New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-25
TILE L\CEEINE OF UERT

1t is a queer freak of financial opinion that
treats borrowing Of money rs a reason for en-
thusiasm and rejoicing. Increase of the pubic
debt IS not properly evidence Of prosperity.
For about thirty years the Nation has j0yfully
hailed every reduction of the National debt rs
another step toward financial emancipation. ana
for a long time il was considered convincing
proof of the capacity Of those inruStcd with
the Government that they steadily cut down
the interest bearing Indebtedness and the bur
dcns Of the people \ different era came with
the return of the Democratic party 10 power.
In its first year Of Unrestricted control 1t added
so 900 900 10 the debt and S2,5OO,OU0 10 the
peoples yearly burden, and in It's second year
il has already added Ike sums. with the posi-
bility that the operation may yet have 10 be re-
peated, unless bids for more than S5ooooooo
of the bonds are now accepted. At the least
the change has already added Sl00,o0o,ooo Ia
the public debt, which the people had proudly
made sacrifices for many years to reduce, and
$1,000 900 to the annual interest charge.
The country has come TO this, that it is CON
sdered a matter for congrauation and enthus-
asic hopefulncss that the United States has
been able to borrow some money. ON Friday
commercial reports naiycy recorded the fact
that STOCKS were DouSnl ny Nl'iIA, b''d"S' NV
fear Of a failure Of the loan removed. But
this Is another milestone in the backward road
\ good many years ago a Republican Secretary
WAS able 10 borrow $1OoOVOOOo In a few weeks
for the extnguishmcnt Of bonds bearing high
rate Of interest II was done without ripple
Of excitement or a doubt Of his success. Six
teen years ago, when the country was lust
escaping from thraldom 10 DECEASED currency
the large loan for resumption purposes was
effected 10y Secretary sherman without qur>
ton or a trace Of disturbance. The Nation has
more than doubled lis wealth. lis credit IN al
the markets II the world has since been mad"
as good as that Of any other nation But things
have So far changed that the willingness OF cap
iial 10 lend $JO.coO.VuO to the niicd States j.
considered an occasion fer sentimental rejoicing
and boom IN stocks
The worst Of it is that the rejoicing is not en-
tircly foolish. There was reason 10 doubt, in
view If the present character Of the Govern
mcnt. whether confidence in 1t had not been
shaken. At his hour it is an open question
whether the money offered 10 thc Government
to-day would have been offered on any ac
ccptablc terms II the Latest elections, had not
restored 10 The lawmlking power the party
which had for "a generation faithfully defended
the Nations credit There was occasion Ia
doubt when The power was lodged with con
gress capable Of voting FOR unlimited coinage
Of silver and unlimited issues Of State bank
notes In Il real SENSE. the Street has reason 10
b.. glad that confidence in the Government Is
still manifested by capital
Any borrowing at this time was simply mex
cusablc. The evident cause was revolutionary
change in the policy Of the Nation toward iis
industries After defending them and cncourag
Ing them for thirty years. ii began 10 make war
on them for the benefit Of foreign competitors
Prostration followed matter Of course
Depression Of Industries brought shrinkage
of revenue Not satisfied, Congress gave away
many millions to favored monopoles and threw
away about S1i.VOO,OOO Of revenue derived from
duties by which home industries had been de-
Tended. Except for that change, ana the prom
Use OF it, there would have been no occasion
for placing upon the people the additional bur
den Of debt and yearly interest which Presi-
dent Cleveland now faslcns upon them as a
memento Of his wisdom and patriotism.