Delaware gazette and state journal., 1895-12-12
Financial Troubles Before the
Election of 1892.
SOUND REPUBLICAN TESTIMONY
From Harrison's Secretary of
the Treasury
A Report That Dealt with Embarrassments
Then Existing-The Assertion That the
Troubles Began Only with the Election OF
MIR. Cleveland Entirely pisproved.
New York Evening Post.


to the close of 1882. The statement
that the trouble in the public finances
began only contemporaneously with Mr.
Cleyeland's second election is made
undoubtedly, by many partisan speakers
and writer's who know it TO be untrue.
But IL is accepted by hundreds Of read
erH and listeners as fact.
The distinct assertion has been made
that everything went well in American
public and private france while Re
publican policy was in the ascendant:
"down to the hour of Mr.. Cleveland.s
election" the party organ in this city
defines it, The hour OF MIR. Cleveland's
election fell ON Tuesday, November Sth,
1892. The challenge of these writer's
and speakers, therefore, is for the pro-
duction Of any evidence of financial
Generalization before that date.
The task is not difficult. Naturally,
the annual reports of the Secretary of
the Treasury and of the Treasurer of
the United States provide the best re-
Election of official feeling at headquart-
ers. All the officials at that time were
Republicans. All presumably accepted
office in sympathy with the party's
public policy. Yet the last report with
any strain Of cheerfulness issued by the
Treasury was the one put forth at the
close of 1880 by Secretary Window. We
quote his concluding words by way of
contrast with the dismal comments of
his successor. Mr.. Window criticised
the silver-purchase law of 1890 merely
because it provided only for the pur-
chase Of 4, 800, 600 ounces monthly. He
and Mr.. Harrison had urged law for
the purchase of 1.-THE entire silver
bullion product of the United States. "
REPORT OF 1890, page Xviii In spite
of this reprehensible conservatism on
the part Of Congress, the Secretary was
of the opinion lin December, 1880
that the silver act OF July l4th would
"enhance the value Of that metal until
point we're reached where we could
with safety open our mints to the free
coinage of both metals at fixed ratio. :"
The laws beneficial results,' Mr..
Window prophetically concluded twill
eventually commend it to general ap-
proval.
General approval came into evil
dence rather slowly. Secretary Foster,
Mr.. WINDOWS successor in the Treas
ury, has been called the Mark Tapley
Of government finance. II there was a
bright side visible, TO the most pains
taking scrutiny, in the governments s
situation, he could be trusted to dis
cern it. The reader will therefore be
astonished TO learn that the Secretary 8
report Of 1891 contains not one word
about prospects of the currency. He
is forced to record the decline in the
price OF silver from 81. 81 to SO cents per
ounce, and the failure of the year reve-
nue. to meet the annual sinking fund
appropriation. even after the national
bank note fund had been seized to swell
the balance. But he refrains from dis
cussion of these awkward facts, leaving
his subordinates, as the head of many
an institution has done before, to
wrestle with unpleasant details.
But the suborClinates wrestcd 10
some purpose, SO far as concerns the
statement Of the truth. Let il be
noticed that it was exactly one year
after Mr.. WINDOWS promise Of "bene.
fetal results" and general approval
that the Treasurer of the United
States, in December, 1891, made the
following comments on the situation
Such heavy exports Of gold as signali2pd
the last six months of the year, the heaviest
recorded in the history Of the nation, natur
ally excited profound interest not only a
home, but throughout the whole world. ,lc
the Treasury this outflow was particularly
significant since the Treasury was Obliged Il
furnish all the material Thes,
movements were the result, apparently, ot
the operation of natural laws. v Thl
condition OF things which has made it nos
sble, whether due to domestic or fortgr
causes, to financial legislation or to the stat,
OF trade, would seem to be worthy
of the most careful study.
With fhiu or, inaptl,r ,~,,,ra,A ,zs.S.t..
sion. and with the precautionary re
mark that mo attempt is here made /,
throw any light upon the subject, fur
ther than to state the facts,'' MIR
Neheker dismissed the matter. But w,
doubt If ever before in the histor,
of government finance has bureau
officer offered as "A possible explanation
of trade Generalization a law passet
by his own party, and Officially dc
scribed by his own chief, twelv
months before, as a statute ASSURING
beneficial results" and certain o
general approval. -
Events however moved faster thai
official inquiries. The progress of dis
ease, in the average man, may safe
be traced by the attention paid by him
in his thoughts aud conversation, /
his liver, his stomach, his lungs III
man in health neither talks nor think
of such things. The Treasury repor
for the tiscal year ending June 30, 1852
has pages on the gold reserve. and a
in doleful and apprehcnsiye tone
Secretary Fosters cheerfulness has nD,
forsaken him utterly. Far from point
ing out beneficial results or appeal
ing. for general approval" " he plead
with Congress TO increase the golu re
serve to provide for redemption Of til
Treasury notes Of 1890 and begs "a
additional revenue. Zone Of tho en-
barrassments of the Treasury is th
inability to keep IN a sufT
cient gold supply" Mark Tapley ha
so far taken up the role of Cassandr
that he forsees gloomily the exhaustio
OF the surplus gold reserve. (Report {
1892, page xxx. He has moi bee
able to meet the annual sinking fun
requirements, even with the hep :
the surplus inherited from Demo
cratic administration, and thinks
hardly probable that more than abo,
s7,000,000 can be credited 10 the I'M
during the present fiscal year. =
against q legal requirement of sis. OOn
600. " The Treasu. +, as in 1891.
more gloomy and uore specific. ii
points out that heavy pressure Of leu;
tenders for redemption began in Jul,
1882, that ''gold exports, common
ceasing in July, continued until 81,
temher, while the return shipmenf
usually commencing early in nj
autumn, have not occurred al pli
This, by the way, ut the time wbe
Mckinley was moving triuNulantl
from town TO town, telling enth,lsiasii
Republican audiences of Inc 500 Ot1
600 European goH lin luo,ran
Irnu,kt Lrw,. " ~ NlkA