The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-03-16
CLEVELAND'S FINANCIAL OPE
SKI RATIONS.

CLEVELAND'S FINANCIAL OPE-
s. RATIONS.
Was Cleveland'S administration a
success? We will only glance at one
financial operations? The gold papers
manipulate to suit themselves. They
make a showing that is palpably mis-
leading. They show that when Cleve-
land went into office the 4th OF March,
1893, he found a total in the treasury.
Of all sorts OF money, OF $129, 97S, 43S.
He left it the other day with sos, 49,
O46. Looked at just 80 that is a splendid
showing. 1t looks as If he had left the
500, OOO, 900 reserve intact and nearly
$110, OOO, 900 in addition. The excess Of
gold rs over $48, 600, 900 over reserve.
This is fine, but is it a fact? Doe 1T
represent correctly C~leveland's exploits
in finance? Let us see. How much did
he borrow to make this appear? How
much has the public debt been increas-
ed to create his seeming showing? He
borrowed $262, 600, 900. And the interest
to be paid and the whole will quite
double all he leaves, reserve included.
Is there anything hopeful, wise in such
a showing? Let us look farther into
this matter of figures, bond selling
and finance
IISSluei1l f1dTTlSOU, an dDle TepuD-
lican, but not a great success, we
think, as a president, reduced the in
tereSt bearing public lei $3.50, OIL $50.
President Cleveland actually increased
he public debt Interest bearing also)
$262, $3.50, geo in exact figures. Consider
the difference and marvel at the blind
ness and incapacity that caused the
StupendOuS increase. To get the whole,
the interest, very large, would nave to
be calculated.
Look next at expenditures and def
ciencies. Was Cleveland a great sue
cess here-the mighty statesman-the
second WashingtOn-the hugest intel
lect in an hundred years? The monthly
statement of the treasury department
for last December shows the following:
In 1893, ten months, receipts SPA
401, 37I.54; expenditures, 1913, 266, S31. 06;
excess, S3S, $685. 5 so.
In 1894, receipts 1901, 705, O75.S6; ex-
penditures, 1868, 535, 529. 46; excess, SOL
$50, Asa. go.
penditures, 1882, 142, 115.25; excess, $685.
In 1896, receipts 1914, 5S5, O6S. 80; ex-
penditures,. 1864, 1884, BAT excess, $780,
249, 1851.
In 1897, two months, receipts s4S, H.
991.43; expenditures, $50, 065, 445. IS; ex-
cess, $40, 347, 454. so.
Total-Receipts, s1,25s. 457, 1865 0 ex-
penditures, $1,452, S44, 316.45; excess,
1896, 1897, 119.65
Let us give h comments Of The New
York Tribune in explanation Of these
very remarkable figures:
THE actual deficiency of revenue in
the four years was 1896, 3S7, 1885 which
was, in fact, met, and sundry millions
added to the cash on hand besides, by
selling the 1862, $50, $50 bonds already
mentioned as added to the interest
bearing debt. Had no bonds been sold,
the deficit would have exhausted the
whole net cash balance on hand when
President Harrison went out, which
was s124,l2s,Os7 .ss. as the debt state
ment of March l, 1893, shows in bold,
black figures, n that point OF COM
plete exhaustion would have been
reached in April, 1895, as the record
just mentioned on page 1,049 distinctly
proves. But further, nothing can be
more certain than that the actual ex-
haustion Of the last cent in the treas
through the panic Of public creditors.
il bonds a not been sold to meet the
monthly deficiency OF revenue"
The admirers OF "the great man. can
only see wisdom and financial smart
ness and skill in all this. The Trib-
une's financial editor throws a differ
ent light upon 1t. He shows that it was
" vi ais cps dllo
and still The Tribune is mighty for gold
only. It says:
They prove that the treasury held
of gold in excess of gold certificates
s103, 2s4, 218. 81 when Presi-
dent Harrison went out. and S14s. 661.-
when President Cleveland went
out, so that $45. 37S, $50. 80 OF the gold
borrowed was actually added to the
amount lying in the treasury. Further,
the quantity of standard silver dollars
lying idle in the treasury, mainly rep
resented by silver certificates out
standing. increased from 1888, 474. s95 to
$3.50, 939, 629. 50 that without attention
to minor details II is clear tina more
h entire excess Of bonds sold
over deficiency of revenue was added
TO the Idle gold and silver in the
To prevent a crash, a complete bank
ruptcy OF the treasury. it took $780,
600, 600 to meet the deficiency. The Tri-
bune says but for selling bonds the
bankruptcy w0u have come before
April, 1895. That is Cleveland finan-
ciering. If good We cannot see IL and
do not believe il. We have no iCea that
in the entire financial history OF the
United States was there ever any
laundering like this. Instead OF reduc-
ing the public Indebtedness i. was in
creased, with interest added, more
than s400, 900. 900 probably.
Another Great Truth>-"We ought to
-