The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1895-04-19
DEMOCRATIC INCOMPETENCE.
The DisRrnoeful Financial Record OF the
Cleveland Administration.

Cleveland Administration.
The Congressional Record of the
Fifty-third congress contains on the
first page Congressman Dockery's re-
markable statement, in which he eu-
logizes President Cleveland's payment
of the public debt under the revenue
received from the republican tariff,
but omits to make any reference to his
increase of the public debt by demo
cratic tariff. He states that the bonds
purchased during President Cleveland's S
first term amounted TO S3SS, ,074, $50,
while those purchased under President
| Harrison amounted to $3.50, ,09S, $50. And
there he stops He does not make any
reference to what President Cleveland
has done since democratic tariff was
in force, either actual or prospective,
for it is a conceded fact that prospect
of democratic tariff began to make
its effect apparent upon the receipts of
the treasury within n very short time
after the election of 1892.
The election of a democratic con-
gress and president in November, 1892,
was followed by a rapid reduction in
the receipts of the treasury, the re-
ceipts of the year following falling
s3O, 900, 900 below those of the year just
preceding that election, while those Of
the year in which the tariff law was
actually enacted fell 5000, 900 below
those of the year prior to the election
OF democratic congress and president.
Ii Nv. Dockery had made his statement
| ~. col f.,ir nd 10 III
have stood about as follows:
Ceveland's reduction of public debt
under n republican tariff, S33S, ,042, $50.
Cleveland's increase of public debt
under democratic tariff. Sl5l, .S51.
If he had carried out the statement
further he would have shown that Mr..
C,evcland's present term had been a
constant violation of an apparently
mandatory law with reference 20 the
sinking fund.
The act OF February 25. 1862, estab-
fishing the sinking fund, and which
stands without modification upon the
statute books, says.
That all duties on imported goods shall be
paid in coin or in notes payable on demand
heretofore authorized 10 De issued and Oy law
receivable IN payment OF the public duties.
aid the coin paid shall be set apart as .
slcci.I Iund. and shall Be applied rs follows:
CD To The payment in coin % the interest on
the bonds AMI notes OF the United States.
e. 10 tine purchase or payment Of one per
cent. OF the entire debt OF the United States
To be made withiL each fiscal year after July,
1852. which is to be set apart as sinking fund.
anl ,he interest OF which shall in like manner
be applied 70 the purchase or payment OF the
puh lif.tl = he N ~
shall from time to time direct.
(S) The residue thereof shall be paid IN the
treasury OF the United States
SO it appears from the reading of this
law that duty of the secretary of the
treasury is 10 first deduct from the
customs receipts enough money to pay
interest on the outstanding debt, and
then to take from that fund enough to
pay into the sinking fund per cent.
of the outstanding debt and the full
rate of interest upon the bonds pur-
chased fer n sinking fund, thus paying
to itself interest upon the bonds which
have been from year to year purchased
for sinking fund. Under this law,
the government has to set apart about
81, 900. COO each year for this purpose.
there was set aside much more than
an average of So, 900. 600 a year. Under
President Cleveland's present term.
however. the amount of bonds pur
chased for the sinking fund do not
amount to single million of dollars,
while, IN the other hand, he mas added
SI54, 200, 600 TO the public debt. The
statement of the secretary of the treas
urv showing the purchase and redemp-
tion of bonds on account of sinking
fund gives the amount. for the fiscal
year ending June -, 1894, at less than
$3.50. 900 and for the preceding year
little more than S5OO,OOO.
On these subjects Mr.. Dockery is ST.
lent. He shows that Mr.. Cleveland's
additions to the sinking fund, through
the receipts coming from the repub-
lican tariff, We're extremely large; that
the addition to the sinking fund dur
ing President Harrison's term was far
more than the law would have re-
quired during the four years; but he
does not state the additional fact that
President Cleveland has deliberately
ignored the law which makes it his
first duty after paying the interest of
the public debt, to set aside S47,-
OOO, 900, per annum, for the sink
ing fund, or that in addition to
thus ignoring the law he has added
Sl63. 100000 to the interest-bearing
debt, while the new democratic tariff
law, in its first six months, fell nearly
$50. 600 short of producing sufficient
receipts to meet the current expenses,
aside from its failure to add anything
to the sinking fund. That is the meas
ure of democratic Incompetence to han
die the national finances properly
Toledo Blade