New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-17
DEMOCRATIC HUNT FAILS
NO "PROFLIGACY" DUG UP.
Some Things That Won't Be Part
of Parker's Cam paign Material.
lrEoad rHE TRIBUNE BUREAr- 7

Democratic managers here have discovered GER
vain financial transactions which. il is fair to
assume viii not become a part of their cam
raign textbook or he referred 70 by the Demo-
cratic nominee in his letter Of acceptance.
II was ascertained through a rigid examina-
ZION OF the methods and results Of Republican
housekeeping that at the close Of the fiscal year
1904 the average rate Of interest paid by this
government on its interest bearing debt was p
Tsr cent. as against 4o5s per cent paid on July
/, 1876 when the last Cleveland administration
.os nearing its close. This marked reduction
vas found 10 be all the more significant ard
,,5,cstive Of thrifty and economical administra-
zion when the further discovery was made that
An spite Of the war with Spain there has been
!, substantial reduction Of the total public debt
in the last eight years.
The last Cleveland administration scored one
If its startling financial successes. over which
he country was greatly concerned and from
which il is lust recovering. by increasing the
,,,,bl,c debt from 1855 900 600 in round numbers
=. 4sos - ss47 GOO 600 in 1896 and. with equally
,s-af,,1 financial manipulation, steadily and per-
sls,antlv increasing the rate OF interest paid.
On Nover1b Der l. 1892 after the Spanish war
had been fought and won. the interest bearing
5ebt Of the country amounted 10 Slo+o.o+sU-o
for vticb The government was paying 1851 per
cent interest Since then the net reduction in
the principal has been, under a Republican ad-
ADMINISTRATION. $50 sci $50 while the rate OF in
terest decreased 10 3.21S per cent IN 1900. 3ols
rsr cent in 1901 29Js per cent in 1902. 2.793
per cent in 1903 and it now stands al the IN
precedentedly low figure OF 2.I0l. II is doubted
II the Democracy viii care 10 exploit the
,cbievernerts OF the Roosevelt administration
n far as they relate 10 the finances OF the coun-
try. or 10 contrast them with the showing made
from 1898 to 1897. while Grover. Cleveland was
An the White House and the Intelligent voters
NJ the country. hell less and distressed. were
waiting anxiousy for the dawn Of that Novem-
her day in 1895 when the ballot would enable
them place the stamp OF their disappToval on
Democratic acknowledgement and incapacity.
REPUBLICAN, PAT AS YOU Go" POLICY.
The Democratic managers here have also been
investigating the prospective issue OF bonds FOR
the construction Of the Panama Canal. with a
view 10 distOrting il into campaign issue but
have decided 10 let il severely alone. II was dis
covered that the bonds for construction will be
issued as the occasion requires and in amounts
suited 20 the current needs OF the great project
u is highly improbable that bonds covering the
entire amount necessary for the construction OF
The canal VIII be issued when arrangements are
completed TO make tire call. but whether the
amount he great or small government officials
confidently predict that under a Republican ad-
ninistration. the bonds viii be taken al an un-
preoedentedly low rate. II is believed that they
viii all be subscribed for Al rate between l. 10
Per cent and per cent. and that all the money
necessary viii be raised by popular subscrip-
ton
As matter Of fact. Republican administra-
lions in late years have shown inclination 70
Dsy their bills ordinary or extraordinary out Of
the petty cash in the Treasury and not 10 resort
on al occasions TO the Democratic method of
Issuing bonds. Besides paying the running ex-
penses OF the government and $JOODOtsbO for
the Panama Canal. and advancing 10 the Louisi-
ana Purchase Exposition s.. 10000 the present
administration has steadily increased the net
balance in the Treasury. On March J. 1897. ex-
elusive Of the Sl00.OO0,OO0 gold reserve the net
balance was S1l2. $50 293. on June 30 1904 the
net balance was S16s 99l CO. and in that time
S50OO0O0O was added 10 the gold reserve With
such showing government officials feel conf
dent that all bills could be paid and everything
run along smoothly and comfortably without any
further bond issues whatsoever unless specif-
cslly authorized by Congress FOR some extraordi-
nary purpose
With the continuance Of the Republican party
IN power there VIII be 40 opportunity Of a
thrifty financial syndicate securing the Panama
Canal bond issue. and reaping thereby an enor-
nous profit at the expense Of The government
There viii be no repetition Of the bond deals
OF the Cleveland administration which were con
demned in unmeasured terms by the reputable
Democratic press Of the country when the truth
regarding the transactions became known
Every person in the United States who so Ie-
sres may help dig the canal by subscribing for
s ss bonds thus nationalizing in a peculiarly
Hiuhg ana popular manner, this splendid prof.
ect which has been the dream Of American
Craftsmanship for more than century.
DEMOCRATIC EYES. OK BIG BOND ISSUE /
The question naturally follows What would
become Of the Panama Canal bond issue in the
event OF Democratic supremacy? Hill. Belmont
sheehan Co. were responsible for the nom
nation Of Parker and. in the event Of his cleo
ton, would anquestiona bly, dominate. to a prof
liable degree. his administration As a natural !
expression Of his gratitude for their assistance
II Tor no other reason Mr. Parker President.
would readily defer 10 their wishes as he.
since his political creation by Hill. has tamely
clan
It is pointed out here that. considering the
sreat obligations 70 Hill, Belmont. Sheehan
g Co under which Parker would stagger in
me event 81 his election. sense 81 common
Justice would compel him 10 reimburse his
friends for their outlay. and what better plan
could BE- devised than the disposal OF the canal
ponos 20 a syndicate headed dominated by
august Belmont He made money out OF the
bond issues Of the last Democratic adminis'ra-
Ton and II naturally follows that he would eN-
pect 70 duplicate the performance with another
Democratic administration.
J. be "a ID vii ou1 violating the confidence
re2csed IN the Tribune correspondent by the
Democratic leaders here who connected with
thetr Congress committee that though the re-
suits OF their recent examination OF the Treas
~ accounts viii be forwarded 10 the candidate.
hey VIII be accompanied by tho suggestion that
refrain from using them IN his forthcoming
et'er Of acceptance under the sub-head OF
Proagacy."
"a - aB Ea n AZ "a IA