clevpland's
term. was one of falling receipts, in
creaSlng expenditures and a heavy ex-
pOrtatinn OF gold.
The receipts during the Cleveland
administration were sG2, ,0OO.OOO less
than during the Harrison adininistra.
tion, while the total expenditures were
over S2Sl ,000, 900 l. IS. Twenty-Five mill
ION dollars in gold was imported into
this country in excess of the sum eX-
ported during Mr.. Cleyeland's term,
while MIR. Harrison retired from Office
with the net gold balance against US OF
nearly sl5S.000.000 These figures are
startling. The next exports of gold
during the last three months
OF Mr.. Harrison's administration
amounted to S36.000.000. while the
net exports OF gold during the fiscal
year ending June 30. 1894. amounted TO
but S4. 5000 During the Republican
administration expenditures increased
at the rate OF s6O.00D,0 600 year. while
tile revenues decreased more than SIS.
900. COO annually. MIR. Cleveland retired
leaving surplus in the treasury OF
$3.50, ,34S.O00. Four years OF Republican
misrule reduced the surplus 10 s62. .450,
600. with charges fixed for the ensuing
year amounting. in round numbers, to
S95. .000,00 in excess OF the revenues.
The condition of the treasury. known
to the financial world.
OccasiOncu Alarm
lest the government could no longer
maintain at par the enormous burden of
100000. 900 OF silver dollars, intrinsicaily
worth about 10 cents on the dollar, and
$50, 100000 Of Sherman notes, ,predicated
oil silver OF the same character.
This is not the only cause of the de-
preston. Financial panics may be ex.
pected about every twenty years. judg-
ing by the past history Of this country,
and one due i'll the early nineties. The
Barring failure in London also was
largely responsible Tor the demoraliza-
ton of business. but the fears were in
tensitied by the fact that government,
already carrying an immense volume of
currency intrinsically worth less than
its par value, could not stand the addi.
tional unusual purchase of S60.0UO. 900
provided for by the Sherman act, and
tlS oilSCt 1T pdls IL WuS dp-
parent that unless these purchases
should cease the day would surely come
when gold and silver dollars could no
longer be maintained at a parity, and
would reach their commercial value
rather than their legal value. driving
gold at once out of ejaculation and
bringing this country to a single silver
standard with the
Same Evil COnse0uences
that would follow the free and unim-
tied coinage Of silver at the ratio of l6
to by the United States alone.
The repeal of the purchasing clause
OF the Sherman bill stopped the pauic,
and where money could not be had au
any price in the summer of 1893 IL can
now be readily obtained at low rates of
interest.
And yet, with the terrible experiences
OF last year fresh in our minds, it Is
proposed 10 open the mints without a
limit To the flow of silver that would
certainly produce silver monomet tal lism.
The fear Of silver monometallism ma
terially contributed to last wears panic.
What would happen with free aud un-
limited coinage OF silver which would
Produce such a result?
Mr.. Smith closed his speech with all
appeal to the voters of the state To re-
main true to the Democratic principle
OF sound money, inaugurated by Jttftf-
son, supported by Jackson and pre-.
served Dy Cleveland.