The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-04-20

The Diseracsfui Financial Record OF the
cleveland Administration.

cleveland Administration.
The Congressional Record of the
Ftfty-thirc congress contains on the
first page Congressman DoclScry's re-
marl<able statement, In which he GU
logizes President Cleveland's payment
OF the public debt under the revenue
received from the republican tariff,
but omits TO make any reference 10 his
increase of the public debt by n demo-
cratic tariff. He states that the bonds
purchased during President Clcveland's
first term amounted to 1888, 07s, $50,
while those purchased under President
Harrison amounted TO $3.50, 003, $50 And
there he stops He does not make any
reference 10 what President Cleveland
has done since democratic tariff was
in force, either actual or prospective,
for IL Is a conceded fact that prospect
of democratic tariff began 10 mako
its effect apparent upon the receipts OF
the treasury within n very short time
after the election of 1892.
The election OF a democratic con-
gress and president In November, 1892,
was followed by rapid reduction In
the receipts of the treasury, the re-
ceipts of the year following falling
$50, 000,0 600 below those of the year just
preceding that election, while those of
he year in which the tariff law was
actually enacted fell sos, 900, 900 below
those of the year prior to the election
OF democratic congress and president.
II Mr.. Doclxery had made his statement
absolutely fair and accurate IL would
have stood about as follows:
Clevcland's reduction of public debt
under republican tariff, S33s, 03e, 500
Cleveland's increase of public debt
under democratic tariff, sl64, 247, ssh.
IL he had carried out the statement
further he would have shown that Mr.
Cleveland's present term had been a
constant violation of an apparently
mandatory law with reference TO the
sinking fund.
The act OF February 25, 1862, estab-
fishing the sinking fund. and which
stands without modification upon tho
statute books, says:
That all duties on imported goods shall be
paid in coin or In notes payable on demand
heretofore authorized 20 be issued and by law
receivable Ia payment OF the public duties
and the coin 50 paid shall be set apart as a
special fund, and shall DO applied rs follows:
(D To the payment IN coin OF tho interest on
the bonds and notes OF tho United States
60 To the purchase or payment OF one per
cont OF tho entire debt OF tho United States
70 DO made within each fiscal year after July.
1852. which Is 20 be set apart rs u sinking fund.
and The Interest OF which shall In like manner
be applied TO the purchase or payment OF tho
public dcbt, as the secretary OF tho treasury
shall from time 10 time direct
90 The residue thereof shall DO paid In the
treasury Of the United States
So it appears from the reading OF this
law that duty OF the secretary of the
treasury is TO first deduct from the
customs receipts enough money 20 pay
interest on the outstanding debt, and
then 10 take from that fund enough Co
pay into the sinking fund per cent.
of the outstanding debt and the full
rate OF interest upon the bonds pur-
chased for a sinking fund, thus paying
TO itself interest upon the bonds which
have been from year 10 year purchased
for u sinking fund. Under this law,
the government has TO set apart about
S47, 900. 900 each year for this purpose.
During President Ilarrison's term
there was set aside much more than
n
President Cleveland's present term.
however. the amount OF bonds pur-
chased for the sinking fund do not
amount 10 n single million of dollars,
while, on the other hand, nc has added
Si04, 0O0, Oo0 90 the public debt The
statement of the secretary of the treas
ury showing the purchase and Tcdcmp-
ton OF bonds or account OF sinking
fund gives the amount, Tor the fiscal
year ending June 20, 1891, NJ less than
$3.50, 900 and for the preceding year n
little more than $500. O0a
On these subjects Mr.. DoclScry Is ST.
lent. lie shows thnt Mr.. Cleveland's
additions to the sinking fund. through
the receipts coming from the rcpub-
lican tariff, were extremely large; that
the addition 20 the sinking fund dur
ing President Harrison's term was far
more than the law would have re-
quired during the four years; but he
does not state the additional fact that
President Cleveland has deliberately
ignored the law which makes IL his
first duty after paying the interest Of
the public debt, TO set aside ST.
OOVOOO, per hnnuul, LOT inc SINK
ing fund, or that in addition to
thus ignoring the law he hns added
sl63, o00,0O to the intcrest-benring
debt, while the new democratic tariff
law, in its first six months, fell nearly
$50, 900, 600 short OF producing sufficient
receipts to meet the current expenses,
aside from its failure % add anything
TO the sinking fund. That is tho meas
ure OF democrats incompetence TO ham
die the national finances properly
Toledo Blade.
what Republicans Vni no.
I, "A roecnt sfoceh senator Frye said.