The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-02-01

The midnight call issued By Mr..
Cleveland and his treasury secretary
for a popular loan of 500. 1000. 900, to
replenish treasury depleted by demo
cratic extravaganza and inefiiciency.
has surprised the country. IL was be-
lieved that Mr.. Cleveland would make
another secret deal with j. Pierpont
Morgan and other friends of his former
law partner. Mr.. Francis Lynde Stet-
eon- But congress and the press of the
country showed such hostility TO an
other UBIQUITOUS bond deal that II
alarmed Cleveland and Carlisle. IL
was therefore determined 10 make the
loan what Is called popular loan."
although the administration has not
the rcmotcst idea that IL viii be sue
cess. 1t Is believed In administration
circles. and very generally In financial
circles. that the popular loan" will
fail, and TINT the bonds will be again
scooped In by Mr.. PierpontMorga and
his foreign associates.
That this should be the case Is al
most inevitable. The people generally
nre not familiar with the conditions Of
subscribing for bonds. while the bank
ing syndicate Is. IL is difficult to make
clear 10 the masses OF the people that
-four per cent. bond" docs not mean
bond bringing them in four per cent.
net. Then. too, they are unfamiliar
with the method of subscribing
Thousands of persons with a good
knowledge Of business would not know
how TO subscribe for the proposed gov
eminent bonds.
A further reason why this loan will
not DO a success as a popular loan IL be-
cause the people of this country do not
believe that the government should be
borrowing money. They know that
It's lack OF funds is due TO an unpro-
dnctive tariff. They know that the
revenues OF the country are not equal
to the expenditures. They know that
the reason the revenues do not equal
Its expenditures Ia because stubborn
president and a visionary political
party have chosen to reduce it's tariff
duties below living level. They know
that Mr.. Cleveland and his administra-
lion have borrowed In the last Is
months S162.3l5.4o0. They know that
they paid to syndicate of Shylocks
five per cent, interest on S100.000.o00
Of that arnount. They know that this
loan was restricted to this syndicate
of ShyloclSs. They know tnat the pres
emit popular loan" is scheduled at four
per cent instead of five. They know
that the credit of this country is as
high as that of any country in the world
or was, under republican rule.
Therefore. with all these facts before
them, and with the spectacle OF a great,
rich, and prosperous country driven TO
borrowing money from foreign bank
crs at usunous rates Of interest In
time OF profound peace, IL will not be
strange IL the people OF the United
States fail TO respond to this popular
loan"
This issue of bonds will make S262,-
100000 borrowed In year and a half
by the present democratic adminIstra-
tion--oyer 4 quarter of q billion of dol
lars. All of This has been borrowed
ncedlessly, in the opinion of the people.
They believe that borrowing these mill
lIonswould have been unnecessarily the
government had been properly aud eco
nomically conducted. These millions
have been borrowed, in the belief Of
many, without due warrant OF law.
Under an old statute, which has been
strained almost to the point Of break
ing. Mr.. Cleveland has been borrowing
these enormous sums, without the con-
sent or approval OF congress. There
never was n time in the history Of the
United States when such power was
given to one man. The power which
Mr.. Cleveland claims il greater and
more arbitrary than that of any con-
stitntioual sovereign i'm the known
world. The only civilized sovereign
who can borrow money without the
consent OF his people Is the ear of
Russia. IL there Is anything that Is
Fundamental in our system of govern
ment, il Is that the people shall con-
troll the expenditure of money raised
by them by taxation. IL was for
thwarting the popular will in this re-
and his head. This Is the first
time in the history of the American
people that it's constitutional head has
adopted unconstitutional means of car
rying on the government. That free
people submits TO such usurpation In
unheard Of. Only the patience and
the patriotism of the American people
impel them to submit. knowing that II
Is not many months before this i'm
iquitous administration must come 90