The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1894-10-19
NATIONAL FINANCES.
HOW HARRlsoN's ADMINISTRATION
DEPLETED THE TREASURY.

Surplus Scattered and the Government
saddlsd with Increased Expenditures.
Proflisacy aud wasiefulnesa fhs Rule.
The Present Condition.
s Sho condition Of the national treasury
has been mest unsatisfactory for two
years past. When President Cleveland
was inaugurated on the 9TH of March,
1898, the treasury was literally bank
rupt. The claims due from the govern
menG ut the time, and which should
have been paid promptly, aggregated
over $50, 900, 600 more than the re-
sources Of the treasury, and Secretary
Foster ON the day that he retired from
office declined to Issue draft for some
So, 600, 900 that was long overdue, sim
ply because he had not the means to pay
it. Such WAS the official legacy left to
the Cleveland administration by Presi-
dent Harrison.
The contrast between the condition Of
the treasury when Harrison was in
augurated on the 4th of March, 1889,
and the condition Of the treasury when
Cleveland entered his second term four
years later is not forgotten by the peo-
pie When Cleveland retired to be sue
seeded by Harrison, he left clean sur
plus in the treasury of over $50, 600, 600,
and in estimating that surplus his SEQ
retary Of the treasury did not embrace
government deposits to the credit of dis
bursting officers, which always amount
to some millions, Or subsidiary coins,
which usually aggregate from $40, 900, ?
goo to s15, 900, QQo and which cannot
be used ia the payment of government
obligations, Thus more than $50, 000,
900 Of surplus was entirely dissipated
by the Harrison administration, and a
trust fund Of $55, 900, 600 held by the
government for the redemption of bank
notes was covered into the treasury by
act Of congress, thus increasing the debt
of the government to that extent as the
sum was transferred 10 the general
tqeasurF fund TO save the treasury from
hankrpptey
Thus was not only the clean surplus
of over $50, 900, 900 expended, bpt the
500, 900, 900 Of trust fund Violently
seized and expended also. Since that
time bank notes haze been redeemed out
Of the treasury, and thus $55, 600, 900
were added to the debt of the govern
ment during the Harrison administra-
tion without the public realizing the
faut III was, In plain English, forced
loan by the government, and yet with
all these combined resources from sur
plus and forced loan Harrison retired
from the presidency, leaving the treas
ury literally bankrupt.
If the evil Of the Harrison admins
tration had stopped with simply bank
rupting the treasury BY eXpendiAg its
surplus aud fenced loan pf some $55, Y
p00, 600, the country could have speed
ily recovered from the disaster The
Fifty frat congress, that was Republican
In both branches and in harmony with
President Harrison, not only scattered
the surplus by prohigaoy, but it created
fixed and permanent expenses Of the
government for future congresses to
meet amounting to from 500, 900, 900 to
$40, 900, 900 annually Thus the HaFFis
son administration exhausted the sur
plus Of over S6o, 900, exhausted q
forced loan Of some $50, coo, 600 and
then loaded the government with from
$50, 600, 900 to $40, 600, 900 OF perna-
nent annual expenditures by the erea-
ton of offices, the increase Of pensions
and general wastefulness. Such isthe
record Of the administration that pre-
oeded Cleveland's return to power in
March, 1893.
Soon after the inaugHrRtion of the
present administration our financial
Srouble eulminated, resulting from the
purchase Of silver aud the general deg
radiation Of our financial system inau-
Eurated by strictly partisan measure
Known assthe Sh@naan silver purchase
bill, which was opposed solidly by the
Democrats and passed by the Republic
an marty vote, The financial reyulsion
was Gle beginning pf business paralysis
and industrial distress throughout the
land, and good men Of all parties rose
ND h evepy state and in both houses Of
congress to rescue the national credit by
the repeal Of the Sherman law which
was q strictly Republican partisan
measure when il was passed. The gen
eral paralysis Of business and trade that
resulted from financial disturbance and
die natural distl'ust and hesitation which
alraYe attend tariE revision greatly rer
duoed tho national FeFenqess while the
increased expenditures fixed by the Re-
publican congress remained, aud the
treasury has been severely strained dur.
ing the presenb RdIninistFation With
ali its strain, however, the government
has issued q single loan Of $50, 000, 900,
and that Il over $40, 100000 less thap
fhe enrplus left the Harrison adminis-
tration when Mr.. Cleveland retired,
while the reduction Of the gold reserve
does not amount to the forced loan paid
ancet Harrison Is administration by the
opuropriation of tho bank TRUST fund.
From these facts II would seem that
those who criticise the present asiRiinls-
tration for the condition Of the treasury
mtist faisify history, aud those who are
Wise will frankly confess that the e9a-
Aitiqn q tha fteaspFy To-day n EastlY
hettes, eepaidering the existlnE eaElss1s
SONS, tkian 1t was under the preceding
administration. The people who psy the
taEas viii % aptiraly honest a1 this siab-
;sas soaner or letter and politicians
sqould so wisely BY being hoaast ~
anoe. PHILADELPHIA Iinea.
nrnKinleylaIa and wage Assaaetlona.