The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1896-02-14
ADVICE WAS LACKlu i,
Cleveiand's Message Devoid of ~u e.-
on Finance.

O
Finance.
In other messages to congress Pres
ident Cleveland has attempted to adj
wise, as he deemed best. that body to
enact legislation that would provide adj
equate revenue to meet the needs of
the United States government. At the
present time, more than on any other
occasion in Mr.. ClevelaFd's public life
as president, is there an absolute neces-
sity for enhancing our revenues. With
constantly diminishing gold reserve
and dangerous deficit in the govern
ment's collections on imports, the pres
ident gives not one word of suggestion
to the house of representatives, which
is uncovered by the constitution to
originate measures for raising revenue,
for the relief which is so pressingly
necessary. The president has there
fore departed from his usual custom
and from the constitutional duty of the
chief executive officer of the United
States and leaves the whole matter
for congress to investigate and act upon.
This hide-and-seek programme of Mr..
Cleveland has very reasonably occa-
stoned much universal comment and
surprise.
The president very failaciously rea-
sons that the cause of the depleted
treasury reserve and the overflow of
gold lies in the circulation of the green
backs and the treasury notes issued on
account of the provisions of the Sher-
man act of 1890. He very correctly
states that the gold obtained from the
three bond issues during his present
term, amounting to something over
S162,OOO,OOO, has disappeared, and that
the treasury reserve is again reduced
nearly to point where another issue of
bonds will be necessary if relief is not
forthcoming. He, however, erroneous
~ declares that the issue of bonds was
not forced by deficit in the revenue.
And yet, he asserts that, after borrow
ing $162, 100000, there is now only
surplus of $79, S33 900. 1t is plain, then,
that if he had borrowed nothing there
would be an actual deficit of about $751;
100000. 1t is evident, therefore, that if
the revenue of the government had been
sufficient under the tariff, there would
have been no occasion for borrowing
gold by bond issues.
Again the president states that the
greenbacks and silver certificates have
caused the outflow of gold. The green
backs certainly never gave any trouble
or anxiety during a republican admin
istration. There was no rush to the
treasury then to exchange these treas
TRY notes for gold because there was
complete confidence in the govern
ment's ability to redeem it's promises.
During Mr.. Cleveland's first admins
tration there was republican senate to
protect the financial and industrial in
terests of the country, and people then
had confidence in the nations Obliga-
tions. Just as soon, however, as the eX-
ecutive and legislative branches of the
government were turned over to the
democrats, the confidence of the people
was dethroned and troubles came thick
and fast, with no signs of cessation al
together, even at the present time. 1t
is, therefore, very pertinent to ask Mr..
Cleveland why there was no difficulty in
maintaining the treasury reserve dur
ing republican administrations and
why there was so much lack of conf
dence manifest the moment he and his
party took the reins of government into
their hands. Certainly the answer is
not contained in his message to con-
gress nor does he even attempt to eX-
plain it in that voluminous document.
1t is surprising. too, that the presi-
dent is now so considerable of the
amount of our circulating media as to
suggest an increase in the circulation
of national bank notes to supply the
vacuum caused by his proposed retire
Inent of the greenbacks and silver
certificates.
Surely, Mr.. Cleveland has given con-
gress no remedial advice. So far as the
message is concerned, congress is very
much in the dark as to necessary legis-
lation. There is, however, one thing
certain, and that is that THERE MUST
BE MORE REVENUE AND CONSEQUENTLY
NO MORE BOND ISSUES if proper relief is
to be afforded. In the words of Mr..
Cleveland himself: 1T is a condition
and not a theory that confronts u.s."
Even if the president has not proper
conception of the necessity of the hour,
congress has. The responsibility for the
defeat of benefcent legislative enact
ment will rest with Grover Cleveland
and his party supporters.-Albany
Journal.