The Coconino weekly sun., 1896-01-30
ir.s PEOPLES LOAN,
Many Millions Borrowed by the Incom-
 potent Democrats.

l petont Democrats.
 Tho midnight call issued by Mir.
 Cleveland and his treasury secretary
 for n popular loan of $lOO,OOO, ,OOO, to
 replenish q treasury depleted by demo-
 cratic extravaganza and inefficiency,
 has surprised the country. It was be-
 lieved that Mir. Cleveland would make
 another secret deal with J. Pierpont
 Morgan and other friends of his former
 law partrer, MT. Francis Lynde Stet-
 son. But congress and the press of the
 country showed such hostility to an-
 other iniguitous bond deal that it
 alarmed Cleveland and Carlisle. It
 was therefore determined to make the
 loan what Is called popular loan,"
 although the administration has not
 the remotcst idea that it will be q sue
 cess. It is believed in administration
 circles, and very generally in financial
 circles, that the popular loan" will
 fail, and that the bonds will be again
 scooped in by MT. Pierpont Morgan and
 his foreign associates.
 l SlOulu UIlc CttSc IS ul-
 most inevitable. The people generally
 are not familiar with the conditions of
 subscribing for bonds, while the bank
 ing syndicate is. It is difficult to make
 clear to the masses of the people that
 -four per cent. bond" does not mean bond bringing them in four per cent.
 net. Then, too, they are unfamiliar with the method of subscribing. Thousands of persons with q good knowledge of business would not know how to subscribe for the proposed gov crnment bonds.
 A further reason why this loan will not be success as q popular loan is 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- ductive 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 is because q stubborn president and visionary political party have chosen to reduce its tariff duties below living level. They know that Mir. Cleveland and his administra- lion have borrowed in the last IS months Sl62,3l5,4 400. They know that they paid to a syndicate of Shylocks five per cent. interest on $l00,000,00O of that arnount. They know that this loan was restricted to this syndicate of Shylorks. They know that the pres cnt "poprlar 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 q great, rich, and prosperous country driven to borrowing money from foreign bank CTS at usuIous rates of interest in a time of profound peace, it will not be strange if the people of the United States fai! to respond to this popular loan."
 This issue of bonds will make S262.- 100000 borrowed in year and half by the present democratic administra- tion--over quarter of billion of dol lars. All of this has been borrowed rcedlessly, in the opinion of the people. They believe that borrowing these mil lions would have been unnecessary the government had been properly and 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. Mir. Cleveland has been borrowing | these enormous sums, without the con sent or approval of congress. There never was q time in the history of the | United States when such power was given to one man. The power which | Mir. Cleveland claims is greater and more arbitrary than that of any con- stitutional sovereign in the known | world. The only civilized sovereign | who can borrow money without the consent of his people is the czar of l Russia. If there is anything that is in our system of govern ment, it is that the people shall con- trol the expenditure of money raised by them by t3xation. It was for the popular will in this re- gard Charles 1. lost his throne and his head. This is the first time fin 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 is of. Only the patience and the patriotism of the American people impel them to submit, knowing that it is not many months before this in iquitous administration must come to an end.--San Francisco Argonaut.
 Democratic MIsmana gemenf.