The Londonderry sifter. (South Londonderry, Vt.) 1883-19??, 1894-11-23
The two Administrations, IIarrsson's and
ClcXelnud,s. Compared.

Washington dispatch that throws
food of light upon the financial oper-
atoms of the present and preceding
administrations 1t being strictly in
the line Of truth we reproduce it en-
tire:
The borrowing Of $50, 900, 900 more
money to pay current expenses was
the wisest thing the Administration
could do under the circumstances,
but it is none the less humiliatng to
confess the failure of the new tariff
act as revenue measure. Mr.. Carl
isle says that the loss of income is
due to the panic. He does not ex-
plain how it is that in the panicky
times of October last year the gov
ernment's deficit was only $685.
397, while in the "better times" of |
1894, two months after the passage |
of the new Democratic tariff, the de-
ficit amounted to $l3, 6S0,S54.
The nation is still running behind
its current expenses nearly half a
million dollars every working day.
The truth is that no party ever made
so complete and so humliating fail
ure in business sense as the Cleve-
land Administration has just made.
Every estimate by its chief financial
officer has speedily been found to be
mistake. Every calculation has
been upset, and almost every import.
ant statement that has come from the
Treasury Department has been con-
tradicted from tie White House.
The HARRISON SURPLUS.
Now as to the Harrison surplus.
During Mr.. Cleveland's first term the
Republicans controlled the Senate,
and no change whatever could be eff
fected in the revenue laws. The Sem
ate would not pass any bill of Cleve-
land origin and the President would
not sign any revenue bill acceptable
to the Senate. So the surplus piled
up to the extent of more than $780,
100000, and the greater part of this
vast sum was loaned out without in
terest to few favored national banks
at a time when money was worth from
to 10 per cent cent, in Wall street.
The government continued to pay
interest on its own bonds outstand.
ing, while the favored banks enjoyed
the free use of more than $50, 900
600 of the peoples money up to the
very close of the Cleveland Admins
tratlon. "Reduction of the surplus
was one of the issues of the campaign
of 1888, in which Cleveland was de-
feated. The Mckinley law, passed
nearly two years later, was the fulfill
ment of the Republican pledge to re-
duce the taxes on necessaries of lif,
and lessen the over abundant revenu,
of the government.
The title of the Mckinley law wa
Gan act to reduce the revenue ant
to regulate custom duties" But be
fore this act was passed the Harrison
Administration withdrew the SEC, 900,
900 which had been loaned, by Mr.
Cleveland's direction, to special,
favored banks, without interest, ant
which they had reloaned to the public
at 8 and 6 per cent interest durin.
almost the whole of the CLEVELAND
term. The banks thus favored hat
made many thousands of dollars o
profits.
There is no suspicion of corrup
motives in Mr.. Cleveland's act. Tn,
President is happily above that sus
,picion. Favoritism was the cause O
it-that and the desire to make thu
Republican surplus look hateful t,
the people and SO pave the way TO
the ''tariff smashing"
HARRISON SAVING.
The Harrison Administration mad
short work of this Republican surplu.
when it returned to power on the issu
Mr.. Cleveland had himself raised
Secretary Window, under Mr.. Har
rison's orders, drew the enormou
surplus out of the favored banks
one of which in New York city ha
made profit of more than $1,000
out of its free deposits-and prompt
ly returned the money to the people
to whom it belonged by scaling
government bonds and paying O
debts before their maturity
In less than two years the Harriso
Administration thus called and pal
off 1857 ,480,476 worth of bonds, thu
effecting an unprecedented saving t
the people. In interest payment
alone the people saved by this oper;
ton exactly $50, 1852, 493. When Nj
Cleveland went out of office in 1873
the annual interest on the public del
was SAL ,001 ,484. When Mr.. Ha
rison went out of office in 1898, il
terest charges were reduced by IL
bond pre-payments in the intervenin
year to $23,37S, 116-nearly on
half.
But now we 90 back to the ssgot