The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-07
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acknowledgements.
WINNING, pRcEaInER ., IsOS.



Decentralization correspondent OF the
philadelphia REGARD furnishes this In
formation: 'The President, combining
his message to the two topics OF finance
aad foreign relations, summing up the
cabinets reports in a brief paragraph OF
general approval, accomplished the
purpose Of concentrating the congress
slopal mind on the principal subjects
before the country" Obviously It was
the Presidents desire to accomplish
this result. What he has done Is to
concentrate the attention Of Congress
and the country on glarins and re-
markable omission from his recommen-
datlons. He merely mentions the reVe-
nues TO say that they cut no figure.
Replying to the allegation that the
bonds which have been issued ostensi-
bly, to replenish our gold reserve were
really issued TO supply insufficient reVe-
nue." the President says that nothing
can DO further from the truth" II Is
true that the revenues were not sum
cient TO meet daily requirements. In
the fiscal years 1894 and 1895 they fell
short S1lS0Oo,0OO. The three bond sales
brought into the treasury SIS, 900 900 in
gold.
We may let the President tell in his
own words what happened next
.Bonds were issued to obtain gold for
the maintenance of our national credit
AS has been shown, the gold thus OBJ
tained has been drawn again from the
treasury upon United States notes and
treasury notes. This operation would
have been promptly prevented II posi-
bic; but thesd notes. having thus been
passed to'the treasury they became the
money OF the government. like any
other ordinary government funds. and
there was nothlng to do but to use them
in paying government expenses when
needed"
In other words, the bonds were for
gold. the gold went for greenbacks and
treasury notes, and the grconbacks and
treasury notes went to pay govern
msnt expenses when needed"
II there was enough revenue to pay
these government expenses, why was 1t
necessary to use the proceeds OF the
bond sales? Where would the treasury
be to-day AZ that money had not been
used for that purposeI The President
says that when the first bonds were
sold there was in the treasury surplus
OF S1s,oOO,Ooo, and that the surplus now
amounts to 3os,Oco,oeO.
without stopping to ask what the
amount Of the so-called surplus would
be II II had not been for the policy OF
holding up disbursements authorized
by Congress, It n easily seen from the
Presidents own figures that IiO5,O0O,O 900
more than half the proceeds OF the bond
sales, has gone to pay the running ex-
penses Of the government II the reve-
nues had been sufficient 1t would not
have been necessary to increase the In
terest-bearing debt to meet those re-
auirements. 1t is not possible to get
away from this CONCLUSION
1t is by peculiar reasoning that the
President reaches the remarkable opln-
ion that the revenues have nothing to
do with the case. lie has done his best
to induce Congress and the country To
agree with him, but In this EFFORT he
will fail. The situation is so well I'M
dorstood that he cannot induce tho
congressional mind" or the public mind
TO concentrate on foreign relations and
finance TO the exclusion of the import
ant matter OF the revenues.
The people will think about the short
revenues and want them brought up to
n point where they will be AT least suf-
ncient to meet the ordinary expcndl-
turea OF tho government.