Huntsville gazette., 1894-12-22
THE INCREASE OF DEBT.
Borrowing Rendered Necessary by Demo-
cratic Mismanagement.


cratic Acknowledgements.
| 1t is queer freak of financial opin-
ion that treats borrowing Of money rs
q reason for enthusiasm and rejoicing
| Increase of the public debt is not prop
erly evidence OF prosperity. For about
thirty years the nation has ioyfully
| hailed every reduction of the national
debt as another step toward financial
emancipation, and for long time it
was considered convincing proof of
the capacity Of those intrusted with
| the government that they steadily cut
down the interest bearing indebted
ness and the burden of the people. A
different era came with the return of
the democratic party TO power. In its
first year of unrestricted control 1T
added $50, 900, 900 to the debt and S2,-
500, 600 to the peoples yearly burden,
and in its second year it has already
added like sums, with the possibility
that the operation may yet have to be
repea ated, unless bids for more than
$50, 600 900 Of the bonds are now ac-
cepted. At the least the change has
already added 500, 600, 900 to the pub
lie debt, which the people had proudly
made sacrifices for many years to re-
duce, and s., COO, o09 to the annual in
| terest charge
The country has come to this, that
II is considered matter for congratu-
I lation and enthusiastic hopefulness
that the United States has been able
to borrow some money. Late com
mercial reports naively recorded the
fact that stocks were bought by many,
because the fe8r of failure of the
loan was removed But this is another
milestone in the backward road. "A
! good many years ago a republican
secretary was able to borrow S100, 0o0,-
900 in q few weeks for the eXtinguish-
ment of bonds bearing a high rate OF
| interest. II was done without ripple
Of excitement or a doubt of his sue
cess. Sixteen years ago when the
country was justescaping from thrall-
dom to debased currency, the large
loan for resumption purposes was eff
fected by Secretary Sherman without
| a question or trace of disturbance.
| The nation has more than doubled its
wealth. Its credit in all the markets
| Of the world has since been made as
| good as that of any other nation. But
| things have so far changed that the
willingness Of capital to lend $50, 000,-
600 to the United States is considered
an occasion FOR sentimental rejoicing
and boom iii stocks.
| The worst Of it is that the rejoicing
| is not entirely foolish. There was
| reason To doubt, il view Of the present
! character Of the government, whether
| confidence in it had not been shaken.
| At this hour il is an open question
whether the money offered to the gov
/ ernment to-day would have been Of
| fered on any acceptable terms il the
| latest elections had not restored To
the lawmaking power the party which
| had for a generation faithfully de-
! Tended the nations credit There was
| occasion to doubt, when the power
was lodged with congress capable OF
voting for unlimited coinage OF silver
| and unlimited issues of state bank
notes. In real sense, the street has
reason to be glad Tint confidence in
the government is still manifested by
capital.
Any borrowing at this time was
simply inexcusable The evident
cause was a revolutionary change in
| the policy Of the nation toward its in
dustries After defending them and
encouraging them for thirty years, it
began to make war on them for the
benefit Of foreign competitors. Pros
tration followed as matter of course.
| Depression Of industries brought
shrinkage Of revenue. Not satisfied,
congress gave away many millions to
favored monopolies and threw away
about S74, 10000 of revenue de-
rived from duties by which home
| industries had been defended. Ex-
cept for that change, and the prom
| ise of it, there would have been
no occasion for placing upon the
people the additional burden of debt
and yearly interest which President
Cleveland now fastens upon them as a
memento Of his wisdom and patriot
! ism,-N, Y. Tribune