The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-07
THURSDAY. OCTOBER. 7. 1897.
THE REPUBLICANS MAKING A FAIL
TIRE

During the last administration of Grover
Cleveland the Governments revenues
were insufficient for the expenses of the
Government which caused a large de-
fciency each year. Mr.. Cleveland met
that deficiency thus. The agitation for
free silver alarmed the world with fear
that II might prevail in this country, and
cause all American obligations to be paid
in silver dollars, worth no more than half
dollars. The world, therefore, commenced
sending TO America the American securi-
ties of all kinds that 1t had and selling
them here. The sellers required gold for
their securities thus sold, and the brokers
who sold them would get greenbacks for
them. and would present these green
backs 10 the Treasury and demand gold
for them, which they sent TO these sellers.
The act Of Congress requires the Presi-
dent to pay out again all greenbacks and
Treasury notes that come into the Treas
ury from any source, so as to keep them
In circulation amongst the people. There
fore. though the revenues produced an
utterly insufficient amount for the eN-
penses of the Government, their supplies
OF greenbacks ap1 Treasury notes thus
showed continually into the Treasury, fur
nished ample revenues, so that with all
his embarrassments Mr.. Cleveland never
had the smallest deficiency of money TO
meet appropriations IT is true that he
was obliged to keep up great gold re-
serve. which, by implication, was put at
not less than 500 100000. so that as fast
as the brokers dragged the gold out Of
the Treasury, thus furnishing him money
with which TO run the Government, he
was compelled TO sell the Government
bonds for gold. with which 10 replenish
the depleted gold reserve. The substance
OF the case then was that the Govern
ment was living upon money raised by
selling It's bonds. This was what the
agitation for free silver did for the coun-
try. 1t forced II to live on its credit, and
the national debt came to be increased
thereby some three hundred millions OF
dollars. Mr.. Cievelands course in the
matter was as plainly right as anything
could possibly have been. In the first
place the law imperatively required him
to do just what he did and the law would
have been fatally defective II 1t had
failed to do just that thing.
During the latter part Of Mr.. Cleve-
lands administration IL became the fash
ION amongst Republican authorities TO
attempt TO make him responsible for the
very bad condition of public AFFAIRS by
a clamor that the ruin of the country was
r want OF sufficient revenues for which
they said the Wilson tariff bill was re-
sponsible. They said they would cure
all this when they came into power by
a tariff bill that would raise enough
revenue for the Government. They came
into power and they were allowed TO
franc and pass their tariff bill TO suit
themselves and what is the result? The
returns 80 far made by their new system
OF taxation Indicate that the deficiency in
the revenue for the first year OF the new
tarir bill will he more than one hundred
lbtatiohc VI uettttos AAio 10 hV toAJNtNbANs
It is a condition proved by the actual re-
turns OF income 10 the Treasury Depart
ment. II Is perfectly evident. therefore.
that the Republican party is going 10
make a more stupendous failure in the
administration of the Government than
the Democratic party made. Indeed, all
parties are going TO continue to make fail
ures until they recognize that there is
and can be but on standard Of value
and the world has decided that gold shall
be that standard-that banking must be
free so that each locality may have the
media OF exchange that suits It. and that
tariff taxes. like all other taxes. must
be made uniform so as 20 bear upon all
men In the same way, and. barring tariff
for revenue only, that trade should be
as free as possible. When political
party recognizes these fundamental truths
II may hope 70 secure and retain control
OF the Government
Nevertheless. Bryanites need not think
tAsl the country Is going to intrust them