Omaha daily bee., 1895-12-20
FiLLiCIES EXPOSED.

| The speech delivered by Mr.. Grow
of Pennsylvania in the house of repre-
sentatives on the presidents message
was II very clear exposure of the falla
cies of that document and applies
equally well to The report of the secre-
tary of the treasury. which, so far as
| the currency is concerned. is regarded
as simply an echo of Mr.. Cleveland's
views.
In regard to the assertion of the presi-
| dent that the republican tariff system
was inefficient for the purpose of rev
enue, Mr.. Grow presented statistics
showing that throughout the entire
period during which that system was
in operation, after the war, down to the
time the democratic party came into
power. the revenue of the government
| exceeded expenditures. The period
from 1880 to 1899 was one of unex-
of material prosperity and the growth
of industries. the receipts into the treas
ury for these thirteen fiscal years from
the ordinary sources of revenue over
and above expenditures amounting to
more than S1.100000.000. while the ex-
ports of merchandise exceeded the i'm
ports more than S1.10O,O0O,O00. In that
period, with the balance of trade all
The time in favor of the United States,
the importation on gold in excess of its
export was S96,00O,O0O, and the gold
in the treasury every year exceeded the
S1OO,O0O.O00 reserve and all gold GER
tificates issued, the average excess for
the years 1883, 1889 and 1890 being
over $0O.OOO0OO. In this period the
manufacturing industries of the coun-
try more than doubled in the capital
invested and the amount paid to labor,
while the value of the products of these
industries almost doubled. AS to the
statement of the president that the pro-
tective system impeded our entrance
into the markets of the world, it is
shown that the foreign commerce of
the country expanded from 81 800. .00O.-
900 in 1880 to 81 ,S57 10000 in 1892. the
largest of any year in our history.
though 1891 was not far behind. thus
showing that there was no trouble in
under republican tariffs. while under
the present democratic tariff we are
steadily losing ground in those mar
kets and surrendering our own market
the greatest of all, to the foreign manu-
facturers and producers.
With regard to the recommendation
Of the president that greenbacks be re-
N,. Il I,n -
that this or any succeeding con-
gress, unless it should be Overwhelm-
ingly democratic, will retire what is
known as the greenbacks into an in
terest-bearing debt. I'VE have substan-
TALLY the same currency today that has
existed for years past" said the vet
eran Pennsylvania representative, "and
so long as the receipts exceeded eX-
penditures no Inconvenience or serious
trouble was experienced" He de-
clnred that the "endless chain" we hear
so much about began with what np-
pears to be an endless deficit and ii
will continue until the revenues of the
government exceed its expenditures
when that is the case why should
tnere De any more trouble than there
was for fifteen years before? Our
paper money, substantially as we have
it today, was no trouble to the treasury
Of the United States during the time
the republican party controlled it's ad-
ministration. 1t only began with this
new system introduced with the in
coming of this administrations
Mr. Grow is a representative repub-
lican and what he said may safely 'be |
accepted as an assurance that the cur
rency plan of the president will receive |
no consideration from the present con
gress. The practically unanimous judg- |
ment of the republicans in congress evi- |
IDENTIFY Is that the true and only remedy !
for the difficulties of the treasury Is to |
be found in providing sufficient reve- |
nue. to at least balance expenditures |
and it Is reasonable TO expect that they
Will act upon this conviction by fOrmu-
lating measures for raising additional
revenue. 1t is absolutely certain that
could the people be given an opportunity
at this time to pass Judgment OH the
plan of the administration it
would be overwhelmingly rejected.