The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-02-04
rIcuxxs AKIN rAers.

when rressdera Cleveland took his
seat O. president, 2fr. Carlisle. his Sc
retery Of the treasury. found in the
gold reserve SIC. 90. 600. Gince thar
time this administration has sold bonds
which netted IN round numbers S1ls.-
90. 100. There II now In the gold re-
serve slzoeo. 90. Thus Il APPEARS that
the transactions In this fund show q
deficit OF s17z. oco. 600. In other words.
there has been drawn out OF this fund
IN redenptlon OF greenbacks and treas
ury notes sa7z. oo0. 900 in gold coin and
bars. 1t Is needless TO follow these
gold drafts TO their destination.
Whether they were shipped abroad or
are boarded In New York banking
houses or both. as the fact Il. does not
matter in this connection.
The important query. the key to the
whole situation. the answer 20 which
indicates with absolute precision the
necessary and only possible remedy. Is
this: What has become of the STE. co.,
coo greenbaclks and treasury nofes. re-
deemed in goldf Mr.. Cleveland replies
In his recent message that there IL .
Comparable s1rplus.' OF So. 0o0. 900.
but II IL not In god. Where, then. Is
the balance OF 500. ooc 600? Mr.. Cleve-
land does not answer. but the treasury
reports reply for him that this vast
sum has been paid out again TO meet
the deficit In revenue since the Demo-
o.
eTnment.
What Il the sense Of borrowing money
to I'LL up one pocket In the treasury.
II. through q hole. 1t runs into, an
other and then from that goes out to
pay q daily deficit? What good will
It do to cancel the treasury notes and
greentnchs and abolish the gold reserve
fund7 Win that make the deficit in
revenues any less? win not more bonds
be necessary to meet current expenses?
VIII the funding OF present demand
obligations into long term bonds avoid
the necessity OF getting sufficient rev.
enues to meet current obligations? To
all these questions there can be bat
one answer. Until receipts are equal
to expenses, the deficit must be Dor
rowed.
ar. Cleveland ignores this patent
fact. studiousiy, laboriously ignores 1t
in his discussion Of the situation. He
has no panacea to suggest but that Of
the spendthrift, barrow more, put or
payment of present debts as long as
possible, and continue to exiss on other
peoples money. This Is the only solu-
ton vouchsafed by the president OF the
United States: Sch bonds for revenue.
Is 1t any wonder that credit suffers,
that foreign nations look on with
amused incrcdulity. that they nudge
each other and say, s'See Uncle Sam
try to borrow himself out OF debt
constantly increasing? Why doesn't he
either cut down his expenses or raise
revenue enough TO meet themT
Why. indeed. The Republican NIL
nority In both branches Of congress
stand ready to aid In this imperatively
necessary legislation. They but await
the request OF the administration or
the Democratic majority In congress.
There is no difficulty about it. There
are a half dozen methods whereby.
within thirty days, the revenues might
be increased to equal expenses. This
congress has spent far more than its
immediate predecessor. while 1t has
provided for a much less income. Is
1t not fatuous to cling to the ghost OF
theory in tariff matters. while the good
ship of state IS thsrnr,sss on the Jagged
rock OF facts?