The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1895-12-11

not dealing candidly with them. He
has plunged his head in the sands of a
needless prolixity of financial state
ment and discussion, with the vain de-
lusion that, like the ostrich whose habit
he is initiating, he will himself escape
observation as the chief cause and
source of the troubles that pese him
down. He argues at labored length to
show that I" it cannot be safe TO rely
upol increased revenues as a cure for
our present troubles" He denies that
the bonds which have been issued
ostensibly to replenish our gold reserve
were really issued to supply insufficient
revenue" Nothing can be further
from the TRUTH" the president adds, by
way Of clinching his denial. That noth-
ing can be nearer the truth, even 80 de-
voted supporter of the president as
the Springfield Republican shows with
a force and clearnass that, from such
source, are almost cruel and remorse-
less in their conclusions. In proof of
the inaccuracy" of the presidents
claims, the Republican publishes an
analysis of the treasury's cash balances
on January 26, 1894, just before the
first issue OF bonds was made, and on
December 8, 1895, after bonds yielding
above $3.50, 900 had been sold.
Here it is:
Dec. g. '95. Jan. 26, 49,
Gold ......................s 7s,527,307 s66,92239l
Silver .........,........... lS.557.l52 S.275,04S
United States notes......... 66,13l,796 3,llO,82l
Treasury notes. etc.......... 2S6l3,423 2,536,l23
Sls,429,s7s sses4432s
If the president is right, we should OF
course expect to find here a heavy accumu-
lation Of silver and silver certificates and
no accumulation of United States and treas.
ury notes Of consequence. But we find just
the contrary state of things. There has
ings, while there has been an enormous in
crease in the holdings of legal tender notes
of both kinds. The secretary of the treas
ury has had no apparent difficulty in law or
fact in paying out his silver, and no diff
ficulty in keeping back as many legal ten
der notes as the state of his revenues and
expenditures would permit. Since, there.
fore, bonds yielding above $3.50, 100000 have
been sold since January 26, 1894, it follows
that, If the revenues had in this time
equaled expenditures, the treasury would
to-day hold cash balance of above $780,
900 900; and that, had the Withdrawals Of
gold by legal tenders gone on as they have,
the treasury would now hold nearly S170.-
100000 of greenbacks and treasury notes of
1890, instead of the 800, 900, 900 which it does
hold. 1t is certainly the fact that
the proceeds of the bond sales ha We been
used to pay current expenses when they
should properly have been used to hold the
full amount of gold purchased, or of the lie.
gal tenders presented for this gold.
From all around the horizon the
president has had the proof, in vary.
ing forms of demonstration, fred at
him that the great public " is on to his
curves" in his game of finance. The
republican policy is right. Relieve the
treasury by increasing the tariff. When
the revenues equal the expenses of
government, the gold reserve will take
care of itself None, not even the
mugwumps and scarcely the cuckoos,
none so poor to do the president rev.
erence as a financer,