The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1895-03-16
A BANNING RECORD.

- O0"SNJN0 HESOHOs
Facts Which Show tho EottenDcss of Re.
publican Methods.
The st. Louis Globe-Democrat, which
sometimes rises above partisanship, is
subject to the most disastrous relapscs.
Here is an instance Of the latter:
1T is o well-known fact that the present un-
fortunate situation IS due mainly radical
donarture from the republican policy under
which such a situation was unknown. The
democratic tariff law has reduced the revenue
democratic schemes OF currency reform have
seriously impaired the public credit"
This is not well known, and Ii ia not
the fact.
We viii not say that the; trouble
about the gold reserve and the c,axren-.
cy generally began under the Harrison
administration, for such trouble really
begins when the hrst false step is
taken, and that was years before. But
sit IS asfsct that the trouble began to
manifest itself distinctly and unmis-
takably under the Harrison admins
tration. and that it progressed SO far
that even in the last month Of that adj
mtntstration Secretary Foster had pre-
pared to issue bonds This was charged
last fall. and when Foster was asked
inquire whether there was any record
evidence there that he had done this.
Being Informed that none had been
found, he wrote q letter saying there
was no foundation for the statement
Then q letter Of his own was printed
giving directions for the preparation of
the plates. and the plates themselves
are still in existence.
A few indisputable facts are worth
libraries full of theories. Specie pay
ments were resumed January 1, 1879.
For the fiscal years from 1879 to 1881,
inclusive. the redemption Of United
States notes averaged g, Gas, 600 per
annum. All understood TINT they
could get gold for Freenbacks when
they wanted 1t, and, conseq uently, few
wanted it. The banks furnished the
gold needed for export. For the fiscal
year 1892 the redemptions amour ted to
80. l25. 900. This was under the Harrison
and before the cleo
ton. The distrust caused by the Sher-
man act and the Mckinley bill had al
ready begun. For the twenty-seven
months succeeding the close of the
fiscal year 1892 the redemptiona
amounted to S2O6, SOC, 900. All Of this
period, except thirty-four days, was
under the Mckinley bill
Prior to the period Of distr,lst which
began under Harrison the normal
amount of gold received for customs at
New York was about rs per cent. From
July !. 1892, to September 80, 1sa4-au
days, was under the Mckinley Oill-it
was only about IL per cent, and DUR
ing the last seventeen months only 81
per cent. The movement upon the
gold reserve. therefore. and the virtual
suspension Of specie payment by the
banks. began under the Harrison adj
Elinistration, aud has gone on at an
acce1erating ratio. Account for it as
you may. that is the simple fact. Inn
partial financiers attribute it to the
Sherman and the Mckinley acts.
It. may be asked, what had the Mo-
1ox- hill to Il W.T.
~ had as much to do with it as the now
tariff act, and republican papers say
that the latter is tho cause of the pres
ent trouble because it does not yield
revenue enough. Now the Mckinley |
bill is subject to the same objection. |
they say there was no deficit till the |
bill was repealed They try
to establish this by showing that there |
was no deficit ''at the end OF a fiscal |
year." while the Mckinley law was in |
force. But every intelligent person
to palter with us on a double
sense It is easily demonstrate that |
the Mckinley bill did not yield revenue
enough to meet the enlarged scale of
expenditure to which the republicans
the country.
The Harrison administration began
the surplus even before the
bill was passed. The habit
Of estima ting this surplus ut 500. Ooo,-
300 is misleading. Mr.. Cleveland left
IN 1859 an accumulated surplus of about
300, DOC, 600. and besides, the revenues
we're some 500, OOo, 900 year in excess
Of expenditures. If the revenue had
been kept up and expenditures kept
Town during Mr.. Harrison's term the
surplus would have been nearer $780,
,Oo. 900 than 500. OOO, 900. A reduction Of
revenue was, therefore, proper if ex-
oenditnres had been kept down. But
she Fifty-hrst congress, while reducing
The revenue, increased expenses, and
his led fnvaria bly, to deficit.
The Harrison administration adopted
several expedients to avoid the appear
ance of a deficit. First it equandered
The surplus-not only the surplus in
March, 1889, but that which accumu-
ated between that time and the pas
age of the Mckinley bill. Then it
changed the form of the debt statement
Then 1t seized q trust fund of $55, OOO,-
ZOO, held for the redemption of the
1ank notes, and used that, and much
# it was not refunded before the expi-
alton of Mr.. Harrison's term. Then
hiding itself unable conveniently to
'ay more than $25, OOO, 900 of bonds due |
september, 1891, it continued them. In
hose various ways, by the shifts and
'vasions of bookkeeping, it contrived
o conceal the deficiency of revenue |
which existed under the Mckinley bill. |
If the Mckinley bill furnished rev.
niue equal to expenditures, why was
he surplus dissipated? Why was the
NATIONAL bank redemption fund seized?
Why were 1926, oOo, 600 of bonds contin-