Birmingham age-herald., 1895-05-21

President Harrison, did not expect any beneficial change until another admins tration should come in.
 Went Out With Full Treasury.
 When MT. Clevelands first adminis- tratiOn went out of office on the 4th or March, 1889, the government had an ann ple revenue for all purposes; the free gold in the treasury amounted to $196, 9,6l4; agriculture, manufactures and commerce were in a reasonably healthy and pros porous condition, and the prospect for the continuance of fairly active busi- Bess era was apparently as good as 1t had been for many years. During the four years of MT. Clevelands administration the sum of $341 AS, 449 was paid on the pnblic debt, and at it's close there was left in the treasury a balance of $33O,- 34S916, including the gold reserve. This vast sum had been accumulated by tax aton upon the people, and they had a right to expect that it would be faithfully applied to the eXtinguiShment of the pub lie debt and to the payment of the neces- sary expenses of the government without waste or extravaganza; but it requires very brief statement of the results of President Harrisons administration to show how these just expectations were disappointed. When his administration closed on the 4th of March, 1893, and democratic administration came in again, the cash balance in the treasury had dwindled down to $162, ,450,5fI, ln-
 
 elusive of the reserve, notwithstanding the payments upon the public debt dur ing his term amounted to $105000,000 less than the payments made during the pre- ceding four years. In addition to the ac- tual receipts of the government, which were very large, congress, by law passed in 1890, turned into the treasury, as a part of the general assets to be used for public purposes. trust fund amount ing to more than $54,000,000, which be- ttIr.. h 1ealyt md h a l. ways 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 party had absolute control in both branches Of the legislative department as well 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 A. 1S9O providing for the pur- chase of f.500,D0G ounces of silver bullion each month and tine issue of legal tender treasury notes to pay for it. secondly the passage of the so-caled Mckinley tarif act. which largely increased taxa lion upon the people and at the same time diminished the revenues of the gov ernmcnt; and, thirdly, the inauguration HI lIH 11OSL WdSlelQi anu Ediit 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 pei icy of the republican administration was that when the democratic party secured possession of the executive power for the second time it found the financial af- fairs of the government in a most unsat- iSfactory and precarious condition. and rapidly growing worse. The revenues had been greatly diminished and the cur rent expenditures had been enormously increased by the passage of laws making permanent and other appropria tionS which he treasury was bound to pay; the compulsory purchase of silver bull lion and the issue of legal tender treas ury notes were still going on, and silver was being piled up in the treasury at the rate of more than 154 tons per month; distrust of our ability under the circum- stances to meet the obligations of the government and maintain the parity of the two metals prevailed and was in- creasing in all the great financial cen ters at home and abroad in consequence of which gold to the amount of more than $3G 300 coo had been withdrawn from the treasury and shipped to other coun- tries during the three months just pre- ceding the inauguration of the new ad- ministration, and not dollar had been brought in; in short, unwise legislation ndu dI6dQY pIOuuGtu US lneN1ldDle re- sults and whatever criticism the imDa- tient spirit of disappointed and rest less people may have prompted them to make upon the present administrations l am sure impartial history will place the responsibility for what has occurred where it properly belongs. and am will ing to wait until it is written. It must not be understood from this that I am not ready at all times to vindicate the legality, the justice, and the good policy L. ministration in it's efforts to maintain the credit and honor of the government inspire confidence among the holders of it's obligations, and preserve the stabil- ity and value of the various kinds of cur rency in the hands of the people; but the present and future are far more inn portant than the past, and my time can be more profitably employed on this oc- casion in discussing the questions now pending than in reviewing transactions already closed.
 It Is Not an Ordinary Experiment.
 Whether we shall continue to preserve our existing monetary system, under which all the dollars in use whether they be gold, silver or paper, possess equal purchasing power in the markets, or pro- vide by law for the free and unlimited coinage of silver dollars containing 412h grains of standard silver and make them the units and measures of value in the exchange of commodities and in the pay nent of debts is by far the most inn portant question that has been presented for the consideration of the American people during this generation and that question now confronts us.
 The free coinage of silver and the sub Stftution of new unit and measure of value for the existing one in the business transactions of the country is not an or dinary experiment which can be safely tried today and abandoned tomorrow if found injurious, because the immediate consequences of such a step would be so far-reaching and so enduring that they would continue to be felt for years after