Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1895-07-19
MADE TITLE MONEY FEY.
HOW REPUBLICAN EXTRAVAGANZA
BMPTIED THE TREASURY.

Democratic Economy Succeeded by
tho Harrison Era OF Increased
Mckinley Taxation and Wasteful
Public OBSERVATION-DISCLOSURES
Carlisle's Impressive Showing.
In his speech OF Covington, Ky,
Secretary CARLISLE gave the facts as to
the financial situation at the end of
Cleveland's first term and at the end
of Harrison's Administration. He did
this so clearly, 30 simply and 60 i'm
pressively that the brief paragraphs
devoted to tho subject constitute in
themselves an important chapter in
political history. He said:
''When Mr.. Cleveland's first Admin
istration went out of office on the 4th
day of March, 1889, the Government
had an ample revenue for all pur-
poses; the FREQ gold in tho Treasury
amounted to S196, 8S9.81 agricul-
ture, manufactures and commerce
were in a reasonably healthy and pros
porous condition, and tho prospect
for the continuance OF fairly active
business era was apparently as good as
it had been for many years. During
the four years of Mr.. Cleveland's Adj
ministration the sum of S341;44S,.
40 WAS paid on the public debt,
and at its close there was left in tho
Treasury balance of $3.50, 1885, GIG,
including the gold reserve. This vast
sum had been accumulated by tax
ation upon the people, and they had
right to expect that it would be faith
fully applied to the extinguishment of
the public debt and to the payment OF
the necessary expenses of the Govern
ment without waste or extravaganza !;
but the results of President Harrison's
Administration show how these Just
expectations were disappointed. When
his Administration closed on tho 4th
OF March, 1898, and Democratic
Administration came in again the
cash balance in the Treasury had
dwindled down to S162, 450,577 in.
Guiding tho gold reserve, or $50, 49,.
GIT, exclusive of the reserve, notwith-
standing the payments upon the pub.
lie debt during his term amounted to
$105, 000,0 less than the payments
made during thepreceding four years.
In addition to- the actual receipts OF
the Government, which were very
large, Congress, by law passed in
1890, turned into the Treasury, as n
part of the general assets to be used
for public purposes, trust fund
amounting to moro than SOD, 900, 900,
which belonged to the National banks
and had always been held for the re.
demption oftheir notes, and this fund,
or what was left of it, helped to swell
the balance at the close of tho AID.
ministration.
s'Thero came with President Har.
rison q Republican Congress, and fol
the first two years of his Administra.
tion that party had absolute control
in both branches of the Legislative de.
partment as we'll MS in the executive,
and was therefore wholly responsible
for the government of the country.
That Congress will be distinguished in
history for three things only: First,
the enactment of the law of July IA,
1890, providing for the purchase OF
4,500, 600 ounces of silver bullion each
month and the issue of legnl-tender
Treasury notes to pny for it; second
ly, the passage of the so-called Nc
Kinley tariff act, which largely in.
creased taxation upon the people and
ut the same time diminished the rev.
enues of the Government and, third
ly, tho Inauguration of tho most
wnsteful and extravagant system oil
public expenditures that ever existed
in this country in time of peace, the
evil effects of which must continue to
be felt for years to come. The result
of this legislation and of the general
policy of the Republican Administra.
ton was that when the Democratic
party secured possession of the oxecu.
two power for the second time il
found the financial affairs of the Gov.
ernment in a most unsatisfactory and
precarious condition and rapidly
growing worse"