The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-21

| all around the world. Foreign holders of
our securities. in order to procure means
| to meet their obligations at home and In
| Argentina, sent them here in large amounts
for redemption or sale, and, consequently,
| the feeling of apprehension and uncer-
| tainty. which already existed to consid-
| erable extent was intensified In all the
great centers of trade and finance. But
| IL our own domestic affairs had been wisely
| and economically conducted our people
| would have soon recovered from the
effects of this foreign disturbance. We
possessed all the essential elements or
prosperity, except 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, IL political or
party considerations had not Influenced
! our legislation 1t is true that our rev.
enue laws were not in a satisfactory con-
dition, but they had been in force long
| time and the people had been compelled
to adjust their business to them, and, after
the election of President Harrison, did
not expect any beneficial change until
another administration should come In.
Ccnsurc for President Harrison.
When Mr. Clevelands first administra-
ton 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 $l96,6S9,6l4 agri-
culture. manufactures and commerce
were in a reasonably healthy and pros
porous condition, and the prospect for
the continuance of fairly active business
era was apparently as good as 1t had
been for years. During the four years Of
Mr. Clevelands administration the sum
of S3i1, ,44S, ,449 was paid on the public debt,
and at it's close there was left In the treas
ury a balance Of $780, 3iS,s16 including the
gold reserve. This vast sum had been ac-
cumulated by taxation upon the people,
and they had right to expect that 1t
would be faithfully applied to the eX-
tinguishment of the public debt and to
the payment Of the necessary expenses
of the government without waste or ex-
travagance; but 1t requires very brief
statement of the results of President Har-
rjson's administration to show how these
Just expectations were disappointed. When
his administration closed on the Attn or
March, 1893, and a Democratic admins
tration came in again, the cash balance IN
the treasury had dwindled down to $lC2,-
45G577, including the gold reserve, or $751;
45O577 exclusive of the reserve. notwith-
standing the payments upon the public
debt during his term amounted to Sl05,-
OOO, 900 less than the payments made during
the preceding four years. In addition to
the actual receipts of the government
which were very large, congress, by law
passed in 1880, turned into the treasury, as
part of the general assets to be used
for public purposes, q trust fund amount
ing to more than S54, 900, which be-
longed to the national banks and had al
ways been held for the redemption of their
notes, and this fund. or what was left CT
it, helped to swell the balance at the close
of the administration.
Pot Calls Kettle Black.
There came with President Harrison a
Republican congress, and for the first two
years of his administration that party had
absolute control in both branches OF the
legislative department as well as in the
executive, and was therefore wholly re-
sponsible for the government of the coun-
try. That congress will be distinguished
in history for three things only: First,
the enactment of the law of July a. 1890.
providing for the purchase of 4.5OO,OOo
ounces of silver bullion each month and
the issue of legal tender treasury notes to
pay for 1t; secondly, the passage of the
so-called Mckinley tariff act, which
largely increased taxation upon the people
and at the same time diminished the rev.
enues of the government; and, thirdly, the
inauguration of the most wasteful and ex-
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 gen.
eral policy of the Republican administra-
ton was that, when the Democratic party
secured possession of the executive power
for the second time, 1t found the financial
affairs of the government In most unsat-
isfactory and precarious condition. and
rapidly growing worse. The revenues had
been greatly diminished and the current
expenditures had been enormously in
creased by the passage of laws making
permanent and other appropriations
which the treasury was bound to pay;
the compulsory purchase of silver bullion
and the issue of legal-tender treasury
notes was still going on, and silver was
being piled up In the treasury at the rate
of more than 154 tons per month; distrust
of our ability under the circumstances to
meet the obligations of the government
and maintain the parity of the two metals
prevailed and was increasing in all the
great financial centres at home and
abroad in consequence of which gold, to
the amount Of more than $36, SOC. OO0 had
been withdrawn from the treasury and
shipped to other countries during the three
months just preceding the inauguration
of the new administration, and not dollar
had been brought in; in short, unwise leg
islation had already produced its inevita-
BILE results, and whatever criticism the
impatient spirit of a disappointed and
restless people may have prompted them
to make upon the present administration,
/ am sure impartial history will place the
responsibility for what has occurred
where 1t properly belongs, and am willing
to wait until 1t Is written. 1t must not
be understood from this that I am not
ready at all times to vindicate the legality,
the Justice, and the good policy of the
course pursued by the present admin!s-
tration in its efforts to maintain the credit
and honor of the government, inspire
confidence among the holders of Its obli-
cations, and preserve the stability and
value of the various kinds of currency in
the hands of the people; but the present
and future are far more important than
the past, and my time can be more profit
ably employed on this occasion In dis
cussing the questions now pending than
in reviewing transactions already closed
The Money Question Stated.
Whether we shall continue to preserve
our existing monetary system, under which
all the dollars in use, whether they be
gold. silver. or paper, possess equal pur-
chasing power in the markets. or provide
by law for the free and unlimited coinage
of silver dollars containing 412iA grains OF
standard silver, and make them the units
and measures Of value in the exchange of
commodities and In the payment of debts,
Is by far the most important question
that has been presented for the considera-
ton Of the American people during this
generation; and that question now con-
fronts us. The free coinage Of silver and
the substitution Of a new unit and meas
ure of value for the existing one In the
business transactions of the country is
not an ordinary experiment which can be