Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-21


pect for the continuance OF a fairiy-active
business era was apparently as good as u
had been for many years. During the
four years of Mr.. Cleveland's admlnistra-
ton the sum OF sSil, s.449 was paid on
the public debt. and at It's close there
was left in the Treasury a balance Oh
$3S0,7is.9ls. including the gold reserve.
This vast sum had been Accumulated py
taxation upon the people. and they nad
right TO expect that II would be Iai1h-
fully applied to the extinguishment OF
the public debt and TO the payment OF the
necessary expenses Of the government
without waste or extrayagance; but II re-
quires n very brief statement OF the re-
suits CT President Harrisons adminlstra-
ton 20 show how these just expectations
were disappointed. When his administra-
ton closed on the 4th Of March, 1888, ana
a Democratic administration came In
again, the cash balance I'm the Treasury
had dwindled down to sl52. IN
Guiding the gold reserve, or 90 eA-
elusive OF the reserve, Notwithstanding
the payments upon the public debt during
his term amounted to $i05. 900 less than
the payments made during the pre-
ceding four years. In addition 10
the actual receipts Of the government.
which were very large, Congress, by
law passed I'm 1880, turned into the Urea
sury, as part OF the general assets to
be used for public purposes, trust tund
amounting to more than Si,OO,0O. which
belonged to the national banks and mad
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.
HARRISON'S ADMINISTRATION.
There came with President Harrison a
De- "a for 10 81 "a
years OF his administration that party had
absolute control i'm both branches Of the
legislative department, as we'll as in the
executive. and was, therefore, wholly
responsible 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
II, 1880 providing for the purchase Of
100000 ounces OF silver bullion each
month and the issue of legal-tender Urea
sury notes TO pay for It.: secondly, the
passage Of the so-called Mckinley tariff
act, which largely increased taxation upon
the people and at the same time diminish
ed the revenues Of the government, and,
thirdly the Inauguration OF the most
wasteful and extrayagant system Of pub
lie expenditures that ever existed in this
country In time OF peace. the evil effects
of which must continue to be felt for
years 10 tOIlts llt ItSull OF lulS ltHlS-
latiOn and OF the general policy Of the Re-
publican administration was that, when
the Democratic party secured possession
OF the executive power for the second
time, II found the financial affairs OF the
government In a most unsatisfactory and
precarious condition, and rapidly growing
worse. The revenues had been greatly d.
minished, and the current expenditures
| had been enormously increased by the
passage Of laws making permanent and
other appropriations which the Treasury
was bound to pay; the compulsory pur-
chase of silver bullion and the issue Of
legal-tender Treasury notes were still go
ing on, and silver was being piled up in
the Treasury at the rate OF more than l54
tons per month: distrust OF our ability
under the circumstances to meet the obi
cations OF the government and maintain
the parity of the two metals prevailed.
and was increasing In all the great finan-
| cial centres at home and abroad, I'm conse-
quence OF which gold. to the amount Of
more than $6.500o00, had been withdrawn
| from the Treasury and shipped to other
countries during the three months just
| preceding the Inauguration OF the new
administration. and not a dollar had been
brought in; In short. unwlse legislation
| had already produced its inevitable re-
suits, and whatever criticism the impa-
! tient spirit Of a disappointed and restless
! people may have prompted them to make
| upon the present administration, | am
| sure impartial history will place the re,
! sponsibility for what has occurred where
II properly belongs, and | am willing to
| walt until II IS written. 1t must not be
/ understood from this that am not ready
! at all times 10 yindicate the legality the
| Justice, and the good policy OF the course
| pursued by the present administration in
| its efforts 10 maintain the credit and
! honor Of the government, inspire conf
| dence among the holders OF its oblga-
! tions. and preserve the stability and value
! OF the various kinds OF currency in the
| fands OF the people: but the present and
! future are far more important than the
/ past ana my time can be more profitably
! employed on this occasion I'm discussing
| the questions now pending than I'm review
| ing transactions already closed
THE FREE-SILVER POLICY.
Whether we shall continue to preserve
| our existing monetary system. under
which all the dollars I'm use. whether they
be gold, silver, or paper, possess equal
| purchasing power in the markets, or pro-
, vide by law for the free and unlimited
! coinage OF silver dollars containing p2lA
grains OF standard silver. and make them
the units and measures OF value in
| the exchange OF commodities and I'm
| the payment Of debts, is by far the most
important question that has been pre-
| scented for the consideration of the Ainetl-
can people during this generation. and
! that question now confronis us. The free
| coinage OF silver and the substitution Of a
| new unit and measure Of value sOr the
existing one in the business transactions OF
the country IS not an ordinary experi-
ment which can be safely .ried to-day
a . a Ia l.Nnaa
| riOus, because the immediate consequences
Of such step would 80 far-reachlng and
so enduring that they would continue TO
| be felt for years after the policy had been
| reversed. IL Is incumbent, therefore, upon
| those who insist upon the adoption Of this
revolutionary policy TO show plainly and
conclusvely in advance not only that II
would result in no injury, but that It
would be positively benelcial for If not
| positively beneficial the change would NJ
| last be wholly useless. This cannot be
done by appeals 10 the excited passion s
| and prejudices Of the people by attempts
to array one class Of our citizens or one
section OF our country against another or
! by loose and eXtravagant statements IN
\ supported by facts and reasons. The
! questions involved are 100 serious, tie
| interests TO be affected ara too large, ard
the common sense of the. people Is too
| StIDuS 10 JUSTIFY OF EVEN excuse this
course of treatment. The allegation, even
If II were true, that a great crime was
surrepttiously committed in 1873 or at
any other time, does not prove, or even
| conduce TO prove. that he free coinage of
| silver at the ratio OF 10 To / would lie
beneficial TO the country under the condi-
tons now existing.
/ SILVER NOT DEMONETtZED BY
STEALTH
But, gentlemen, il Is not true that the
| act OF February II, 1873, which made the
| gold dollar the unit Of value and dropped
the standard silver dollar from TIE coin
age, was passed by stealth. or that its
purpose or effect was TO deprive the leo
pie Of the use Of any coin then III use or
then In existence In this country That
bill was pending in Congress for nearly
three years, and was under consideration
during five sessions OF that body; (. was
| distinctly recommended In two reports of
the Secretary OF the Treasury AID the
Director Of the Mint. and IL was officially
printed and laid on the desks OF members
of the House and OF the Senase thirtefn
different times before the final vote was
| taken on II. IL was read at length In the
/ open Senate several times and IN the
Z House at least once. as shown by the
record; IL was reported from committees
I seven times, and the discussion VI on IL In
the House fills sixty-six columns Of the
Congressional Globe, and in the Senate
] A.