The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-31
HE IcSoRKs THE Cause.

A Pacific coast exchange. in which
diffidenoe is certainly not an ohtrusive
character, declares that the recent
special message 30 congress was the
one originally prepared by Cleveland
in his Il. o00-word annual proruncia-
mento. and that at the last moment
the Carlisle plan and its Endorsement
were substituted In Difference to the
state bank idea and advocates. The
newspaper referred to goes further,
and says It knew It all the time. 1t
certainly has urged all along and does
still that the only way to save the
credit OF this government Is to plunge
1t deeper into debt. This Is the latest
administration programme stripped OF
all verbiage.
President Cleveland and his secre-
tary have had distinct purpose In
the currency agitation. That purpose
has been to hoodwink the people into
the belief that, all the troubles OF the
treasury grew out Of the currency ques-
ton, and that the enormous and con-
tinuing deficit in the revenues had
little or nothing to do with It. It Is
very evident that their plan has failed
utterly; that most Of the people and
the majority Of congress do not see Vt
In that hight. They first demand that
the revenue be adjusted to meet ex-
penses. then, II it be shown that cur
rency reform Is indispensable, It win
be in order to attend to It.
The whole onus of the present treas
ry trouble Is sought to be placed by
the administration on the greenbacks
and treasury notes. 1t Is said that they
act as an endless chain to draw the
gold from the treasury. This Is prac-
tically true. but 1t is noticeable that the
chain only commenced to work regular
~ when the deficit In revenue began.
Under such condition ft is obvious
that the greenbacks cannot rest. No
sooner do they come into the treasury
by redemption of gold than they are
Immediately paid out again. They
cannot remain. for there is no surplus.
nor any other money available to meet
expenses. IL the revenue were ample
these redeemed Ereenbacks would stay
in the treasury. because there would be
surplus exactly equal to the amount
redeemed. or course. being in the treas
ury. they could not be again utilized to
drain the gold reserve.
The president has merely tried once
more TO fool the people. He stubborn
IL ignores tirs 1Sazf cause OF distress.
viz: First. the threat and then the
actual assault upon the revenue by
the Democratic party In the Havemeyer
bill. Mr.. Reed. In the debate on Tues.
day. illustrates this point with his usual
clearness OF expression as follows:
when" said he. "this administration
came into power there was s1o7. 900 o.o
in the treasury in god. That was the
surplus. Since then the administration
has borrowed 1900 900. making In
all s224. 100000. Suppose the revenues
had equaled the expenditures and the
gold had been paid OUT. there would be
In the place OF god the equivalent in
greenbaeks. That is tins ss....ssatlon IN a
nutshell. II this had occurred no one
would have asked that the greenbacks
should be retired from circulation."
Mr.. Cleveland IN his message de-
ciares that there Is a comfortable sn~-
plus OF S6s 200. 600 In the treasury. He
does not add-what Is the fact--that
every dollar OF that surplus wss OBJ
tanned by borrowing instead OF besnr
derived from tariff and other sources ot
legitimate revenue. He does not state
which Is also the truth--that the differ
ence heween this sls. ooo,o 600 now IN the
treasury available Tor current expend,-
lures and the see4ooO.ce0 which Mr..
Reed shows would have been there sn
currency under a revenue system as
Justei 20 meet expenses, represents
very closely the aefica. IN reyesss,e DUR
ing HIS administration thus far. OF
course u Is impossible 10 keep geld or
any other sort OF money n hand IL Il
aees not como into she treasury in an
asSsspan, equal 10 the demand upon IL.
Were there IN the treasury today the
total aTnoslat az greeabaeks ard treas
ary notes exchanged Ter gold sirse
Cleveland look his Office. does any o,e
imagine thar the reserve fund would be
ingeFsleaF Nearly half the aeS:tima,e
demands against Il would be I'm pcs
session % the government. But SO
hong as every reteeuaafse note must be
ennsessSaeaiy paid csst again 20 meet a
deficit OF revenue. just 81 long will
there be juggling with the gold reserve.
The ssassesiy--the ftrss business OF con-
rress-ss chvScus. Increase the rev.
enae. TIE FIRST bill tina. Mr. Cleveland
will nnd on hss table after the Hepsh-
leans come trio y>cwer VIII be enc de-
sssei ard passed so- tha. especial par
rsSe. Until such legislation l. had al
TAX OF remedies b. borrowing is fruit
lass.
Suppose theirs wcfs no sreAsury notes
o. s-ceneacgs outstanding. Suppose
they had al hecn called and can
celse~S hy F=uceeds OF szsch hoad issue
rs Cleveland asks se~. How long would
BIS '-csnfnvzahse ssssrsax'' % -. 90. $40
sAss 4fsst y -~sss.sss-~ sfssssss - 81 eesz a.