The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1895-06-07
a FLAT FAILURE.
The Disgrae.ful financial Record Of thS
Cleveland Administration.

first page Congressman Dnckery's re-
markabIe statement, in which he eu-
logizcs President cleyeland's payment
Of the public debt under the revenue
received from the republican tariff,
but olnits TO make any reference to his
increase Of the public debt by q demo
cratic tariff. He states that the bonds
purchased during President Cleveland's
first term amounted TO s3ss, 07I, $50,
while those purchased under President
Harrison amounted to s25D, COS, $50 And
there lie stops lie does not make any
reference to what President Cleveland
has done since q democratic tariff was
~ force, either actual or prospective,
for II Is a conceded fact that prospect
Of democratic tariff began 10 make
its effect apparent upon the receipts OF
the treasury within 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 tho year following falling
s3Q,0DO,000 below those Of the year Just
preceding that election, while those OF
the year in which the tariff law was
actually enacted fell sG5,OO0, 600 below
those Of the year prior to the election
OF a democratic congress and president.
II Mr.. DOcEery had made his statement
absolutely fair and accurate IL would
have stood Gbout as follows:
Cleveland's reduction of public debt
under republican tariff, S33s, O4a, $50.
Cleveland's increase of public debt
under democratic tariff, Si64,2Izs5i.
II he had carried ont the statement
further he would have shown that Mr..
Cleveland's present term had been
constant violation Of an apparently
mandatory law with reference TO the
sinking fund.
The act OF February %. 1862, estab.
fishing the sinking fund, and which
stands without modification upon the
statute books, says:
That all duties on imported goods shall be
paid In coin or in notes payable on demand
heretofore authorized 70 be issued and by law
receivable In payment OF tho public duties,
and the coin SO paid shall be Set apart Us .
special fund, and shall be applied US follows:
~ 10 the payment in coin OF the interest on
the bonds and notes of the United States
W 10 the purchase or payment Of one per
cent, of the entlre debt OF the United States
TO he made within each fiscal year after July.
1862, which is to he set apart rs IL sinking fund,
and the interest Of which shall In like manner
be applied TO the purchase or payment OF tho
pablsc debt. as the secretary OF the treasury
shall from timeto time direct.
tsD The %eSidue thereof shall be paid In the
treasury OF the United States
SO 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 To paw
interest on the outstanding debt, and
then To take from that fund enough to
pay into the sinking fund per cent.
of the outstanding debt and the full
rate OF interest upon the bonds pur-
chased for sinking fund, thus paying
10 itself interest upon the bonds which
have been from yearto year purchased
for a sinking fund. Under this law.
the government has 10 set apart about
S4I, 100000 each year for this purpose.
During President Harrison's term
there was set aside much more than
an average ofs47, 900, 900 a year. Under
President Cleyeland's present term.
however the amount of bonds pur-
chased for the sinking fund do not
amount TO a single million of dollars,
while, on the other hand, he has added
Sl64, 0O000O Ia the public debt. The
statement of the secretary of the treas
ury showing the purchase and redemp-
tion of bonds on account of sinking
fund gives the mnoant. for the fiscal
year ending June 20, 1914, Mt less than
$3.50, 900 and for the preceding year "a
little more than SSOO,0OD
On these subjects MIR. Dockery Is ST.
lent. lie shows that Mr.. Cleveland's
additions to the sinking fund. through
the receipts coming from the repub-
lican tariff, were extremely large: that
the addition to the sinking fund dur
ing President lIarrison's term was far
more than the law would have re-
CURED during the four years; but he
does not state the additional fact that
President Cleveland has deliberately
ignored the law which makes it his
first duty after paying the interest of
the public debt, 10 set aside $47.-
100000, per aunUm, for the sink,
ing fund, or that in addition 10
thus ignoring the law lie has added
Sl63,WO,0o0 to the Understanding
debt. while the new democratic tariff
law, in its first SIX months, fell nearly
S!0O00, 900 short OF producing sufficient
receipts to meet the current expenses,
aside from its failure to add anything
I" the sinking fund. That is the meas.
IRE of democratic incompetence 10 han
die the national finances property
Toledo blade.
What Renubllcanx wan No