St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-04
subject of our financial policy, and

Inc president, SAID Mr.. sherman,
"has mistaken the cause of our present
the demand for gold for United
States notes instead Of the de-
ficiency Of revenue caused by
the legislation of the last con-
gress. He places the effect before
the cause. He proposes as a remedy
the conversion of the United States and
treasury notes into interest-bearing
bonds, thus increasing the interest
bearing debt nearly s500,000,o00. He
proposes a line of public policy that will
produce sharp contraction of our cur
rency, adding greatly to the burden of
existlng debts and arrest the progress
OF almost every American Industry
which now competes with foreign pro-
ductions. The only difficulty in the way
OF an easy maintenance of our notes at
par with coin is the fact that during
TINS administration, the revenues of the
government have not been sufficient to
meet the expenditures authorized by
congress. If congress had provided the
necessary revenue, or if the president
and Mr.. Carlisle had refused to expend
appropriations not mandatory in form.
put permissive, SO as to confine expendi-
lures within receipts. they would have
no difficulty with the reserve = This
would have been a stalWart act in har-
mony with the presidents character and
plainly within his power He knew as
well as any one, that since the close of
the civil war, to the date of his inaug-
ufatlon, the expenditures of the govern
nent had been less than it's receipts"
Mr. Sherman read from table show
ing the receipts and expenditures each
year from 1856 to 1893 and continued.
:, VOW, Iof the first time since 1866 we have
aa91nclshcies a9dt les OF revenue. Since the LIST of
march, 1893, to the 1st of December 1896 rho
national debt has been Increased si62 e03 945
The president in his recent annual message
complains that the law of Oct G. 1890 known
as the Mckinley act was inefficient for the
purpose of revenue That law tbouob II
largely reduced taxation by placing many arr
tlcles on the free list and granted bounty
Iof the production of sugar yet did not re-
duce revenues below expenditures. but pro-
vided surplus of $S7 239, 6257 June 30. 1881
ana ~ Sl4 1886 June 80, 1892, and 50 341 647 %
on the Both of June 1893 when Mr. cleveland
was president and Democratic majority in
both houses of congress had been elected all
pledged TO repeal the Mckinley act and to
NOT A SURPRISE.
That the Mckinley act did not produce
more revenue in 1893 and 1894 is not a matter
OF surprise. Any tariff law denounced by the
party IN power, with promise 10 repeal ii
ana TO reduce duties, would prevent importa-
uons under the old law, ana thus lower the
revenue. Early in December, 1S93 at the first
regular session of congress during Mr. CIeye-
land term, bill was formulated and as
soon as practicable, passed the house of rem
resentatiyes. That bill met the hearty an
proval of the president If it had became a
Jaw as originally presented the deficiency In
tne revenue would have been much greater
tnan now, but conservative Democratic SEN
ators, with the aid of Republican senators
greatly greatly improved the house bill, added other
duties, and changed the scope of the measure
With these amendments it became a law
me president expressed his opposition to the
senate amendments, and vet now sunnorte ~
when deficiencies have been greatly increased
when the public debt is increasing. and donhts
are expressed as to the ability of the govern
ment to maintain its notes at par with coin
NO complaint was made that the Mckinley
law was inefficient for the purpose of rev
enue' emu when the Wilson bill was pending
The objection to the Mckinley law was that
1t was protective tariff and the wilson
bill was revenue tariff have a sketch
showing the receipts and expenditures under
each law each month the MCKINLEY bill from
Its passage to the election of Cleveland and
the Wilson law from its passage to Dec. /
lSs5 During the twenty-five months of the
Mckinley law the average monthly surplus
was S1,129, ,S21. During the existence of the
Wilson law the average monthly deficiency
was 81. $685. 6OS., If the Mckinley law was, in
the opinion OF the president, inefficient for
revenue, he should have said of the Wilson
law that it was bounteous in deficiencies
Mr.. sherman entered into compare
tive analysis of the Mckinley and
wilson laws to show that under the
latter we exported in year agricuIt-
ural products valued at $301 SIS, ,SS5.
While during the last year OF Tie Nc
Kinley law we exported similar pro-
ductions valued at $271, 125, ,299 He con-
tinued:
President Cleveland believes in large i'm
portations at the lowest cost, without regard
to the industries and labor of our country
men, while believe in careful discrimina-
tion and the imposition of such duties on ar
hcles that compete with home productions
as will diversity employments and pro-
tect and foster fmpartiality in all industries,
whether OF the farm. workshop, the mine the
forest or the sea. 1 have not been satisfied
with any tariff law made during my public
life, though have shared in framing many.
l prefer law that will impartally protect
and encourage all home industries and re-
gard the Mckinley law as infinitely better
than the Wilson law, which l believe Is the
cause of all the evils which we now encounter,
by adverse balance of trade, by expectation or
gold and arrangement of our monetary sy-
stem''
PERHAPS BOTH.
Mr.. Sherman declared that the dc.
ficiency of revenue was the primary
cause Of the demand for United States
notes, and that the only remedies are