The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-07-17
MINI. WEDNESDAY, JULY II, 1895
GREAT INCREASE
IN PUBLIC DEBT.
s 162, ,325,5OO Since March 1,
1893.
CLEVELAND'S POLICY RUNNING
THE COUNTRY.
(PhiIadelDhia American.)

-
The close Of the nations financ<,
year brings us to an end Of uncertaln.
ties as to the national deficit. The
excess of expenditures over receipts
has been $45,S25,049. This, added to
the deficit of the year before, makes
an increase Of our indebtedness of
$l05, ,628. 300 since the first beginning of
fiscal year after Mr.. Cleveland's in
auguration. Our interes t-bearing in
debtedness has increased $l62, 1925. 500
since March 1, 1893. To meet this
evident decline in our paying power,
the Democratic Congress effected a
retrenchment to the extent of SILL
800, ,C64. On the other hand. the i'm
provement in receipts, of which we
heard so much in January last, result
ed In paltry increase of but el5. 1885,
145 over the revenue of the fiscal year
of 1S93-94. This is not an encouraging
exhibit. To most countries it would
mean impending bankruptcy. That
no such fear is excited in America
proves the stability of our confidence
in the nation which we decline to con-
found with its incompe tent rulers.
Clearly Mr. Carlisle owes much to
this confidence, however uncompli-
mentary it may be to himself. He
has completed a year which would
have wrecked any budget-maker in
Europe, even after the largest allow
ance for the limits placed to his re-
sponsibility by our constitutional Sys-
tenn. His predictions as to how mat
ters would 60 in our incomes ,and out
goes have all been falsified. He has
recommended only measures which
have proved wasteful of our revenue.
His only proposals now are that we
should 60 straight on in our present
spendthrift policy and take the con-
sequences. He and his superior in of.
flee have driven even their own party
into rebellion by their misplaced
optimism and practical shiftlessness.
They will neither recognize the grav-
ity of the situation, nor propose any
real remedy for it.
With one class, indeed Mr.. Carlisle S
policy is extraordinarily popular-with
the money-lenders. He has placed
the finances of the country Apder
UuOlA pIOUCCUlOu, duO LIDS udUc IL
possible for them to extract. hand
some profit out of the difficulties
which the single gold standard has
created. And now their organs begin
to assure US that Mr.. Carlisle should
see his way to relieving them from
the terms of their agreement with
the Treasury. They agreed to import
gold enough to re-eStablish the Treas
ury reserve. Is it not sufficient if
they have prevented the export OF
gold to the amount specified in the
bond?
These people are wonderfully tena-
cious of the letter of the nation IS
bond, when it has made a promise to
the money-lenders. They even insist
on reading into it more than is writ
ten there. II says. "lawful money of
the United States" They say this
must be interpreted to mean gold and
nothing else, although the country
made no such distinction between
gold and silver when those bonds were
issued. This very contract grew out
of the refusal of Secretary Carlisle to
pay out silver in redemption of Treas
ury notes, although the law author
lied the payment. The public then
shall pay beyond the terms of its
agreement, but the money-lender RS
shall not be required to pay up to
theirs! This is the policy which
claims a monopoly of honesty in
the United States.