Mexico weekly ledger., 1895-05-30
THE TWO ADMINISTRATIONS.
The Results from Republican and
Democratic Administration of
National Affairs.

In his speech at Covington, KY. Sec
rotary Carlisle gave the facts as to the
financial situation at the end of Cleve- !
lands first term and at the end of
Harrison's administration. He did
this SO clearly, simply and so impress
lively that the brief paragraphs devot-
ed to the subject constitute i'll them
selves an important chapter in polit-
zeal history. He said:
When Mr.. C~leveland's first admins
ton went out of office the 4th day of
March, 1889, the Government had al
ample revenue for all purposes; the
free gold in the Treasury amounted to
S196, 6S9, Ga; agriculture, manufactures.
and commerce e r in a reasonably
healthy and prosperous condition, and
the prospect for the continuance of f.
fairly active business era was appar-
emily as good as it had been for many
years. During the four years of Mr..
Cleveland's administration the sum OF
s341 ,44S, 449 was paid on the public
debt, and at its close there was left i'll
the Treasury 4 balance of 1886, 34S, 916,
including the gold reserve. This vast
sum had been accumulated by taxation
upon the people, and they had a right
to expect that it would be faithfully
applied to the extinguishment of the
public debt and to the payment of the
necessary expenses of the Govern
ment without waste OF extravaganza;
but the results OF President Harrison's
administration show how these just
expectations were disappointed. When
his administration closed on the 4th Of
March, 1898, and a Democratic admin
istration came in again the cash bal
ance in the Treasury had dwindled
down to S162, 45O,577, including the gold
reserve, or S62, 450,577, exclusive of the
reserve Notwithstanding the payments
upon the public debt during his term
amounted to s1O5. zoe, 900 less than the
rayments made during the preceding
four years. In addition to the actual
receipts of the Government, which
were very large, Congress, by a law
passed in 1890, turned into the Treas
ury, as a part of the general assets to
be used for public purposes, a trust
fund amounting to more than S54,O0O,-
| 600. which belonged to the national
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 Harri-
son a Republican Congress, and fol
the first two years of his adminIstra-
ton that party had absolute contro
in both branches of the legislative de
partment as we'll as in the executive
and was therefore wholly responsible
for the government of the country
That. Congress will be distinguished IL
history for three things only: First
the enactment of the law of July
IA, 1890, providing for the purchase o
1900, 600 ounces of silver bullion eaci
month and the issue of legal-tende.
Treasury notes to pay for it; secondly
the passage of the so-called McKille.
Tariff act, which largely increased
taxation upon the people and at tn
same tine diminished the revenues o
the Government; and, thirdly, the In
auguration of the most wasteful an
extravagant system of public expen
ditures that ever existed in this coun
try in time of peace, the evil erect
, of which must continue to be felt TO
wears to pine The result of this leg
islation and of the general policy c
the Republican Administration wa
that when the Democratic party sc
cured possession of the executiv
power for the second time 1t foun
the financial affairs of the Govern
ment in a most unsatisfactory an
. precarious condition and rapid
growing worse.