The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-09-27


IN thirty years This Increase In value does
not fully represent the increase In quantity
% as drom 10 Dr ls the faa
constant and great. largely because OF i'm
proved methods and sharp competition in
production. and with this diminutfon OF
prices there was a constant increase in
the wages Of labor, thus giving wage earn
ers an increased share Of a continually
product Of the factories we find that it em en-
braces all the products necessary TO indus
trial independence Under this policy. and
grew up. the occupations of a generation
were regulated by IL. labor was adjusted 70
IL. both as respects distribution by oc,
and paid; homes. towns and cit
les grew under II. :. railroads were
built for the transportation or these PROD
ucts on lines Of easy distribution from
places OF production TO places OF consump-
ton. local credits were established in aid OF
this production, distribution and eonsump-
ton Thus all production. all trade and all
business were adjusted these conditions
and correlated. forming one industrial sys-
tenn embracing all occupations and employ
ments: creating exchanges and transporta-
ton of products OF a value estimateds at
SEQ O0o.o000o8 annually. of internal trade.
Our growth in wealth and production leap
ed into prominence during the decade ne,
Immediately following the resumption OF
specie payments and the large increase OF
currency following resumption, and as the
MORE REVENUE NECESSARY.
The Senator then spoke at length on the
financial and tariff question. In speaking
Of the treasury deficit caused by the new
tariff law. he said:
to provide additional revenue in some form.
A modification OF the tariff on the lines or
protection Is hardly possible with Fresi,
dent Cleveland in the White House and
the Senate without any party in the ma
1ority So that revenues must be raised, II
At all, by some composing OF dinerences'
pensive method of selling bonds TO provide
FOR current expenditures will be further re-
sorted to. The sale of bonds to provide Tor
current expenses should only be resorted TO
done. should be for short periods In antlci-
patton Of revenue to be presently provided
penditures. Is one Of the greatest blunders
OF the last two years. Within that time
$1s2.5O0.000 of longtime bonds have been
sold. bearing high rate OF interest, with
which amount $50 0o0. 900. in round numbers,
has been used for current expenses. al
though sold for the ostenvp b pas not OF
the reserve run down, month by month,
under such conditions. by this process?
value. causing great loss to the treasury
and coupled with conditions unusual and
extraordinary so far they have been
revealed
THE Democratic party was in power dur
ing this whole period OF deficiency OF reve-
nues. having the President and a majority
IN both houses OF Congress. Congress was
1888. to March 3. 1895, with months va
cation in November. 1893. and three months
in 1894. The untouched sources of revenue
were abundant. both from the tariff and
internal taxation. They could have been
invoked to temporarily bridge over the de-
created Congress could only provide this
temporary revenue No attempt or sugges-
ton was made in that direction by the re-
party IN pows se e order
to preserve the parity in value OF all our
money in circulation. by sale OF bonds, or
to and was not objected to by
Republicans. but TO issue long bonds
20 pay current. expenses could have been
porarily. Had the money borrowed been
used only TO strengthen the reserve. we
would now have in the treasury $50, $1,000.
instead OF 1882 coo 900. But II is said the Sec
rotary of the Treasury compelled to
pay current obligations from the reserve TO
maintain the credit Of the government
relieve the Democratic party of incompe-
tency TO deal wisely with these great ques-
tons at s critical period created Si,c largely.
Republican party, In both houses. rendered
70 the majority its support in any reason
able measure of relief that might be
- respects the rate Of interest to be paid.
II bonds were sold. and the. Senate twice
proposed measures that would have greatly
elieved the treasury, through its finance
and appropriation committees, but they
both failed because of internal dissensions
responsible for proper legislation and admin
istration Of the government Can there be
responsible during this period, and for any
reason the revenues had become deficient
under the Mckinley law. such revenue
would have been provided for without re-
man law. 50 called. was likely to impair the
ability or the government to maintain re-
demption. provision would have been made
promptly to maintain IL.
APPROPRIATIONS AND EXPENSES.
1T has been said by. way of palliation
q excuse for the creation Of this enor-
NOUS debt to pay current expenses, that
this necessity was forced upon the country
because OF the past extravaganza of the
Fffty-hrst Congress, in its legislation and
like extravagances of President Harrison's
administration A brief examination of the
facts will show the feebleness of this de-
tense During the last year Of President
Arthur We entered upon the construction
Of new navy which has required increased
annual expenditure on this account during
al administrations since. In 1880 the Fifty,
0rSt Congress passed the dependent pension
act, q measure OF Justice to the veterans
=
expenditure for pensions. This measure is
not criticised In any quarter. No Demo-
crat has proposed its repeal and IL meets
general approval With these exceptions Ii
may be said that the appropria tons, from
year 70 year. have been normal as have
been the expenditures Therefore President
C1evel1nd's first administration exceeded in
amount Of expenditure that OF Presidents
Garfield and Arthur; the first two years Of
President Harrison exceeded that OF Pres
1dent Cleveland. but not largely But In
199Q. II became necessary to largely increase
appropriations on account OF the legfsla-
ton to which I have referred. So that
the total increase Of appropriations for the
those Of President Cleveland's first term
SEQ 1000. OF which H7500O,00o were for
pensions alone. the other items being
chiefly made up by Increased appropria-
tons for the army and navy, for rivers
and harbors, and the Postofiice Department.
The Fifty-hrst Congress was called the
billion-dollar Congress. because Of these in
creases. Yet the next Congress. which was
Democratic In the House. appropriated $685.
op.000 more than the Fifty-irst Congress
and the last Congress exceeded the Fifty
first Congress by $5.000.0o0 the total saving
being on account OF pensions.
III We compare the first two years OF
President Harrison with the first two years
Of President Cleveland's present term. we
End $40.000.00O more expended than was ex-
pended under President Harrison's first
TWO years II We compare the. last two
years Of President Harrison with the first
two years OF President Cieyeland's exist
ing term we find President Harrison only
expended S.0C0.o00 in excess. whilst the ex-
Dcndjfure pensions was 81 oOO. OO0 more.