The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1901-07-12
UNCLE SANS STANDING.
What Has Been Accomplished From a
Financial Stand Point In Past Three
Years.

st. Louis Globe Democrat
Many cities of the United States
were reminded yesterday in their daily
vocations that large share of the war
taxes have been removed. Putting
stamps on variety of documents in
daily use is burdensome in several
ways, and the people are glad when
such taxation can be dispensed with.
The new fiscal year of the government
began Yesterday. 1t is good time
to review the financial situation dat
ing back to the inauguration of presi-
dent MacKinley on March 4, 1897. Nc
Kinley was not chosen as war presi
dent. If war with Spain has been in
sight as the campaign of 1896 drew
near he would doubtless have been Sc
lected just the same. But the questions
under debate at that time were finan-
cial and economic, field in which
McKinley's exceptional knowledge and
ability were we'll established. As for
war responsibilities any candidate
mentioned must have been taken on
trust. The main events of Mckinley S
first term were not anticipated. They
came in the shape of foreign conflict,
in the presence of which financial
problems are secondary. Yet the fnan-
cial record of the past four years in
cludes all that was hoped for, in spite
of the disturbing elements introduced
by two wars.
The battle for the gold standard
waged in the campaign of 1896 has re-
suited in the establishment of that
standard. Another promise was re-
deemed by the passage of the Dingley
tariff, a moderate and wisely consid-
cred protective measure that has fully
met expectations. Some noise is made
about it's revision, but it is certain
that no free traders in disguise will lie
allowed to change its schedules. Con-
gress is Republican in both branches
and, if any revision is needed, which
isssnot demonstrated, Republicans can
attend to it without assistance from
the politicians who put upon the coun-
try the affection known as the Wilson
German tariff. The war taxation de-
vised has been entirely successful
The treasury surplus for the fiscal year
just closed is about $40, 600, 600; in pre-
vious year it was $40, 600, OOO This sur
plus of $155, 600, 600, in the past two
years has been chiefly used to buy up
unmatured bonds, thus reducing the
rate of interest paid to 2 per cent. If
present prosperity continues until July
1, 1902, there will be a government
surplus of $50, 900, 600, unless some ex-
traordinary expenditures not foreseen
are called for.
1t is striking fact that the annual
payment of interest on the public debt
is less than it was before the war with
Spain. On April 1, 1898, the total
annual interest charge was $14, 1888, 900.
1t is now 500, 9SS, 900, reduction each
year of 81, 400, 900. This decrease in
the interest charge is due to the fact
that the United States can borrow
money at 2 per cent. 1t is another
triumph of the present administration
that the credit of the United States
stands higher than that of any other
nation. The Pacific railroad debts,
principal and interest, have been set
tied with but small loss from the full
amount due. All the financial achieve
ments asked of the present administra-
ton, and some that were not looked
for, have come to'pass, notwithstand-
ing the prosecution of two wars at the
same time. No doubt this result is
appreciated by the people. They will
be fortunate if their public servants
are always as capable of planning and
as sure in execution as are those now
in Office.
A. M. Welles, editor of the Redwood