Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1894-02-26
WHO is RESPONSIBLE.


An esteemed democrat SUBSCRIBE
and friend sends us the followin,
from a democratic Journal, which b.
desires to see published in the NOM
TOR:
For the first time in a great man.
years the government Of the United
States has been compelled to borrow
money to pay it's current expenses
Already the criticism has been made
that this is the result of a Democratic
administration, and that if in Nov.
1892, President Harrison had been re-
elected, no need of this kind would
have been experienced. The last is
sue of bonds by the United States
treasury was some years ago, when it
was thought desirable to take up the
certificates of indebtedness put out
during the war time by issuing new
| bonds at a lower rate of interest. This
was simply a conversion, and could
not be looked upon as an increased
Indebtedness on the part Of the gov
eminent. But at the present time
there is distinct deficiency in the
revenue needed to meet the current
outgoes, and this, combined with the
need of strengthening the paper cur
rency Of the government by obtain
ing an additional supply Of gold, is the
reason why the present bonds are Of
fered for sale.
The question may be fairly asked,
who is responsible for this condition
Of the treasury ? In order to answer
this it is necessary to consider the
causes that have led to it, In the four
years from March, '85 to March, '89,
no difficulty was experienced in keep
ing the expenditures of the govern
ment we'll within the line Of it's in
come. The trouble then found was
precisely the reverse. We had re-
dundant currency. So much money
came pouring into the treasury, for
which no legitimate use could be
found, that, in spite of the fact that
great deal Of it was placed on deposit
with the national banks, the fear ex
listed lest such an absorption of the
circulating medium would embarrass
trade by Tightening the money mar
ket.
Various ways were resOrted to of
disposing of this uncomfortable sur
plus, such as meeting the interest
upon the government bonds in antic-
ipation of the time this interest was
due, land the purchase at considerable
premium of bonds which had not ma
tured. When Mr.. Cleveland turned
over the government to his successor
he left treasury which was the adj
miration of the world SO far as sur
plus revenue was concerned. Moth
ing but ordinary prudence was then
needed to enable the government to
continue to have at all times in it's
possession the means Of meeting it's
obligations, no matter what financial
crisis might come upon the country.
But how was this trust administer
ed? There was a complete turnover
in political control, and the govern
ment which came into power in 1889
at the White House, no less than at
the Capitol-came in apparently with
the idea of Kidding itself of the sur
plus revenus as speedily as possible.
1t was looked upon by those interested
in maintaining the system ofprotection
as standing menace to their trade
method; hence they joined with those
who mighJ be fairly termed treasury
tlooterso in disposing Of this uncom-
Portable mass of riches. 1t is hardly
necessary to call attention to the &C
plantations with which the 'sbillion
dollar Congress" was hailed; to the
statements made by the then head Of
the pension bureau about putting his
hands and arms into the treasury.
There were bounties given to sugar
growers and steamship lines, disabil-
ity pensions, increased pensions and
back pensions were voted to hun
dreds of thousands of applicants,
while work of defence, both in the
way of new war vessels and coast for
were entered upon with
free hand.
AS if this were not enough, the re-
vision of the tariff was undertaken
with the distinct purpose of cutting
down revenue by the elimination from
the tariff schedules of some of the
best paying importations, and the in
l.,+xy Of of To
such point as to practically prohibit
the entrance of the taxed cOmmodi-
ties into this country. The effect of
this was to more than offset the in
orao cod inooma dua tO the growth Of