The Coconino weekly sun., 1894-12-13
THE INCREASE OF DEBT.
Rendered Necessary by Demo-
 cratic Mismanagement.

cratic Mismanagement.
 It is queer freak of financial opin- ion that treats borrowing of money as . reason for enthusiasm and rejoicing. Increase of the public debtis not prop erly evidence of prosperity. For about thirty years the nation has joyfully hailed every reduction of the national debt as another step toward financial emancipation, and for n 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 it's first year of unrestricted control it added $50, 900 to the debt and S2,- 5OO,OOO to the peoples yearly burden, and in it's second year it has already added like sums, with the possibility that the operation may yet have to be repeated, unless bids for more than $50, 900, 900 of the bonds are now ac- eepted. At the e-least the change has already added S1OO, ,OOO, ,ooo to the pub lie debt, which the people had proudly made sacrifices for many years to re- duce, and S5,O0O,O00 to the annual in terest charge
 The country has come to this, that it is considered a matter for congratu- 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 fear of failure of the loan was removed. But this is another milestone in the backward road. A good many years ago q republican secretary was able to borrow S700, 000,- poo in few weeks for the extinguish- ment of bonds bearing high rate of interest. It was done without ripple of excitement or a doubt of his sue cess. Sixteen years ago when the country was justescaping from thrall- lom to debased currency, the large loan for resumption, purposes was ef- tected by Secretary Sherman without question or trace of disturbance. The nation has more than doubled its wealth. It's 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, 0O0,- poo to the United States is considered m occasion for sentimental rejoicing and boom inestoclks.
 The worst of it is that the rejoicing 8 not entirely foolish. There was reason to doubt, in view of the present character of the government, whether confidence in it had not been shaken. At this hour it is an open question whether the money offered to the gov ernment to-day would have been of tered on any acceptable terms if the .atest elections had not restored to the lawmaking power the party which aad for a generation faithfully de- tended the nations credit There was occasion to doubt, when the power was lodged with a congress capable of voting for unlimited coinage of silver md unlimited issues of state bank totes. In real sense, the street has .eason to be glad that confidence in .he government is still manifested by capital @ q,
 Any borrowing at this time was simply inexcusable. The evident cause was revolutionary change in the policy of the nation toward it's in- lustries. 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 Shrinl1age of revenue. Not satisfied, congress gave away many millions to favored monopolies, and threw away about s74,OOO,Oc0 of revenue det rived from duties by which home industries had been defended. Ex- ,ept 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 nemento of his wisdom. and patriot ism,-N. Y. Tribune.