Delaware gazette and state journal., 1899-10-19
PROSPERITY And POLITICS.
New York Evening Post.

In6 hBDuDllthU ppiltieiui' "AN
ing as much capital as possible OUT OF
the prosperous conditions OF pusine9s
now prevailing. To say, that people are
making money, that the demand ior
iron is enormous, and that prices OF
commodities are rising, is conslaere9
by them % good answer to the crueity OF
the war in the Philippines, the dc.
bauching of the Civi Service, and all
the scandals Of the Mckinley adminis-
tration. Post hoe propter hoe IS their
unfailing argument. Because this pros
perity came during the Mckinley ad-
ministration, therefore it'must be due
to Mckinley, or at all events to tho
Republican party and its glorious
tariff. This is the song that Judge
Nash is singing in Ohio, and all the
Republican organs in that State are
joining in the chorus.
The truth should be spoken on this
subject, and the first thing that needs
to be said is that the prosperity SO
loudly boasted is not confined to this
country. 1t is lust as marked in Great
Britain as it is here, or was 30 until
the war cloud in South Africa began to
darken. 1t will not he pretended that
England is indebted for her prosperity
to the etfulgence of Mckinley, or to the
fructifying influence TO Dingley tariff.
Germany is in prosperous state at tho
present time. Is her rapid advance in
wealth to be ascribed to the fact that
the Republican Tarty is in power in the
United States, and that that rarty has
gone beyond ali precedent in its efforts
to cripple trade between the two coun-
| tries? Her statesmen, her merchants,
| her manufacturers, her scholars would
be amazed to hear such clam put
forth. Now world wide prosperity
must have a world wide cause. The
cause must be commensurate with the
| result. If there is period of general
prosperity among civilized nations, it
cannot be due to the government uf une
of them, least of all to one whose aim
| is to curtail trade with all the rest.
Now we will inquire what foundation
! there is for the claim that the present
prosperity is due TO the Mckinley ad-
ministration, or to the Republican
party. To answer this question, it is
necessary to go back TO the last Ere
vious Republican administration, that
| of President Harrison, in which, as it
happens, Mr.. Mckinley was a potent
factor in the legislative branch of the
government. 1t will not be forgotten
that in the first Cleveland admins
tration 1885, 1881 the country was re-
markably prosperous, and that the in
| terest- bearing debt of the nation was
| reduced at the rate of more than Sl00,
000,00 per year. This notable and
advantageous condition, which would
have left the nation free from debt If
it had been continued few years
longer, was brought TO an end during
the Harrison administration by three
princidal measures, viz. first, the Nc.
| Kinley tariff, which repealed the sugar
duties and reduced the public revenue
by so, 600, 900; second, by the new pen
sion bill, which added $50, 900, 600 to the
public expenditures; third, by the
Sherman act. which more than doubled
the governments silver purchases.
These three measures literally bank
rupted the Treasury. They made the
| governments outgo greater than its in
come, and the party which was re.
sponsihle for it took no steps to re.
plenish the Treasury or to redress the
balance. That party was SO fortunate
as to be beaten in the next Presidential
election (lS92l. BY being beaten it
avoided the political consequences OF
its own haleful acts. These conse-
quences fell upon the second Cleveland
administration, which was in no wise
responsible for them.
In the case of nation whose re.
sources are ample, bankruptcy OF the
public treasury is not necessarily dam
aging to private credit. Lit must always
be accounted an act OF folly because il
is an expensive affair for the Taxpayers,
but is not otherwise harmful. In this
case, however, the public credit was in.
terwoven with private credit. The two
things were tied together like Gordian
knot. by means OF the silver legislation,
of which the Sherman act was the eli.
max. This act was likewise interviewer
with the Mckinley tariff. On the very
day when the tariff bill reached the
Senate the latter body passed free
coinage bill, and then sat down. on
the tariff and waited to see what effect
its action would have at the other end
of the capital. In due time the Sher.
man bill emerged from the debris of the
previous Window bill, and in the course
OF events the Mckinley bill and the
Sherman bill were linked together anu
enacted into law as a matter of bargain
and log-rolline.
For the purposes of the present areu.
ment, we will consider only the revenue
| features o. the Mckinley bill. Its title
declared that il was bill "to reduce
revenue. 1t accomplished this purpose
TO degree that must have astonishec
its promoters. The receipts from Gus
toms duties fell from $229, GOO, 600 in
la90 to Sl17, 600, COO in 1882, loss ot
So2, ,0o0,O GOO, which was just about the
measure of the loss ON sugar alone. The
expenditures for the same period rose
from sos, 600, 600 to &4l5, 100000, an in.
crease OF s57, 100000. Here was d
showing OF Sl09, 0O0,00 to the bad, Z
and this showing became much worse
n the two following years. The most
deplorable fact in the situation was
that the maintenance of the gold stand
ard depened upon the condition Of the
treasury upon the relation of receipts
to expenditures.
Even If there had been no Sherman
act pouring a fresh deluge Of silver cur,
rency. tredeemable in gold into the cir
culation, the condition brought ',out
Dy the Mckinley bill of 1880 and the
new pension bill. o.. large deficit
IN the Treasury would have been haz.
ardous in a high degree. With TIC
sherman bill, which provided for the
purchase of 1850, 900 ounces Of silye,
every month for which gold must be
paid and its conversion into new anc
terrifying kind OF currency, we had al
the Ingredients of panic and crash.
ms came in 1893. That it was caused
by the disastrous combination of events
here enumerated, all of which wore thf
doings. Of the Republican party, and
for which William Mckinley was thu
leading agent, there is no room te
doubt. The foundation of the present
prosperity was laid by the Cleveland