Alma record. (Alma, Mich.) 1878-1928, 1895-01-04

no charge whatever could be effected in !
the revenue laws. The senate would
not pass any bill of Cleveland origin
and the president would not sign any
revenue bill acceptable TO the senate
SO the surplus piled up to the extent OF
more than 100000, 900, and the
greater part of this vast sum was
loaned out without interest 10 few
favored national banks at IA time when
money was worth from to 10 per cent
in Wall street.
The government continued to pay
interest on its own bonds outstanding
while the favored banks enjoyed the
free use of more than $60,000,0OO of
the peoples money up to the very close
of the Cleveland administration. Re
duction of the surplus" was ore of the
issues of the campaign OF 1885, IN
which Cleveland was defeated. The
Mckinley law, passed nearly two years
later, was the fulfilment of the repnbll
can pledge to reduce the taxes on
necessaries of life and lessen the over
abundant revenue of the government.
The title of the Mckinley law was
IAN act TO reduce the revenue and TO
regulate custom duties" etc. But be-
fore this act was passed the Harrison
administration Withdrew the 100000
600 which had been loaned by Mr..
Cleveland's direction to specially
favored hanks, without interest, and
which they had reloaned to the public
at five and six per cent interest during
almost the whole of the Cleveland term.
The banks thus favored had made
many thousands of dollars of profits.
There is no suspicion of corrupt
motives in Mr.. Cleveland's act. The
president is happily above that suspic-
ion. Favortism was the cause of it
that and the desire 10 make the repuh-
| lican surplus look hateful to the people
and so pave the way for the "tarit1
; smashing"
The Harrison administration made
f short work of this republican surplus
] when it returned to power on the issue
Mr.. Cleveland had himself raised
Secretary Window, under Mr.. Harrl
! sons orders, drew the enormous sur
: plus out of the favored banks-one o
: which in New York City had made
e profit of more than 100000 out of it
8 free deposts-and promptly returned
d the money to the people, to whom
It belonged, by calling" goverDmen
,, bonds and paying off debts before thei
maturity.
+. In less than two years the Harriso
d administration thus called and paid o
l. S267, 4S0, 476 worth of bonds. thus effec
. ing an unprecedented saving to tn
people. In interest payments alone I'll
n. people saved 10y this operation eNactl
d. sos, 1852, 493. When Mr.. Cleveland wei
5, out of the Office in 1889 the annual il
C. terest on the public debt was S4l ,OOl
n n 4S4. When Mr. Harrison went out
NJ Office in 1892, interest charges were +
-? duced by the bond proponents in II
as intervening year to 1913 ,97Sll6-near
- ~ one-half.
~ But now we 90 back to the "good o
democratic times" and the debt is ra
idly increased. Under the Harris'
administration the people were save
500, 1872, 493 in interest by the redu
ton of the debt. BY his first issue
90 bonds Mr.. Cleveland imposed burd
of $50, 100000 for interest, viii
III amount is To be doubled. In 9th
he words. nearly all the saving made u
TO der Harrison is lost, and less than OF
NJ. half of Cleveand's term has expired.