Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1895-10-05
MISTAKE OF


Issues But the IArtn.
The speeches of sherman and Nc
Kinlev at Springfield. q, are not en-
! couraging. Not a word was said by
1 either Of them marking out \ conStrue-
tive policy to meet; the ~exigeneies a
the times As OF the democracy Of old.
I their whole stock in trade consists q
/ denunciatioa OF the other fellows
without a hint Of what they would DO
TO remedy ! situation due, more than
to anything else. to their own enact
mentS When Mckinley said the tariff
must be and is the issue, the wish was
wholly responsible for the thought
which has no other foundation. What
about the overshadowing financial
question and the preservation OF the
gold value standard and the integrity
of the currency? Hardly a word be.
yond damning the administration for
its efforts PIT forth to rescu> the ns-
ton from the most critical financial
position it has ever been in.
Gov. Mckinley did touch upon the
need Of more revenue, which IS a mat
ter TO be emphasized. But he would
simply make tan excuse for advancing
aot the revenue duties, bat the So
called protective duties, which are de-
signed 70 check and not increase duty
paying importations He repeated the
familiar claim that at no time from
the passage OF the republican tariff
law Of 1890 down TO the close of PreSi-
dent Harrlson's administration did that
law fail to raise all the revenue needed
to meet every expense of the general
government, and during nc part of that
period did the gold reserve fall below
500, o0,0Olr
What are the facts about this? The
Mckinley tariff did not go into full
effect until April, 1891. when the du-
ties were removed from raw sugar.
The secretary OF the treasury had
meantime paid of q years interest on
the funded debt in advance, and things
were all cleared up for two years of
generous existence for the treasury.
The results can be seen from this COM
parison Of the net cash balance and
funded debt as they stood on April /,
1891, and March /. 1898, when the Har-
rison regime ended:
Total cash balance, April, Isal... .sl5s. iss. al
Funded debt. April, !, 1891 .....,.. 6l3 5l2.09J
Total cash balance, March. 1888 To. .Si2i Us ,037
Funded debt. March /, ls93.."".... 5s5.0si,oo
The treasury in this time had lost
s34, 297, 900 in net cash and reduced the
deb: bat SIS, 500, 900, The Mckinley
act had failed by S o much, at least, to
provide the necessary revenue. The
gold reserve had meantime fallen from
nearly sij0, 000, 900 to Sl05, 300, 900. So
rapidly was the government beginning
to run behind that Secretary Foster,
IN his report Of December, 1892, said
that the revenues should be so in
creased as to enable the treasury de-
partment to maintain a gold reserve of
not less than S12j, 900, 900" If, as Gov.
Mckinley now says, the Mckinley
tariff act yielded sufficient revenue,
why, after two years, was more rev.
nue. needed to keep up a gold reserve
TO SIPS, 900, 900 when the act started out
with a reserve nearly SIS, O00, 900 larger
than that?
But it will be said that the demo-
cratic victory in November, 1892.
caused importations and revenue to
fall off because OF an anticipated re-
duction OF the tariff. What are the
facts here? The evenue from Gus
toms after Mr.. Cleveland's election in
1892 were larger than they had been
in the corresponding months OF the
previous ~year-that great and prosper
GUS republican year Of 1872, when the
prospect of a democratic victory had
not come into being in the mind OF
anybody. In November, 1892, for ex-
ample, customs receipts aggregated
Sl4, 200, 900, against ST., 900, 900 in the
previous year; in December, ST, 200,
900, against sl4, 800, 600; from January
l to March /, with a democratic presi-
dent and congress preparing to take
their seats, S37, COO, 900, against S34.-
loo, 900 in the same time the year be-
fore.
And yet the treasury was all this
time running behind, and Secretary
Foster had given an order to the bu.
reau of engraving and printing to pre-
pare plates for a new issue of bonds.
Gov. McKinley's sincerity in ASSERTING
that at no time did his tariff law fail
to yield all needed revenue does not
shine forth very brilliantly in the face
Of these disagreeable facts. And all
he can suggest by way of remedy for
our present difficulties is a restoration
OF his deficit breeding and debt-increas'
ing tariff.
1t is just as well to keep these facts
Of recent political history in view.
The people want to see fair play.
They are not greatly impressed just
now with democratic capacity in gov.
eminent, but they will not applaud
this solemn-faced stone-throwing from
republican party leaders daubed all
wei with a record of financiering reck-
less and ~demagogic beyond anything
known to the nation in years. Spring
field Mass Republican.