Mexico weekly ledger., 1895-05-30
MIR. CarIisle's Speech.

MIR. Carlisle's Speech.
There has never been a time since the close
of the civil war and the settlement OF the ques-
tions growing out of 1t when passion and pre1u-
dice eXerted such a powerful influence in con-
trolling the action OF the people upon political
and economic questions as they have during
the last two years. A great wave OF depression
has swept over the whole Industrial, CONNER
cial and financial world, more injurious In its
effects in some places than In others, but en-
failing great loss and distress nearly every
where. 1t did not begin twenty years ago, as
some of our friends are in the habit OF assert
ing, but less than five years ago. Its first Sc
rious effects were felt In Argentina, where the
people and the government, Notwithstanding
the warnings of experience In all ages, deter
mined TO try again the experiment of a cheap
and inflated currency. 1t failed, of course, as
II always has and always will wherever tried,
and its failure, by reason OF the extensive COM
mercial and financial connections between
that country and English capitalists, pro-
duced a crisis which seriously IN
volved many OF the great financial In
situations in Europe and had a depressing In
fuence in all the money markets OF other coun-
tries; for, in these days of rapid communities
tion and close commercial relations, an injury
to credit in any part of the globe Is tmmedt-
ateiy felt all around the world. Foreign hold
ers of our securities. in order to procure means
to meet their obligations at home and In Ar
~gentina, sent them here In large amounts FOR
redemption or sale, and, consequently, the
feeling of apprehension and uncertainty, which
already existed to a considerable extent, was
intensified in all the great centers OF trade and
finance. Blu IL our domestic affairs had been
wisely and economically conducted our peo-
pie would have soon recovered from the
effects of this foreign disturbance. We DOS
sessed all the essential elements OF pros,
perity, except a sound and reliable financial
system, and that we might have secured
within a reasonable time; or, at least, We
might have greatly improved our condition IN
this respect. II political or party considera-
tionS had not influenced our legislation. 1t is
trIe that our revenue laws are not in u salts
Ruafnrp condition INIT ThaV had hpFn in force n
long time, and the people had been eonpelsd
to adjust their business TO them, ana. aiter the
election of Harrison, did not expect any bene-
fetal change until another administrator
| should come in.
When Mr.. C~leveland's first administrator
went out of office on the 4th day Of March,
| 1889, the government had an ample revenue for
all purposes; the free gold In the treasury
| amounted to Sie6. $50. 61I: agriculture, manufac-
lures and were in a reasonably
| healthy and prosperous condition, and the
prospect for the continuance of a fairly active
business era was apparently as good as II hau
been for many years,
ADMINISTRATIONS COMPARED
During the four years OF Mr.. Clevelandls ad.
ministration the sum OF S34l ,4i-,4 was palo
on the public debt, and at It's close there was
left in the treasury "a balance of 1896, S4s, ei6, in.
GLIDING the gold reserve. This vast sum haC
been accumulated by taxation upon the peo'
pie, and they had a right to expect that Il
would be faithfully applied to the ext1nguish.
ment of the public debt and to the payment o.
the necessary expenses OF the government
without waste or extravaganza but it require:
q very brief statement Of the results OF Presi
dent Harrison's administration to show hov
these Just expectations were disappointed
When his administration closed on the 4th o
March, 1898, and a democratic admintstra
ton came in again, the cash balance In the
treasury had dwindled DOWN to s152 49, ST.
including the gold reserve, or &c., 450,oV ex
elusive of the reserve, notwithstanding thu
payments upon the public debt during his tern
amounted to SOS, 900, 600 less than the payment
made during the preceding four years. In ad
dltion to the actual receipts of the government
which were very large, congress, by a laN
passed in 1890, turned irto the treasury, as
mart of the general assets to be used for publ
purposes, a trust rune mounting 10 more INA
S53, 000, COO, which belonged TO the natlons
banks and had always been held for the re
demption of their notes, and this fund. or wha
was left of 1t, helped to swell the balance a
the close of the administration.
There came with President Harrison a re
) publican congress. and for the first two year
OF his administrator that party had absolut
control in both branches OF the lesislativ
l department as well as In the executlvt
qor t Iss g aHsFrlDre Of the countr'
: This congress will be distinguished !
history for three things only: % The enac'
r actment of the law OF July IA, 1880, provldin
for the purchase of 4.500,0Oo ounces OF stlvt
{ bullion each month and the issue OF leg
r tenssa st Of the so-called Mckinley tariT &C
= which largely increased taxation upon the PEI
pie. and at the same time diminished u
= revenues of the government; and 90 the II
auguratfon Of the most wasteful and extraVs
giant system of public expenditures that ev'
- existed in this country In time OF peace, u
evil effects of which must continue tobe re
e for wears to come. Tn result of this legisl
ton and Of the general policy OF the republic
u administration was that, when the democrat
marty secured possession OF the executt'
bower for the second time, II found the una
L eiai affairs OF the government in q most u
satisfactory and precerlohS cohuleioh, III
rapidly growing worse:
The revenues had been greatly dinilnlsh'
II and the current expenditures mad been enc
N Tnonsiyincreased by the passage of laws makt
nermnneut and other appropriations which q
p treasury was bound to pay; the computso
nurchase Of silver bullion and theissue OF leg
fender treasury notes were still going on, a
silver was piled up in the treasury at the ra
Of more than 1854 tons per month; distrust
onr abjiitv under the circumstances TO me
the obligations OF the government and mai
IS rain the parity of the TWO metals prevailed o.
was Increasing In all the great financial ee
ters at homo and abroad, in consequence
which gold, TO tho amount OF moro than W
bn0. 600, had been Withdrawn from tie treasu
1t and shipped to other countries during the thr
months 1ust preceding the inauguration OF
new. administration and not q dollar nao DC
hrought in; In short, unwise legfslatiou n
airrndy produced It's inevitable results, u
Whatever criticism tho impatient spirit OF
ar dfsappointod and restless people may no
prornpted them to make upon the. present Y
ninistration, / aHi sure impartial misery Y
IT piane the responsibility for what mas ersurI
where 1t properly belongs, ana am wliihs
re walt until IL IL written, 1t must not De hndl
stood from this that ! am net ready ht all tln
to ylndtaate the legality, the Justice anu
good policy Of the course pursued by inc pr
ent administration in itk effaft TO MAINTAIN
4, credit add honor of the government lnnp