The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-03-29
DEMOCRATIC BIuNDEns.


may be pardoned for thinking that 1
makes very little difference whom
their party dominates in view of tn,
uaequaled record for stupidity an6
folly which it has made in the pas
three years. An increase of over $780,
100000 in the principal and interest OF
the public debt during thirty-siz
months of profound peace is a burden
and may well stagger any party. The
paralysis of American industries and
the wholesale lowering of American
wages caused by Democratic tariff
wrecking furnish an argument for Re
publicanism that is irresistible"
The Democratic party, or rather
those officers whom it charged with
conducting the affairs of the govern
ment, are guilty of some laundering
but not one of the counts in the in
dictnent brought by the Advertiser
can be made to stand against the
party
1t is true that the bonded indebted
ness of the government has been in
creased by s262, 100000 under the pres
ent administration; and that principal,
with the interest that will have been
paid by the time the bonds fall due,
will amount in round numbers to the
$500, 100000 spoken of by the Adver-
tiser.
But this is not because of the opera
ton of any Democratic doctrine, or
because of following any distinctly
Democratic policy. This evil befell
the country by reason of a Democrat
ic administration adopting a Repub-
lfoan financial policy. The result
would have been substantially the
same had the Republican party re-
manned in power, only the bonded in
debtedness beyond the peradventure
of a doubt would have been greater.
1t is useless for Republicans to claim
that had they remained in power the
Mckinley bill would have remained on
the statute books and the revenues
Of the government would have been
SO abundant that there would have
been no need of issuing bonds. The
bonds that have been issued by the
Cleveland administration at no time
have been issued to meet deficits in
the treasury. Bonds were issued to
keep intact the 500 000, 900 gold reserve
of the treasury; and the only reason
why Democrats did that instead of Re
publicans was because the Democrats
were in power.
It was a Republican secretary of the
treasury that first persisted in redeem
ing United States notes and treasury
notes in gold at the option of the
holder of them, instead of in coin,
that is, gold or silver. at the option of
the government as provided in the law;
and thus made it possible to raid the
treasury of its gold. The worst that
can be said of tn Democrtic admins
tration-and that is bad enough in all
conscience-is that it followed this evil
Republican example. Hence the ac-
of the bonded indebtedness.
Again we say it will not do for our
Republican friends to claim that had
the Mckinley law remained in force a
constantly increasing surplus would
have obviated all necessity for a bond
issue. AS a matter of fact the pur-
pose of the Mckinley bill was enacted
to reduce the revenue, and most
effectually did it accomplish that pur-
pose, though i. did not reduce the
taxes of the people, but on the contrary
increased them; it changed the receiver
thereof, that was all-they covered into
the pockets of individuals following
favored lines of industry, instead of
into the treasury of the government.
From a surplus of lightweight mil
lion dollars in 1889, the year preceding
the enactment of the Mckinley law,
the revenues steadily declined each
year and the expenses so increased
under Republican rule that in the last
year of the Mckinley law the expenses
of the government exceeded the
revenue by seventy millions in round
numbers, so that deficits under Re-
publican rule would unquestionably
have been much greater than under
Democratic administration; and as the
same policy as to redeeming United
States and treasury notes would have
been the same, the bonded indebted
ness would have been greater had the
Republicans remained in power.
AS to 1.-The paralysis of American in
dustries and the wholesale lowering of
American wages caused by Democratic
tariff wrecking is just one word
that characterizes properly that kind of
talk, it is the good, round, old Eng
Iish word humbug." or the shorter.
but equally expressive American word
rot" The paralysis that came to
American industries and the consequent