The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-02-27

From the Philadelphia Times.
In the future ages a Tacitus or a
Hallam will tell the story of the Amer
lean people, and not the least interest
ing chapter of that history will be the
narrative of the political and social
events of the second administrat ton of
Grover Cleveland as president of the
United States. This country as yet has
known no more stormy administration
in the time of peace-since that of
Jackson, if then. In Buchanan's time
the scene was thrilling, but there was
a single string to harp upon then.
Party spirit was as rampant in Grants
time, but there was only a single is
sue then.
Now there is not only party spirit
but faction, and faction as pronounced
as that developed at Charleston in
1860.
1t would be difficult to determine ct
this reading which is paramount in
our politics-foreign affairs or domestic
policies. Suddenly the Monroe doe
trine has become as prominent as the
tariff question, and the currency prob
lem scarce precedes the plan of gem
eral arbitration of international dis
though the world has lived longer since
the siege of Sebastopol than it had
lived from the field of Hastings to the
field of Waterloo.
The following is a brief review of the
chief events of legislative, admins
trative and social nature that have en-
gagged the attention of the American
people since March A, 1893:
In 1895 President Cleveland convened
congress in extraordinary session Aug
ust Z. His message to the two houses
was confined to the one subject-the
currency, or coinage. He Strenuously
recommended the repeal of the pur-
chasing clause of the act of July IA
1890, known as the Sherman silver law
under the terms of which the treasury
was required to purchase 4,500 OOC
ounces of silver bullion every month
paying the market price therefore, and
issuing in payment thereof treasury
notes of the United States.
A bill to that effect was promptly re.
ported and provoked n most acrimoni.
Gus debate in the house of representa-.
tives. The Democrats in congress were
torn by faction and the Republican:
We're not united. Under the operation
of a special order reported from the
committee on rules, the house passed
the bill and it went to the senate 70,
concurrence. In the latter body it wa.
debated for weeks, during which tim,
many proposals of compromise were
made and all rejected, and on NOVem
Der | the president had the satisfaction
of approving a bill embodying his sug
gestions 1t was the first and the las
time he has had that satisfaction dur
ing his present tenure, where the legis
lation involved q political issue of
financial nature.
A few weeks later congress met il
regular session. The ways and, mean
committee early reported the tarif
legislation known as the Wilson bill
After one of the most brilliant debate
in the annals of congress, the measure
amended by the Incorporation of tn
income tax feature, passed the house
early In February, 1894. 1t was eX
hauStively debated IN the senate am
radically amended. Finally, in tn
August following, it became a lay
without the approval of the executive
1t satisfied neither the dOCtrnaire no
the opportunist, and never had rea
friend. Before 1t was a year old tn
Supreme court decided the income ta
feature unconstitutional, and so tn
treasury was deprived of large reVe
nues expected to be derived from tina
source.
In 1898 the fund of gold in the Treas
ury reserved for the redemption of tn
United States notes fell below the 800
100000 mark. and the Treasury issue
$5O,OOOOOO ten-year 5 per cent. bond
dated February l, 1894. They realize
to the government SOS, ,633, ,295 in gol
In November following another issue
like amount of the same class of bono
was made, which realized to the Trea!
ury sos, S,53S.50 in gold. In February, 1S9
the redemption fund was again d.
pleted and the administration dete
mined to replenish the gold reserv
To that end a contract was made wit
syndicate of bankers, under the tern
of which $500, 900 ounces of gold co
We're purchased and for which Unite
States four per cent. thirty-year bono
were paid amounting to the sum
$62, 315, 400 The American congress III
rarely presented a more dramatic scel
than when the message of the presidel
announcing that 5000, 900 of intere
could be saved by making the bon,
read gold" was read by the clerk. III
proposition was scornfully rejected.
Another sale of $1OOOOO,O0O of D
cent. thirtyyear bonds was ma,
through popular subscriptions invit,
in January, 1896, The total amount
bonds issued since March 4, 1893, f
the protection of the gold reser