Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-09-25
EPUBLlCAN ILLUSIONS ABOUT
1900

=
1892.
THE following appears, with the above
aiding, as an editorial in a recent issue
the Boston Herald, now strong sup
brter of Mr.. Mckinley:
The republican candidate for vice
resident, in accepting his nomination,
Is written a letter which, In so far as
refers to the currency question, leaves
bthing to be desired. 1t is clear and
rcble IN statement, and is convincing
hd comprehensive in treatment. But
dealing with questions of revenue and
Expenditure and the relations to these
recent tariff legislation, Mr.. Hobart
hntures beyond his depth ana makes
pine palpable blunders which, in the
terest of the truth of history, it may
we'll to correct. Mr.. Hobart echoes
he opinion IF Mr.. Depew and eX-Presi-
ent Harrison that in 1892 we had, by
Universal consent, touched the high
alter mark of our national prosperity,
nd that all our subsequent ills have
pine from the repeal of ~ tariff framed
reput lican hands under the direction
{ the great statesman who now log
allv leads the contest for a restoration
Paralysis to so many of our industries
nd distress upon so large body of our
eople."
i TO understand how misleading is Mr..
Tobart's point of view it is necessary
recall the figures of the national rev.
nues for the three years preceding the
assage of the Mckinley act For the
seal year ending June 30, 1888. the
evenues of the government were SILL
41.273 in excess of its expenditures.
or the fiscal year 1889 the revenues
we're SS7, 7Gl $50 in excess of the eX-
|endItures. For the fiscal year 1890
he revenues were $S5,0l0,27l in excess
! f the expenditures. The Mckinley
'ariff act took effect on the lst day of
October, 1890, and during the fiscal wear
. S01 the revenues were &26.S3S,54l in
Xcess of the expenditures. During the
. seal year 1892 the revenues were So
4,4j3 in excess of the expenditures.
For the fiscal year 1893 the revenues
we're $2,3ll ,G74 in excess of the eXpendi-
ures. For the fiscal year 1891 the
Expenditures exceeded the revenues to
he amount of $50, SOB ,2G0, notwith-
landing the fact that the expenditures
Ipf the government were SlG,752,G16 less
han in the preceding year. The Nc
|inley bill was in force during the
Whole of the fiscal year 1894.
It will be perceived thar the whole
period of the operation Of the Mckinley
ariff act was one of Il rapidly diminish
/ ng and finally disappearing surplus. 1t
: true that the tendency of lower duties
largely accounted for the diminution of
customs revenue in 1891, but the fact
remains that the Mckinley act would, if
] eft to itself, have proved inadequate TO
keep the revenues of the government
Equal to the expenditures, Mr.. Hobart
compares the receipts Of the first two
years of the Mckinley act with those of
the first two years of the Wilson act, to
|the disadvantage of the latter, but he
makes mistake of over Sll 100000 in
the comparison. The first two years of
the operation of the Mckinley act ended
ION Dec. 30, 1892, and the customs revenue
for that period amuntcd to S372, G33 ,2l1.
The first two years of the operation OF
the Wilson act ended Aug. 81, 1896, and
1.-THE customs revenue for that period
amounted to S3l5.4l9,9S3. Here is d
difference of over $57 600, 900, instead Of
lover $6S, 900, 900, in favor of the Mckin
ley act, but no account is taken of the
addition made by the Wilson act to in
ternal revenue taxes, whose proceeds arr
|only beginning to be fully realized.
As to the condition of the treasury a
the beginning of the Harrison admins
tration, on March l, 1889, and at its close
on March l, 1893, Republican authorities
are discreetly silent. Exclusive of TIT
500, 900 gold reserve, President Har
rison found in the treasury on agenc.
account SCI SOP ,44j, and net cash bal
ance of SlG5. S46,47l, a total of available
funds amounting to S230, }4S, GIG. y
the close of the administration the avail
able funds in the treasury had diminishe,
so that on agency account there was lef
only $3S, 3G5 ,S33, and net cash balanc
of S24,0S4.74 or S62, 4j0,51 in all
There had thus been dimiuutiOn of tn
treasury balance in four years of abOu
Sl6S, 600. 900. In addition to the ordinar
revenues received during President Han
rsOn's administration, there was coy
cred into the treasury S54 POI $40 whic
mad been held IN trust under the law as
fund for the redemption OF national ban
notes. 1T seems hardly correct to call
financial record like this 1.-THE high waite
mark of Oul national prosperity"