The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-05-28

and the prospect Tor the continuance
i. of q fairly active business era was aP-
parently as good as it had been IoE
many years. During the four years OF
MT. Oeveland's administration the sun
of $341, 448. 449 was paid on h pnollc
debt, and at its close there was leLG IA
the Treasury a balance or 5 $40,
including the gold reserve. VasG
sum had been accumulatedrby taXaGlon
upon the people, and they had a right
to expect that it would be faithfully
applied to the extinguis2ment or the
public debt and to the payment or the
necessary expenses of the government
without waste or extravaganza; Out IL
| requires a very brief statement or the
results of President Harr1sons m
istration to show how these just eX
pectations were disappointed. When
his administration closed on the 45h of
March, 1898, and a Democratic admin
~IstratiOn came in again, the cash bal
ance in the Treasury had dwindled
| down to 1852, $50. SIT, including The
gold reserve, or S62. 450, SIT exclusive of
the reserve, Notwithstanding the pay
ments upon the public debt during his
term amounted to $1O5, 900, 600 less than
| the payments made during the pre-
| cedIng four years. In addition to the
actual receipts of the government,
which we're very large, Congress, by a
law passed in 1890, turned into the
Treasury, as a part of tn general as
sets TO be used for public purposes, a
trust fund amounting to more than
$54, 600, 900, which belonged { the ma
tIoual banks and had always 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
a Republican Congress, and for the first
two year of his administration that
party had axis lutte control in both
branches of the legislative department
ae well as in the executive, and was,
therefore, wholly responsible for the
government of the country. That
Congress will be distinguished in his
tory for three things only: First, the
enactment of the law Of July IA, 1890,
providing for the purchase of 4.500 600
ounces of silver bullion each month
and the issue of legal tender Treasury
notes to pay for it; secondly, the pas
sage of the so-called Mckinley tariff
act, which largely increased taxation
upon the people and at the same time
dlmiDis he'd the revenues of the govern
ment; and thirdly, the Inauguration
of the most wasteful and extravagant
system of public expenditures that aver
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 administra
ton was that, when the Democratic
party secured possession of the eXecu.
tive power for the second time, it found
the foancial affairs of the government
in a most unsatisfactory and p~recarious
condition, and rapidly growing worse
The revenues had been greatly dimin-
ished and the current expenditure had
been enormously increased by the pas
sage of laws making permanent and
other appropriations which the Treas,
ury was bound to pay the compulsory
purchase of silver bullion and the issue
of legal tender Treasury 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
u ability under the circumstances to
meet the obligations of the government
and maintain the parity of the two
metals prevailed and was increased In
all the great financial centres at home
and abroad in consequence of which
gold, to the amount of more than $780,
500, 900, had been Withdrawn from the
Treasury and shipped TO other coun-
tries during the three months just pre-
ceGing the Inauguration of the new
administration, and not q dollar had
been brought in in short, unwIse legis-
lation had already produced it's inevi
table results, and whatever criticism
h impatient spirit of a. disappointed
and restles people may have prompted
them to make upon the present admin
istraGlon, l am sure impartial history
will place the respOnSlo llity for what
has occurred where it properly belongs,
and | am willing to wait until it Is
written. 1t must not be understood
from this that l am not ready at all
times to vindicate the legality, the jus
tice and the good policy Of the course
pursued by the present administration
IN efforts % maintain the credit and
honor of the government, inspire con,
fdence among the holders of it's obi
cations, and preserve the stability and
value of the various kinds Of currency
in the hands of the people; but the
present and future r far more i'm
por6ant than the past, and MY time
a be more profigably employed on
this occasion III discussing the ques
Eions now pending than reviewing
transactions already closed.
Whether we shall continue to pre-
serve IL 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 provide by law for the
free and unlimited coinage of silver
dollars containing 4121 grains of Uan
dard silver, and make chem the units
and measures of value in the exchange
of commodities and in the PAYMENT of