New-York tribune., 1899-03-16
TIE NATION COLLECTING DEBTS.

Tie appearance this week of payment 10
the United States Treasury amounting TO over
s11 100000. made last week on account oil 'he
Central Pacific purchase calls especial atten-
tion 10 the highly crcditablc success OF the
Administration in realizing upon that class or
National assets II is only the truth TO say that
during President Clevelands Administration,
great ms were the financial necessities oi the
Treasury which occasioncd an increase OF about
soG2 100000 in the public debt. no one consid'
cred II possible 10 realize anything from the
claims of the Government against the suDSl-
dizcd Pacific railroads. Though the amount due
was heavy. more than SlI0O00,0O0 accord
ing TO Secretary Carslc's last statement. the
business of the country was Frustrated that
il seemed impossible to collect anything. and
II was n not uncommon impression in financial
quarters that the roads had been so success
fully parallelcd by former owners that tho
claims Of the United States were practically
worthless.
One Of the earliest fruits Of tho wise revenue
law which President Mckinley promptly called
unon Congress- TO enact and which restored
confidence and business activity as II by magic
was the success Of the Government in securing
settlement Of the Union Pacific Indebtedness.
II
months November and December, 1897. and
January. 1898. about S59OOO00O the full
amount due. interest and principal, and only n
little later S6.303 OOO tho entire principal Of the
Kansas Pacific debt Now the entire indebted
moss Of the Central Pacific, both principal and
interest. amounting to about $5o0OO0OO. has
also been secured and payment has begun. In
effect S124OOOO0O has been realized from
piol rO01rlp1
practically lost little over two years ago
Representative Cannon rightly said before Con-
gress adjourned that "if anybody had predicted
eat the beginning Of this Administration that
"it would be possible to collect and secure this
great sum to the United States he would have
been laughed at as n prophet abounding IN
fnether inspiration nor wisdom
This sum thus collected does not quite bal
ance half the indebtedness created by borrow
inc under President Cleyeland's Administra-
ton. But It represents n much smaller part
Of the benefits which the country has already
realized from the change Of Administration and
Of National policy. The increase in production
Of wealth is reckoncd not by hundreds but by
thousands of millions Of dollars The increase
in cmploymcnt and wages Of labor during the
single year Just closed. compared with the last
exceeded S2.OOOO 100000 in amount consld-
croblc part has been saved. and through the
swelling deposits in financial institutions has
gone to build up new industries. to create more
demand for labor 10 provide means for that
great expansion in production Of which indus
trial statistics speak so cloquently every month,
and to supply that abundance Of cxportable
products which has transformed the United
n
jtor Of tho world Yet only half the term of
President Mckinley has passed, and the great
expense of a war in the cause of justice and
humanity has been borne from the increased
earnings and profits Of year without check
ing the expansion Of industries.
There are not many now who do not realize
thot the Republican policy brings prosperity
The voices of the docful prophets of woe, the
onostlcs Of Free Trade and Free Silver, are
not now often heard In the land and when
hoard generally excite only a laugh. 1t is we'll
nevertheless. to call public attention often to
rho causes and the fruits. For times Of more
or less reaction will come sooner or later, and
then shallow men will forget The ebD ana
flow Of business tides are not wholly arrested
and II no future depression should compare
with that through which we have passed. yet
| anv will seem great to some who nave 10 meet
! II without a clear understanding When at
some time man earns only $500 year and
remembers that he earned 5000 In 1898 or 1879
| II will seem dismal If he does not also remcm-
! bnr that he could not get Si0O in 1876 The
prosperity which enables n Nation to collect
its claims. and the millions to accumulate saw
rnos needs TO be not only enjoyed but under
stood. that the Nation may take care not to
! throw It away again.