The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1895-05-31

SECRETARY CARLISLE, in his speech at
Covington, Ky, last week, made the
the following statement:
When Mr. CIeveland's first admins
tration went out of office, on the 4th
day of March, 1889, the government
had an ample revenue for al purposes;
the free gold in the treasury amounted
to 1896. 6S9, Gil; agriculture, manufac-
lures and commerce were in a reason
ably healthy and prosperous condition
and the prospect for the continuance ol
a fairly active business era was apPal>
antly as good as it had been for many
years During the four years OF Mt.
Cleveland : administration, the sum OF
S34I AS .44g was paid on the public
debt and at its close there was left in
the treasury Il balance of $3.50, 34S ,916,
including the gold reserve. This vast
sum had been accumulated by taxation
upon the people, and they had a right
to expect that it would be faithfully ap-
piled to the extiuguishing of the public
debt and to the payment of the necessary
expenses of the government without
waste or extravaganza; but the results of
President Harrison : administration
show how these just expectations were
disappointed. When his administra-
| ton closed, on the 4th of March, 1898,
! and democratic administration came
/ in again, the cash balance in the treas
/ ury had dwindled down to Sl62. 45O, 81,
/ including the gold reserve, or So, ,40u,-
! 577. exclusive Of the reserve, notwlth-
| standing the payments upon the public
| debt during his term amounted to SlO5,-
| OOO, 900 less than the payments made
| during the preceding four years. In
/ addition to the actual receipts of the
| government, which were very large,
| congress, by a law passed in 1890,
! turned into the treasury, as part OF
/ the general assets, to be used for public
/ purposes, a trust fund amounting to
more than $54, 600, 900, which belonged
! to the national banks and had always
| been held for the redemption of their
notes. and this fund, or what was left of
| it, helped to swell the balance at the
| close of the administration.
There came with President Harrison
! Republican congress, and for the first
two years of his administration that par
| ty Lad absolute control in both branches
| ,f H.. Ja,r;-lati,.. JaDortu,a,,t nc ,valI aS
| in the executive, and was therefore
wholly responsible for the government
of the country. That congress will be
/ distinguished in history for three things
! only: First, the enactment of the law
/ of July II, 1890, providing for the pur
| chase OF t 800, 900 ounces of silver bull
| ion each month, and the issue of legal
| tender treasury notes to pay for 1t; sec
! OndIy, the passage of the sO~called Me
| KInley tariff act, which largely increased
| taxation upon the people, and at the
same time diminished the revenues of
| of the government; and thirdly, the in
| auguratiOn of the most waSteful and
| extravagant system of public expenditures
that ever existed in this country in time
of peace, the evil effects of which must
| continue to be felt for years to come
The result of this legislation and of the
general policy of the Republican admin
istration was that when the Democratic
party secured possession of the executive
power for the second time it found the
financial affairs of the government in a
most unsatisfactory and precarious
condition, and rapidly growing worse.