The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-09-12


management the republicans took from
the democrats when President Harrison
assumed the presidential office IN March,
1883 Never came heir more happily TO
rich estate from wise and prudent ances-
tor. During the first two years Of their
administration out of the money left
them by the prudence Of their predeces-
sOrs the republicans reduced the public
debt S26.527 ,666.1O. but even this was less
by nearly sos, 100000 than the reduction
by the democrats. In September, 1871,
the AZ per cent. bonds fell due, but
there was no money 70 pay them, and 1t
became necessary to effect an extension
Of over $40 900. 900. which are still unpaid.
The national bank redemption fund was
turned into the treasury TO increase its
account. and even the silver change was
counted TO swell the showing. The policy
Of postponing liability and deferrng
payments was inaugurated, and the busi-
ness Of The country was forced 10 con-
template the perils of a weakened treas
ury, with the chances OF its gaining
strength growing weaker as the admin
istratiOn drew TO a close. and was en-
abled to deliver its burden to its sue
cessor.
Causes of the Evils.
The evils that had fallen upon the
country Senator Villas attributed TO four
causes, namely: The sO-called billion
dollar congress" with all its misdeeds; 4;
protection and its uneXampled eXtrava-
gance. not only In direct appropriation,
but in entailing future obligations vet 10
be discharged. The Cleveland admin
istr1tiOn had expended $S75. .395, 1867 eX-
elusive Of the expenses of the postal de-
p3rtment and the reduction Of the pubic
debt the Harrison administration ex-
pended 81 .202. .542, 771.29 thus increasing
the expenditures in four years 1923, ,S47,
454.42 sum equal TO the entire eXpendi-
lures Of the government for the four
years next before he republican party
came into power. Not only this, but the
FIfty-secODd congress was Obliged TO
provide Sl75 1876 S1679. and the Fifty
third congress. in the session just closed,
500, .641.92 10 meet the obligation inn
posed upon the country by the Fifty
first congress. Here Mr.. Villas claimed,
1898. A nation could no more squander
its substance In riotOus living and es-
cape the penalty, than any prodigal
spendthrift
Taking up the tariff question. Mr. Villas
said the Mckinley act by its perfected
tected articles made in this country by
the manufacturers and trusts, made the
levies upon the people greater than ever,
although the share Of the government was
less. FavCrites waXed fat. but the pub
lie treasury was lean, and the leSSened
receipts from custom duties raised in
creaslng menace of coming bankruptcy
From $229, ,666. .5S4.57 in 1890, the last COM
plete year before MCKinleyism began
the customs revenues fell TO S177, ,452, ,964. Is
in 1892 a presage Of coming disaster, and
though from special causes there was
better result in the year ending with June
1898, the fatal drop continued during the
year just past and but S132, 294, PAP 43 had
been collected al the customs houses. He
added:
Thus. though every rate of duty was
increased on goods of republican favor
ties, the governments share of the in
creased taxation was reduced over $97.-
100000 between the last year before Nc
Kinleylsm and the last year the folly en-
dured."
Against this falling off in revenues Of
the government the speaker again re-
ferred TO the increased burdens placed
upon the country by the Fifty-frst con-
gress, and used IL as an argument to
show why in the year just gone bank
ruptcy almost had seemed TO impend be-
fore new and sufficient revenues could
be provided
The sherman Law.
The Sherman law was next discussed.
The national democratic convention Of
1892 had accepted the designation given
it by the democrats Of Wisconsin and de-
clared Il a cowardly make-shift to ward
off the loss Of the electoral votes of the
western silver states The latter had
first made a demand for free coinage of
silver at the old ratio of 16 grains of
silver 10 ! Of gold, while excessive pro-
ductiOn and other causes had continually
decreased the value OF the white metal
until in 1889 IT required twenty-five grains
Of silver 10 buy one Of gold, with
further fall in prospect. The proposition
that the government should coin dollars
al 16 TO l and give them TO the mine
owner, who furnished the bullion. implied
that the value Of the dollar should fan to
the value of silver in il, or If the gov
ernments credit was to support it, that
the government should give the silver
producer the grains Of coming, some 81
per cent. or more.
The Fifty-first congress, equally fear
ing to grant or refuse this demand.
devised a compromise equally perniciOus,
by which the government was compelled
to purchase $50 tons of silver bullion
month which il mad no use for, thus
forcing the issue Of federal prOmissory
notes at the rate of $4,000. 600 a month.
By this means the western republican
states were furnished a customer at the
expense Of the people of the whole coun-
try. The inevitable consequence fol-
lowed. The government was set TO work
initiating and impairing the currency OF
the country. Distrust crept into the chan
nelS Of business; capitalists abroad quiet
ly pushed cheir American securities on
the market and gold began taking its
form the triumph of greenbackism. The
silver dollar was made a legal tender,
yet silver continued to decline IN the
market. A thousand million dollars Of
silver certificates had been issued, which
the government practically bound itself
to redeem In gold because if it redeemed
them in silver it dropped the currency
at once to a basis of silver mononnetal-
lism.
Mr.. Cleveland, on his return to the pres
idential Office, was confronted with Il
treasury with $4,000 900 less of money in
it: with deferred and accumulated de-
mand to be met and appropriations to
be paid during the ensuing sixteen
months S75, 100000 greater in amount
than there was revenue to meet them
in place Of the fair prosperity and uni
versal confidence he had left behind him;
a rising distrust a disordered currency,
with law commanding a monthly in
crease of its risks; gold disappearing
from the country; financiers taking
alarm and the storm already gathered
and ready to burst. The president and
the democratic party entering upon their
trusts under such circumstances should
have the support OF all patriotic citi-
Zens.
Republican Minority n Hinderance.
Senator Villas then reviewed at length
the difficulties that have been placed in
the way of repeating the pernicious
causes of the disasters by the repub-
lican minority in congress. beginning
with the Sherman act down TO the Nc
Kinley law. The Wilson bill, he said, had
required but. moderate amendment to
have made 1t an efficient measure of re-
form; there was much in ii, however,