The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-09-27
THE RECENT bond ISSUE.

We must confess that II Mr.. Bailey intcnds
10 make MS war on the republican party
with nothing better In the shape Of annual
ton than that he fired In virginia on Monday,
he will not succeed in dislodging the enemy.
His heaviest fire was charge that the admin
istraiion has borrowed more money than was
needed In the conduct of the war: that u
ought to have known tho war would be short
and should have borrowed less money. rhe
gu. stlon Is not about the borrowing Of money
hoy ever, hut tho spending Of IT, II the gov
er1mcnt has expended too much money n
II hns wasted 1t. there Is lust ground of
complaint, but tho mere borrowing for an
emergency Is no crime even II twice the need
ed amount he borrowed What ~ not spent IL
In hand. and can be poid back to tho lender.
Mobile, Ala, Register
To note such comment as this In tho
columns OF a professedly democratic
paper Is cause for no little surprise It
Is not msmanagement on the part OF an
administration TO borrow money for
which II has no use and pile up an inter-
est bearing debt on the shoulders of the
people! This doctrine may suit the bank
ers and eyndicatcs that are clamorous for
bonds for speculative purposes or ns 4
basis for bank note circulation, but It will
hardly 20 down with the masses.
Surely the Mobile Register does not re-
gard a public debt as public blessing?
| Is II nothing 10 recklcssly and needlessly
add six million dollars q year to the in
terest account Of the Nation? But, says
tho Register, what Is not spent Ia in
hand and can he paid back to the lender"
Yes, after ton years, when we have paid
$50, 900 900 out In interest!
II the government has expended too much
money. ~ 1T has wasted It," the Register
Is prepared to admit that there is Just
ground for complaint 1t seems TO he too
| innocent to suspect that an overloaded
| treasury Is temptation to extravaganza.
HUT. indeed. every dollar Of Interest on thls
useless bond issue OF 5000 900 900 "a piece
OF the grosscst and most seuselcss oNtrava-
gance. Wa have provided deliberately,
and without any just cause for the waste
OF $50 900 900 OF the public funds during
tho next ten years, II we do not touch q
dollar Of the principal borrowed!
The expenses Of the war have been about
si15, 900, 900, When war came there was an
available cash balance of $500, 900, 900 in tho
treasury The war taxes were designed to
bring In from $40, 900 900 to $4,000, 900 a
month extra revenue. AS a matter OF fact
| they have been yielding more than was
expected. In addition the democrats
wanted to authorize the issuance ot short
time treasury notes to meet expenses until
| II was seen whether the war would he pro-
longed, and In that event. only. necessitate
a bond issue, But not WIS an increase OF
the bonded debt that the republicans must
have. They got it, and saddled an addi-
| tonal and absolutely unnecessary burden
upon the country for at least ten years,
| possibly twenty
| We must confess, to paraphrase the es-
! teenied Mobile contemporary tAat II il in
| tends TO critioise Mr. Bailey with nothing
! better In the shape Of argument than n de-
Tense OF the republican bond issue for the
benefit of the banks and spectators, 1t
will mako itself ridiculous.