New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-27
BOND PAYMENTS HERE.
AMOUNTS RECEIVED AT THE SUB
TREASURY.
THE TOTAL. INCLUDING PREMIUM AND INTEREST
s53 400 $50 72-MR. GIBSON COMPARES The
HARRISON AND CLEVELAND

THE TOTAL. INCLUDING PREMIUM AND i1'A
.sa Aaoo $50 7o-MR GIBSON COMPARES THE
HARRISON AND CLEVELAND
ADMINISTRATIONS.
A statement prepared by Deputy Assistant
,.H,,od Stotos Treasurer NJ L. Muhleman shows
~. navments at the New-York Sub-Treasury on
account OF the new issue of Government bonds 10
have besn as follows up to the opening OF business
yesterday:
Principal 9 9ls 900 400 20 20
Premium e3,a47 30
Total .so9' 4-o'o"' -
Bv these figures there still payaoIe d, ''e
New-York Sub-Treasury $2.'-to" OF pi''O''a' va
which the premium was sl,io6'hl 90
The hanks des.gnated to act as Government ue
nostorIes have received s26,cCO000 on bond account
OF which $4,000 has been delivered 10 the ""D
Treasury. 1t appears that OF the eH'"e i'' %
slCOGc0O0O Of bonds, over 80 per cent "eic '"N'
in New-York Deposits Of gold at the Sup-ireas-
ury yesterday In payment for bohdS were ''V''' '
Withdrawals Of gold were 100000
George Rutledge Gibson yesterday poiired out
the change in the National financial situation De-
tween the Harrison and Cleveland Administrations
He said
I'm the summer and autumn Of 1891 the Govern
ment OF the United States under Mr.. Harrison
Administration, offered to the holders OF s''V"'V"
Az per bonds the caSn or new coi ""'''
bearing 2 per cent The holders OF s2j,0NVD TOOK
the gold the holders OF the other SS.CC0VO TOOK
the new per cents, redeemable at the pleasure or
the Government. This was the height OF our Ma
tional credit, and no other Government ever De
fore was able 10 negotiate loan az such a 10"
rate These bonds were accepted at par in Ocio-
ber and by November % sold al iO This was
triumph which shames the credit OF our safes OF
s2G2 100000 bonds within the last two years at
hon
United States able to sell S2jC00.oo OF Its 2
per cents at par. British consuls bearing pa per
cent selling at 9i7s095 Now our per cents
without a market. nomnally about So. and the
British consos up to lO9is SELLING AZ 10 within
a week pasO. Bear In mind that the highest credit
ever had was in the autumn Of 1891, when green
backs were in circulation and our entire currency
system was just as It is now. except that then sill
yer money being added to circulation
under the Sherman law. which not repealed
until two years thereafter.
Now. OF the reasons for the injury to our
National credit is the persistent deficits in our
revenue since Mr.. Cevelands accession to power.
Prior TO the fiscal year ending June So 1894. under
the operation of the Mckinley law and It's prede-
cessors. the revenue Of the Government always.
and generally largely. in excess Of disbursements.
but I'm the fiscal year 1894, In consequence Of the cx
pectaiion OF lowered duties and the final passage OF
the Wilson bill. there was Treasury deficit of about
seventy millions: in the fiscal year ending June 81.
year ending next June is estimated at thirty mil
lions. In other words. the expenses OF the Govern
ment within the three years Of Mr.. Cleveland's Adj
minis'ratIOn have been over hundred and nfty
millions greater than the revenue. and yet Mr..
Cleveland with stolld face rather than admit the
defects OF our revenue laws. insists that he wants
no more revenue, Indeed if he had had his way
and the Wilson b.! had stood as II came from the
Democratic House. without higher arin amend
men' in the Senate. the deficit would have been
vastly larger MIR. Cleveland. posing rs the de-
termIned friend OF sound money. gets great deal
OF unthinking applause from its friends because ne
goes selling bonds ostensi5ly maintain gold
demption Those who approve his course in preserv-
ing the gold fund most people do should not for
get that IN doing he DISCUSSES the fact that he
has been using $jO.000000 OF the proceeds Of such
bond sales meet the defc.' in the Treasury Tha;
is Juggling with the facts. II Is using a cloak u
sound money virtue TO up the vice of his
revenue system. He writes messages TO Congress
urging them 10 reform the currency 50 that he can
more easily maintain gold redemption. but at the
time he refuses to assist or ask his partisan
friends to assist In passing an emergency tariff meas
ure the only practical relief in sight for the Treas
ury 20 stop these deficits He ia than that. as
neither he nor his Secretary asks for revenue.
II ia not only humbug for the Administration to
thus use FOR current expenditures the proceeds OF
bonds sold under the Resumption act. but II also
leaves open the credit OF the United States as q
going concern.