Mexico weekly ledger., 1895-08-01
JUDGE NORTON
Gives His Idea on Why Mr.. Cleveland
Issued Bonds.

From the Platte City mo, Landmark.
During the first Presidential term of
MIR. Cleveland over three hundred and
fifty millions of the public debt was
paid, and when he was retired he left
over three hundred millions in the
public Treasury including the gold re-
serve. This was the condition of the
Treasury when Mr.. Harrison was in
augurated as President. During Har-
rlson's term of Office about II hun
dred and sixty millions were paid OH
the public debt, as against $3.50, 000,-
600 paid during C~leveland's first term.
When Harrison retired at the end of
his term the large surplus left by
Cleveland was exhausted, the Treas |
ury was comparatively empty, with |
out money to meet the heavy and
large demands and obligations against
the government which demands or
debts were created during the four
years of Harrison's administration, |
while Cleveland turned the govern
ment over to Harrison with a full and
overlooking Treasury, with its credit
unimpaired; with money sufficient to
pay every debt and obligation of the
government as it matured. Mr.. Har-
rison,on the contrary, turned the gov
eminent over to Cleveland with large |
debts created against it during his adj
ministration, without money in the
Treasury to meet these debts when
presented for payment. In this con-
dition of affairs it was the highest
duty of Cleveland to preserve the
credit of the government at all haz-
ards, and not let its paper go to pro-
test, but to provide the e for pay
ing them promptly when presented.
The revenue laws in force, including
the Mckinley bill, did not bring money
enough to the Treasury to meet these
obligations, and there was no alter
native left the President but to borrow
money to pay them, which he did by
the issue and sale of the bonds of the
United States to the extent of one
hundred and fifty millions. 1 have
iiuuS tbCbc hIolOL ISoi 1CiSIClCCS IOE
the purpose of showing that the
charges made against Cleveland that
he has increased our debt in a time of
peace are not only unjust but without
the shadow of foundation, and that he
has been stabbed in the house of his
friends, either ignorantly or malic-
iously. AS the money realized for the
sale of bonds, expended as ii was to
pay the debts created during Harri-
sons administration, and for the Gre
alton of which Cleveland's admins
tration was in no responsible,
the bonds sold no more increased the
if / owed A one thousand dollars and
A were to call for the money at a time
when | did not have it, and / would
borrow the amount from b and give
him my bond for it and with the money
thus received pay my debt to A. My
bond to B under such circumstances
would not increase my debt, if the
money obtained by it went to pay the
OCpl L oNCu W =. lhO Ol1S III
it would be that l would owe B the
one thousand dollars instead of A. So
when the government bonds were
sold to obtain money to pay the ex-
listing and maturing debts of the gov
eminent, the debt was not increaseda
single dollar, the only difference be-
ing that the government would owe
the purchasers of the bonds, instead
of owing the holders of demands
against the government whose de-
mands were paid off and discharged
by the money obtained from the sale
of bonds. If Mr.. Cleveland had not
resorted to the sale of bonds whereby
the credit of the nation was maintain
ed and upheld and the money obtain
ed to pay off debts which had been in
Cured under the previous administra-
ton, and for the creation of which
neither Cleveland or his administra-
ton was in any amer responsible,
but had allowed these debts to go to
protest and remain unpaid and thus
causing the United States to stand be-
fore the civilized world as a bankrupt
nation unable to meet and discharge
its obligations, then indeed he would
have been justly chargeable with de-
reelection of duty and be subject to the
abuse which has been so unjustly
heaped upon him for maintaining the
honor of the country and preserving
the credit of the nation equal to that
of any other nation ON the face of the
earth. For acting as he did the masses
of the people, animated by a n of
Justice, will award him commentator
instead of condemnation and praise
instead of
| have been induced to write this
communication because of a wide
spread false impression made upon
the minds of the people that Mr..
Cleveland had by the sale of bonds
run the country in debt in a time of
peace, when the truth and in fact our
debt was not increased a single dollar,
| inasmuch as the money obtained or
borrowed by the sale of bonds was for
the purpose of paying off demands
against the government existing an
terror to the sale of the bonds, the
only practical difference being that the
government became debtor to the
purchaser of the bonds instead of re-
naming debtor to the holders of de-