The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1895-07-20

lllC oldlC VI AlldllS W HCll MI .
Cleyeland's
First Term Ended and His Second Term
Began-Secretary Carlisle Explains
How il Was Brought About.
When Mr. Cleveland's first admin
istration went out of office on the
4th day of March, 1889, the Gov
eminent had an ample revenue for
all purposes; the free gold in the
Treasury amounted to $l96,6S9,6I4;
agriculture, manufactures and com
meree were IN a reasonably healthy
and prosperous condition, and the
prospect for the continuance of a
fairly active business era was appar-
emily as good as it had been for
many years. During the four years
of Mr.. Cleveland's administration
the sum of S34l, 448, 449 was paid on
the public debt, and at its close
there was left in the Treasury a bal
auce of $330,34S,915, including the
gold reserve. The vast sum had
been accumulated by taxation upon
the people, and they had right to
expect that it would be faithfully
applied to the extinguishment of the
public debt and to the payment of
the necessary expenses of the Gov
eminent without waste or extrava-
gance; but it requires a brief state
ment of the results of President Har-
rison's administration to show how
these just expectations were disap
pointed. When his Administration
closed on the 4th of March 1898, and
democratic administrative came
in again, the cash balance in the
Treasury had dwindled down to
1852, 450,577, including the gold re-
serve, or $62,450,577, exclusive of
the reserve, notwithstanding the pay
ments upon the public debt during
his term amounted to $105, 600, 600
less than the payments made during
the preceding four years In addi-
ton to the actual receipts of the
Government, which were very large.
Congress, by law passed in 1890,
turned into the Treasury, as part
Of the general assets to be used for
public purposes, a trust fund amount
ing to more than SD, 100000, which
belonged to the national banks and
had always been held for the re-
demption 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 Harri-
son Republican Congress, and for
the first two years of his Admins
tration that party had absolute con
troll in both branches of the legisla-
tive department as well as in the ex-
ecutive, and was therefore wholly re
sponsible for the government of the
country. That Congress will be dis
tinguished in history for three
things only: First, the enactment
of the law of July IA, 1889, providing
for the purchase Of 100000 ounces
of silver bullion each month and the
issue Of the legal tender Treasury
notes to pay it; End, the passage of
the so called Mckinley tariff act,
which, largely increased taxation
upon the people and at the same
time diminished the revenues of the
Government; and, thirdly, the in
auguration of the most wasteful and
extravagant system of public ex,
penditures 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
policy of the Republican Admins
tration was that, when the Demo
cratic party secured possession of
the executive power for the second
time, it found the financial affairs of
the Government in a most unsatis-
factory condition, and rapidly grow
ing worse. The revenue had
been greatly diminished and the
current expenditures had been
enormously increased by the pas
sage of laws making permanent and
other appropriations which the
Treasury was bound to pay; the com
pulsory purchase of silver bullion
and the issue of legal tender Treas.
ury notes was still going on, and sill
yer was being piled up in the Treas
ury at the rate of more than 154 tons
per month; distrust of our ability
under the circumstances to meet the
obligations of the Government and
maintain the parity Of the two met
ais prevailed and was increasing in
all the great financial centers at
home and abroad, in consequence of
which gold, to the amount of more
than $36, 100000, had been with
drawn from the Treasury and ship
ped to other countries during the
three months just preceding the in
auguration of the new Administra-
tion, and not a dollar had been
brought in; in short, unwise legisla-
tion had already produced its inevi-
table results, and whatever criticism
the inpatient spirit of disappoint-
ed and restless people may have
prompted them to make upon the
present Administration, l am sure
impartial history will place the re-
sponsibility for what has occurred
where it properly belongs, and l am
willing to wait until it is written. 1t
must not be understood from this
that | am not ready at all times to
vindicate the legality, the justice,
and the good policy of the course
pursued by the present Administra-
ton in its efforts to maintain the
credit and honor OF the Government,
inspire confidence among the holders
of its obligations, and preserve the
stability and value of the various
kinds of currency in the hands of
the people; but the present and fu-
ture are far more important than the
past, and my time can be more prof
itably employed on this occasion in
discussing the questions now pend
ing than in reviewing transactions
already closed.-Secretary Carlisle.
HOw's This!
We offer One Hundred Dollars re-