Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1894-06-14
MORE BONDS.

Suppose that any party nad gone Dc
fore the people Ut the last election with
the promise that il would, within year
and a half of coming into power, issue
800. OOO, 900 or more of new bonds.
increasing the puolic debt and the in
terest charges Of the people By that
amount. 1t could not have elected a
candidate even in Wall street. Yet
that is what the record OF the Demo
cratic party will show before many
weeks more have passed. unless it dis
covers some way of escape row invis.
ibe. Mr.. Carlisle has denied the re-
port that he has in contemplation
another bond issue. But what else is
be to doP He committed himself a
year ago to the policy of drawing upon
the reserve fund to meet ordinary ex
penses and pay ord nary appropriations.
When the gold reserve fell TO about
$40, OO0,0 600, he sold 50.000,000 of
bonds. The gold reserve is now only
S74. 600. 600, with gold gong Ont every
week II is well enough for the sec
rotary to say that be will Lotissue more
bonds, and no doubt he is thoroughly
disinclined to a step that would throw
the Coxeyites in congress and out of it
into paroxysms of rage. But is there
any altern alive? Within few weeks
the gold reserve will be so low that
some steps to increase it must be taken
or redemption will be threatened and
the stability Of onr entire currency will
suffer. The government cannot keep
itself running without money; congress
fails to replenish the revenues by legis-
latioD; there is nothing left for it.
therefore, but TO borrow.
1t is becoming more plainly evident
now that It would have been q good
thing ID make the national Legislature
face this issue earlier. IL was, perhaps,
a natural shrDkage from desperate
measures which led mir. Carlisle to
trench upon the gold reserve year
ago. He could not believe at that
time that twelve months of the mos
desperate financial necessity would be
allowed to go by without action. But
see what il has cost us. We have had
IA year in which congress has fe't per
fectly at liberty TO Sit Idly down and
watch the peoples distress. We have
added to the principal Of our debt and
Is tho annual interest charge. and va
are no nearer the end Of the lane. mp
parently, than We we're al the beginning
If the treasury had let the nations OBJ
legations 20 past due when there was
nothing wherewiih 10 discharge them;
II the presiteat had called con gress to.
gether Immediately aft 81 his inaugura
ton and sho we'd them that money must
he provided for running expenses; il
MIR Carlisle had stopped drawing out
the treasury gold when it reached the
500 600, 900 point and if salaries and
appropriations ct al kinds had Ie
manned IN default until congress should
act, the thing would have been settled
long ago Doubtless theie would have
been panic; bu. there was one any
way long and lingering instead of short
and severe rs this would have been.
Then. congress having been compolled
TO do it's duty or 90 without its pay and
leave al the wheels OF government
standing stl, temporary revenue
provision would have been made while
the tariff discussion proceeded. A. Il
is. we have md the financial crisis, we
had TO borrow. we are in just as bad
plight as ever, the outlook for q new
b nd subscription if more bonds are
offered is anything but hopeful, and
this state of things may be prolonged
indefinitely We ate paying At tie
rate Of S75.000,000 a year addition TO
the pubic debt for the privilege of
Dtmo ratio rule.