The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-04
NIX. REED AND FREE SILVER COM
BINED HARD TO BEAT.

The drain on the Treasury's gold con-
tnues. every steamer carries large sums
or It abroad and We continue 70 sell bonds
on which We are TO pay every year per
cent. interest that we may have the pleas
tire of furnishing 10 New York gold eX-
porters. without any compensation what
ever. the yellow metal to send to their
friends in Europe. Already the Govern
ment IS confronted with the probability Of
another sale Of bonds being required. How
long will the American people allow this
sort Of idiouc folly 10 continue" When
Will they wake mp TO the fact that they
are living under the most rUinous financial
system that ever cursed country, ana
mat they Will never again see business
run smoothly in this country until they
sever the Government absolutely from all
connection with the finances Of the people,
except TO coin the precious metals and GER
tfv to the quantity of metal that each
coin contains?
While IL is perfectly true that the agita-
ton Tor free silver is at The bottom OF all
the drain on the Treasury for gold, yet
The case had just a. we'll be looked at
exactly as it is. and it must be admit
,cd bv all candid men that the necessity
for tn, Government s,l ling its bonds would
have existed. even though there had been
no free silver agitation at all Free sill
yer would have undoubtedly made 4 sale
OF them necessary. but all the sales that
have taken place would have been re-
ouired If there had been no free silver at
all. The Republican party and the Reed
Congress are responsible for the sales that
have been made, and mat had just as well
be looked al as the naked and simple
fact.
When Mr.. Clcveland's first administra-
ton ended the revenues of the Govern
ment were ample for all its needs. and the
Treasury had a large surplus on hand.
The Reed Congress. by its wasteful appro-
priations. used M, an the surplus ana in
creased the expenditures about slco,mJVN
"a year. while it cut the revenues down by
about yiO.V1oOD year With this fixed
as the scale upon which the Government
was TO run. il was. of course only ques-
ton of time when The Government would
loo short of money with which TO pay its
current expenses. That shortage began to
press the Treasury soon after Mr.. ClcNe-
lana > second term commenced.
The legal tenders. scared by free silver,
commenced 10 pour into the Treasury about
that time to demand gold, and the Gov
crnment. being required 10y law TO pay
them out whenever they came into the
Treasury. used them to meet its current
liabilities. So that this process stripped
the Treasury Of both gold aud legal ten
ders. But If there had been no scare
from free silver at all the deficiency in
The revenues which Reeds wasteful Con-
gress forced on the country would have
existed all the same. It would have had
TO be met in some way. or the Government
would have gone 10 protest. Mr.. Cleve-
land would have had TO pay out the gold
reserve for current liabilities, and he
would then have had to sell bonds 20 re-
plenish the gold fund. The thing, there
lore. is as broad as II is long and the
Republican party and the Reed Congress
must accept the responsibility the Gov
eminent is under for sellDg and contnu-
ing TO sell bonds
And there is this difference against
them: If they had not souandered the
revenues so az TO bring on the deficiency
every time free silver sent legal tenders
into the Treasury in exchange for gold
they would have remained there locked
Up, because the Government would have
sad no occasion to pay them out.
But let not the free silver men take
any comfort from the fact that much OF
the Governments troubles are due 10 Reed
and his extrayagant associates They
would alone have caused the most serious
of troubles. IL Reed had not kindly aided