Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-07-09
THE NATIONAL DEBT.
IT WILL. BE INCREASED $4,000, 900
THE PRESENT YEAR.

Large Falling Off of Customs and Internal
Revenue Receipts Cannot Be Charged to
the Mckinley Tariff-Cause of the Finan-
ciaI Depression.
Where are we to expect the people Of
this country to find remedy for the
mismanagement of public affairs which
daily piles upon them bonded indebt-
edness which must sooner or later take
from the citizens Of this country the last
farthing Of their hard earned savings?
There was added to the public debt dur
ing the month Of May the enormous
SUM OF Sc, G03, 030. SIS, making 10 cents
per capita for each man, woman and
child i'll the United States. The reduc-
ton Oh the public debt under the opera
ton Of Republican management for "a
years was regular and continuous, the
annual reduction for the whole period
from 1869 to 1893 being yearly aver
age Of 500, 1874, $50 go During this pc
Rod business depression and panics in a
small way occurred once or twice, but
the reduction Of the public debt contin-
ued.
If we add to the amount of 500, 1874, =
539.80, annually paid by the Republic
ans, the increase Of the public debt I'M
der the Democrats, we are able to I'M
derstand what the people may look for
in the future, as this is the true differ
cncc between Republican administra-
ton and % Democratic administration.
From the best information obtainable,
the public debt during the present year
viii be increased about $78, 900, 000
Seventy light million dollars. plus 500,
100000, paid annually by the Repub-
licans, amounts to $l47, 900, coo Of q
shortage, which must be charged againt
Democratic mismanagement, which
amounts to about 81. 30 per capita for
our entire population.
Democrats may blame the foregoing
conditions to the operation of the Nc
Kinley law, but this is neither equitable
nor just, for the Mckinley law, admins
tered by Republican president, pro-
duced results far different from those
produced under Mr.. Cleveland. The
causo must be found where the business
people of this country place it. The
answers returned to the finance commit
tee Of tho senate from more than 4, 900
business firms in the United States,
without regard to political bias, are to
tho effect that the present condition of
financial depression and loss to business
is the result Of attempting to change
the Mckinley law. Ninety per cent of
all answers are favorable to allowing
the Mckinley law to remain upon the
statute books unchanged. 1t will be
noted further that, in the monthly state
ment Of the treasury department for the
month Of May, there has been loss III
the last / / months of $G6, 900, 600 in
our customs receipts, while the internal
revenue. receipts have fallen off for the
Same period $l4, 900, 900. Can any
Democrat reasonably explain to the peo-
pie of the United States why the in
ternal revenue receipts should fall $14,
600, 900 behind under Mr. Cleveland s
administration as compared with that
of Mr.. Harrison? This certainly cannot
bo charged TO the Mckinley law, as it
is an internal or local tax.
Further, it must be noted that the
gold received for customs at New York
during tho month of May was only g. 3
per cent as against % per cent six
months ago. To be more explicit, six
months ago $2S out of every hundred
paid into the New York custom house
were gold. During the month of May
there were but So 80 ont of every hun
drod paid in gold. This proves what
the friends Of silver declared long ago
that if the gold standard were adopted
and maintained it would drive gold
from our custom houses, as silver would
be used in its stead for the payment of
customs duties. The only question
which is now of more than vital inn
portance that the Democrats have not
fully outlined and declared is, How
shall they issue moro bonds to maintain
the credit of the government without
the consent of congress?
The foregoing statement is presented
to thoughtful readers, especially in the
great west, where SO many have i'll the
past clamored against Republican man
agement. Surely those who assisted in
displacing the Republicans then in pow
err for the purpose of exalting the Demo
Gratis have yet to learn wherein the
great agricultural communities of the
far west have been benefited or are to be
benefited by this condition of things.