The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-01-16
A wEErCHxD YIxAxcrKR.

IL goes without saying that President
Cleveland was not fortunate In his Sc
lection Of Gresham for secretary OF
state, who in responsible for the Hawaiian
biunder. and IL begins to be generally
conceded that Secretary Carlisle. while an
able lawyer, IL, like the great majority Of
Southern statesmen, very poor minister
OF finance. He Is an honest man and an
able lawyer, but up 70 the time that he be-
came secretary of the treasury his record
was that of an apostle Of free silver and an
infationiss. Bitter experience has forced
him to abjurs his ''free silver" heresy, and
yet In his discussion of the question Of the
coinage of the seigniorage and OF the tariff
Secretary Carlisle shows that he 10 not q
sound financier; he Is still welded to In
fation and he is still defender of the
obsolete Southern sectional tariff policy.
His gold reserve - running low: no tells
congress that 1t will soon be down to $6S.-
100000; that he viii not allow IL to fall
below SO, coo. 600; that If congress refuses
TO authorize him to issue bonds and bor-
row gold he will do so on his own respon-
sibiiity under the doubtful authority of
the act of 1875.
The Democratic party are responsible for
this necessity of borrowing money; the
financial panic which reduced the reve-
nnes OF the government Was the outcome
Of Democratic financial legislation, and to-
day the Democracy with the approval of
Sserssarv Carit.ta . - fnxc;uc sh> ~.m.
of q tariff bill which will reduce the reve-
nue. 5000. 600 The Democracy promised
at Chicago to enact q tariff for revenue
only. but today are trying to enact a bill
that Is not revenue bill at all. but bill
To reduce the revenue. IL the pledge of
the Chicago platform was kept and gem
uine tariff for revenue only enacted the
revenue would not be reduced. and there
would be no need for Mr.. Carlisle to ask
for or assume the authority TO borrow
money. Ii there had been no change of
national policy or IL the Democracy had
enacted their Chicago platform tariff
pledge there would have been no
need Of borrowing at all. We are likely
10 become borrowers today, because the
Wilson tariff bill declares Its purpose 80
give away the American home market TO
foreigners. Under that threat Of course
industries shrunk. imports declined, and
the revenue proved inadequate under
Cleveland. The disturbance and outflow
of gold and the withdrawal Of foreign
capital from the country began directly
after the success of the Democrats and
Populists in 1900, when the election of a
house more than two-thirds Democratic
was regarded as assurance of the repeal OF
the Mckinley tariff. Now Republican
congressman are asked to vote for q pro-
posal to borrow many millions when the
need Of borrowing at sll is due to the sill
YER purchase policy fastened upon the
country by the Democrats aud by the i'm
pending revolution in the revenue system
as expressed in bin which reduces the
revenue by s7S.oon,0oo. Instead of forcing
Us to Issue bonds and borrow money, WHY
did not the Democrats either refrain from
cutting down the revenues by the Wilson
bill s75coo.ooo or ense; legitimate.
logical tarit for revenue only as they
promised at Chicago?
1t is a fool finance that insists on break
Ing down protection and then attempts 10
gu up the hole in the revenue by borrow
ing OF by direct taxes. Secretary Carlisle
would 90 well net 10 be everconfsdent.
lie started the financial panic BY his PRO-
| posAl to redeem treasury notes in silver.
and men Of business brains do no. think
| party governs we'll when il is obliged to
borrow millions in order 10 make up for
the loss Of revenue caused By getting rid
Of duties levied by the other party. The
utter iacapaoity Of the Democratic PARTY
10 govern well Is shown by the fact tina.
Us tariff trainers and fnsnciers propose
10 smash protection aud then borrow
money 10 make up tor the loss OF revenue
consequent upon thess tariff bill. We are
Ia \ critical financial condition, so far as
the national finances are concerned. Fer
the Volume Of paper nov in circulation,
directly or indirectly redeem,ale in god,
IS t76I. az, 90. against SsaS 90. go a year
ago, whils tie geld coin and bullion avail
sols for redemption Of gold certificates,
legal tenders. new treasury notes and
bans notes is only slSS.oo0 600. against
So caa.eoo a year ago.
And yes Secretary Carlisss and TIE
Democratic congress desire TO farther in
Date the p@psr eaFySncy of the country ay
''cosuing ihe scSFasoSsge." which means
issuing more silver no;ss against eulllon
which the las requires Il % hold ior TIE
redemption Of notes already issued.
Iisa singular situation waszs patty