New-York tribune., 1896-04-03
TWO Policies CONTRASTED.

The financial statements for April | show con-
tnued disappointment of the Treasury, ana or
those great reformers who imagined that the
Nation could be benefited by a change or Na-
tional policy. The deficit in March was not near
~ rs great as in some other months-Only Sl233,-
S4J-but ii Is the more discouragng because
surplus was expected TO prepare for the heavy
paymcnts of April, and because the customs re-
ceipts were only S13,344,21G. about S1,6O0OoO
less than last year The Administration has
pursued It's effort to defy and defeat the public
will by continued accumulation and virtual con-
traction OF legal-,endcr notes, the amount on
hand exclusive Of certificates having Increased
S7.0OO.OOO during the month, and it Is now STD
o32 534 The gold reserve is S12S, ,OG3, ,24l-about
S4.70O.O0O more than month ago. "hat Is
called the redemption OF notes amounted in
March to S7s2S.6iO. but as the Administration
hns n trick Of taking In legal tenders where 1t
can and putting out gold instead ana calling
that redemption, 1t is Impossible 10 say what
quantity OF notes was in fact offered In order
TO obtain gold for the purchase Of bonds.
II is a good time to look back little. 1hc
proof of the pudding Is In the eating. and II
Democratic theories about the sufficiency OF
the Republican tariff or ,he wisdom OF Demo
cratic reform have In them any truth. II Will
be shown by comparative statements Of the con-
dliion and receipts Of the Treasury. When Pres
idcnt Harrison came into office. March t. 1889.
In. ln,crest-bearing debt shown March | was
SsjS lOG 22O and the interest thereon S3+..DS.-
iGo. the cash ballnc. being 81 iS.H06,1JS. 4 Re
publican President and Congress. under the Lead
crshp Of Mckinley and Reed In the House, took
matters In hand. and up TO November ]. lS32,
when their operations were stopped by the ad-
verse votes threatening reversal OF the entire
Republican policy, the interest bearing debt had
been reduced by s2I3.07+2oo more than n
third. and the interest charge yearly by 81:
M. .931, or 3J1 per cent, the cash balance being
but little reduced. These the results OF
unlisturbcd Republican rule
From that time Democratic policy. and the
dread Of II which began to smash things before
that party could even begin lis work. have pro-
,uccd different results The interest bearing
debt has been Increased $252.3Il .i20. or 433
per cent The interest charge has been Increased
81 .O364I4. or 40 per cent. This wanton mort
gaglng OF the earnings and industries Of the
people for many years 10 come has resulted In
an Increase Of S140.63O,341 In the amount Of
money held idle in the Treasury Of which. ms
above shown. more than half IL In the form OF
grcenbacks. which the Administration is pas
s!onatcy anxious To retire in order TO make
more room for expansion OF circulation by banks
The figures may he more intelligiblc and VIII
certainly be worth preserving. II stated in tabu
lar form. For purposes Of comparison the
corresponding figures are given for several in
tcrmcdiaic datcs-for October /. 1890 the Me-
Kinlcy act going into effect October .; for Febr7l
ary !. 1894 the date Of the first secret bargain
to sell bonds through n syndicate. and for Sep
tember !. 1894. five days after the Democratic
tariff went into effect: