The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1894-12-28
1T HAS HAPPENED BEFORE.
The Disastrous Democratic Policy Impov
erishes the Country.

The Disastrous Democratic Policy Impov-
erishes the Country.
Within the twenty months of power
of the present democratic administra-
ton, it has found it necessary to Dor
row one hundred million dollars, issu-
ing bonds for that amount, and impos-
ing an interest burden of five million
dollars a year on the nation.
These two loans of fifty million dol
lars each have been made upon the
pretext of maintaining the gold re-
serve; but they were really made nee
essary by the deficiency of the reve-
nues. The new tariff law fails so ut
terly to produce sufficient revenue to
meet the governments requirements,
that at the present rate of deficiency a
third bond issue will be required by
April next.
These facts bring wildly before the
people two facts: That the low-tariff
policy of the democratic party is de-
structive to national prosperity; and
that the democracy has not the states
manship to formulate a revenue meas
ure which can be depended upon to
meet the necessary governmental ex-
penditures.
The proof of both these propositions
is before the people to-day. And, a.
like causes produce like results, We
find the conditions of to-day the same
as those resulting from the last low
tariff-the Walker tariff, !" which pre-
vailed from 1916 to 1850
Under the democratic tariff our in
dustries were practically reduced to
one-agriculture. We did not manu-
facture enough of any of the great
staple articles to supply our own needs.
We had to buy the bulk of the manu-
featured articles we required abroad.
The balance of trade was against US
nearly all the time. The golden
stream of the precious metal from
California was shipped across the At
lantic to pay the adverse balance.
Then came the Crimean war, which,
by closing southern Russia to the rest
of Europe, sent wheat to 81 bushel
here, while the other cereals and wool
shared in the increase of price. These
adventftious causes postponed the in
evitable results of the low tariff until
1857, when the hard times set in, as
they generally do, with a financial
crisis.
The low tariff then, as it does now,
deprived the treasury of enough rev.
enue to meet governmental expendi-
lures. And then, as now, the demo-
cratic administration was compelled to
run the country into debt by issuing
bonds, in order to get the funds to keep
the government going.
By the winter of $4,000 we had ne
gotiated all the bonds for which we
could find a market. Foreign investors
were shy of loaning money to a gov
eminent which was incapable of form
ulating laws which would produce
enough revenue for its needs. During
the last year of Buchanan's admins
tration, our bonds, bearing a high rate
of interest, were offered at from
twelve to fifteen per cent discount
without finding anyone willing to buy
The same thing is beginning again
We have a low tariff which has de-
pressed manufacturing, which does
not provide for enough revenue to
meet governmental needs, and dem
ocratic administration has begun the
old policy Of borrowing money to meet
current expenses. Perhaps by 1896 the
people of the country will have had q
lesson severe enough to make them
understand that the democratic party
is unfit to be trusted with power until
it abandons its low-tariff fallacies and
possesses statesmen with at least the
rudiments of financial knowledge
Tolado Rlada