New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-29

cial questions especially his observations on the
administration Of the national finances during
the last eight years subject him TO the severest
criticism They unworthy of in his
position. for they display either an ignorance
that IS simply startling a disposition TO mis-
lead that Will prove discouraging TO his follow
ers Whichever 1t is. he has demonstrated his
unntness FOR the Presidency for the leader
ship Of a great party.
Judge Parker's criticism OF the financial ad-
mlnistration of the government during the last
elght years makes him ridiculous. If not
teInptble, In the eyes of those familiar with our
hnaEcial history. If he knew anything about the
national finances he would know that foreign
economic and financial writer's and statesmen.
VINO nave no political bias regard the triumphs
Of national financering wrought out by the Re
publican party during the last eight years
the worlds history. few figures will tell the
story of splendid national fnancierfng. At the
close Of the Civil War the bonded or interest
bearing debt OF the United States was. In round
figures. S2.:iOOODOO0O. and the annual interest
charge over S140O0OOOO At the close of
Harrtson's administration the interest bearing
debt was SLS.tOtDOOO and the annual interest
charge $2;;.COOOOO. / give these figures to
the close Of Harrison's administration because
there was no change from Republican principles
during Cleveland first term.
From 1893 to 1891 under Clevelands second
creased to SSH 0OOtOO and the annual interest
charge 10 $}7OOOOOO. That is during the last
Democratic administration $262. .0OOO0O was
added 10 the principal and S14.WO,OoO to the an
nual interest charge.
REPUBLICAN FINANCIERING.
Now let us see what the Republican party has
done with the national finances I'm the last eight
years. In ls'lS the principal Of the bonded debt
was increased S1tS OOOOUO account OF the
Spanish war that the total was S1O46 Ossl,-
Oo and the annual interest charge was in
creased to $40W0WO. To-day the principal of
the debt is only SS9ItES.tSn and the annual in
terest charge only $24. 4.O0OOON. That is in six
years there has been reduction of $l50WoOO0
I'm the principal and reduction Of $l6.OtOOsO in
annual interest
But that is not all by any means. The condf-
tion of the Treasury NJ any one time is shown by
the difference between the principal of the debt
and the available cash on hand. Now, on Janu-
airy l, 1897, at the end of four years of Demo
cratic rule. il was as follows:
Available cash In the Treasury ...... s3sO0SG00
Net debt. less cash ............. s6I9OOOOOO
on January l. 1904. after seven years of Re
publican rule. IL was as follows;
Principal of the debt ....... ss95 600 600
Available cash In the Treasury s7s.OOOOOO
Net debt. less S5I6.OOOOOO
In other words on January 1. 1904. the Treas
urv was SlO0OO0ODO better OF than il was on
January /. 1891. and the annual interest charge /
was O00 less and during that period we
had fought an eSPe1S.Xe per SNo fore's" war; costing
That is we fought the war. paid all the bills
and left the Treasury SlOON0O00 better off |
than before the war began. such magnificent |
record OF successful national hnancieTing has /
no parallel i'm the history OF any country.
Such wise handling of the national finances |
restored and has maintained public confidence |
on January |. 1904 the total gold in the Treasury
was S1OO.O0OW0. Cleveland had TO sell bonds !
at high rate OF interest at a great sacrifice: |
to-day our per cents. aggregatng $40. .OtO Ot0 |
command substantial premium in the Opan |
ma rket. Here is a showing 70 be proud of. AS |
l have said foreigners marvel at It. our pub |
lie credit makes us tnVt1Ctble for. after all. il
is national credit and not armies and navtes, |
that makes a nation tmpTeSnable III Judge |
Parker comprehendcd the splendid achievements |
n las 70
and had spark of patriotism about him. he |
would rejoice in the magnificent results that |
have been wrought out by his countrymen. in |
stead Of snarling and faulthnding about
travagant expenditures
UP TO PARKER TO EXPLAIN
Perhaps the assertion that lays Judge Parker
open TO the ssverest criticism was his statement /
in his carefully prepared address to the delega-
In the last fiscal year and showed a deficit of
S42OOO.OO1 I have talked with many who |
have been deceived by this statement. The
country is entitled tO an explanation from Judge
Parker TO whether he made this statement
through ignorance with intent TO deceive.
Does not Judge Parker know that I'm the opera
ton of the government the receipts last year ex-
,eeded the ordinary expenditures by over S13.-
NNO1D? Doesn't he know that the S46O0O0O
loaned 20 the st. Louis Exposition and the $50
I000 600 paid on account OF the Panama Canal |
were paid out of the available cash balance in
the Treasury? Does not he know that we still
have $15O,O00OOO available cash in the Treasury |
over and above the $1OaOO0OO0 gold reserve?
Does not he know that during the current year I
we could pay out of that available cash balance |
Tor retiring bonds or for any other purpose $780,
100000 without impairing the credit of the coun-
try or weakening the Treasury? Does not be !
know therefore, that to charge that sum of
;54. 100000 to the ordinary operating expenses Of
he government and then say that there was |
fefcIt of S42.Cs0O1O in operating expenses is not
! method of accounting that commends itself to !
.andid minds? If he does not know these things |
ne Is not fit man for President of the United /
States If he does know these things and |
uttered his misleading statement accordingly ne !
s not fit 20 be even candidate for the Presi-
lenCy.
The fact is that on everything but legal oues-
lions the judge is pure theOrist. His discus |
sion Of financial and revenue matters is purely
academic and untrammelled by any knowledge !
n the facts and the practical questions involved
IN his subject He has been on the bench for
MANY years Every year Of service has rendered
rim more and more ht for the judicial Office and
ess and less ft for an administrative Office
His statement about deficit last year for ex- !
annie is no more accurate. logical and shall |
,av truthful. than would be the statement that
, farmer who had saved up 81 600 and who last
year spent his savings in purchasing twenty
acres which he added TO his farm had lived be-
yond his means. had run behind his income and
Continued on second page. !!