Pine Bluff daily graphic., 1895-06-02

oi March, 1889, the government had an ample revenue for all purposes; the free gold in the treasury amounted to S106, ,6Se.61 agriculture, manufac- tnres and commerce were in a reason. ably healthy and prosperous condition, and the prospect for the continuance of fairly active business era was appa- rentiy es good as 1t had been for many years. During the four years oi Mir CleSe- lands administration the sum os &341,- 4dS, ,44e was paid on the public debt, and at it's close there was left in the treasury a balance of S830. 34S, ,916, in- eluding thc gold reserve This vast sum had been accumulated by taxation upon the people, and they had right to ex. poet that it would be faithfully applied to tho eatinguishment of the public debt and to the payment of the necessary expsnGes of the government without waste oR extTavagance, but it requires Q very briet statement of the results of preaident Harrison's administration to show how these just expectations
 werB Disappointed Vines hia adminis- ttAteuz closed on the 4th of March, i6e3,sand & democratic administration came in again the cash balance in the treasury had dwlndled down to S162.. aB0,b7T, including the gold reserve, or S62. .450, ,n77, exclusive of the reserve notwithstanding the payments upon the public debt during his term amount cd 10 $105, 900, 900 lesa than tho pay ments made during the preceding four years. 1n addition to the actual receipts of the government which were very large. congress, by a law passed in 1890, tnrasd Into tue treasury, as part of Shs general assets to be used for public purposes a trust fund amounting to
 R ore tban g54 900 900, which belong cd Co the national hanks and had ab
 w2ys been held for the redemption ot theiE notes, and this fund, or what wac left of f., helped to swOll the balance at ths close of the administration.
 THE PUBLIC MONEY WASTED.
 "There came with President Harrison q republican congress, and for the first two years of this administration that party had absolute control Ia both branches of tho legislative department as " ell as In the executive, and was, therefore, wholly responsibiefOr the gov einmsnt of the country. That congress- will be distinguished in history for three things only: First, tho enactment 0i the law of July II, 1890, providing for the purchase of i, 500.0 000 ounces Of silver bullion each month ana tho issue of legal tender treasury notss to pay for 1t; sec ondiy, the passage of the so-ealled Me- Giniey tariff act. which largely increased taxation upon the people and at the Hh me time diminished tho revenues of she government; and, shirdly, the inaugurH- ,,sA 1 RoFY Y,l eant system of public expenditures that ever existed in this country in time of peace, the evil effects of which must con tinue to be felt for years to come. The result Of this legislation and Of the gen oral policy of th8 republican adminis. tration as that, when the dem oeratie party secured possession Of the executive poweF for the second time, 1t found the hnancial affairs of the government iR most unsatisfactory and precarious con- ditionsand rapidly growing worse. The revenues had been greatly diminished and the current expenditures had been enor- mousiy increased by the passage of laws making permanent and other appropri- stions w hieh the treasury Wae bound 10 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 I54 tons per
 month; dlstFust of our ability under the | circumstances to meet the obligations Of the government and maintain the parity of the two metals prevailed and was in. creasing in all the great financial centers at home and abroad, in consequence of which geld 10 the amount of moro than | $36, 5oO eco had beon withdrawn from 1 the treasury and Nhipped to other couH- l tries darng the three months just preced- ing she inauguration of the new admin | istFatIon, and not u dollar had been brought in; in short, unwise Legislation had already produced it's inevitable re- l euitR, and whatever criticism the impa- tient spirit of a disappointed. restless people may have prompted them to make upon the present administration, l ana sure impartial history will place the res ponsibiiity for what has occurred where 1t properly belongs. and am willing to | wait until 1t Is written. It must not be understood from this that l am not ready atsall times to yindieate the legak 1 ity the Justice and the good policy of the | course pursued by the present admins. txation in its tfforts to maintain the credit and honor of the government, in. spire confidence among the holders of it's obljg ationa and preserve the sta ahility | and value of the various kinds of eur. rency in the hands of the people; but the present and future are far more impor. tant than the past, and my time can t@ moro profitably beemployed on this oeea. sion i'll discussing the questions now
 pending than in reviewing transactions already closed.
 THE MOST IMPORTANT IssUE.
 Whether We shall continue to preserve CUP existing monetary system, under
 hich all the dollars in use, W neither they
 bs gold, silver or paper, possess equal purchasing power in the markets, or pre- vide by law for the free and unlimited eoinage of silver dollars containing k12 1-2 grains of standard silver and
 m ake them the units and measures of
 value in the exchange of comm odities and in the payment of debts is by far the m ost important question that has heep preheu ted for tho consideration os