The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1904-01-09

cline, and continued to do so until
March 1895, when there were only
S3s, 1893, $50 i'm excess of the compulsory
reserve. One after another, loans
were issued, until 1862 100000 in gold
were borrowed at rates of 4 to 9 per
cent interest. a large portion of this
gold was of course used to meet this
deficit of SlS7 200, 900 in current ex-
penses.
At the coming in of the Republican
Administration an entire change took
place. The receipts under the new
Dingley tariff were Immediately re-
stored to a normal basis, the expendi-
lures harmonizcd with the receipts.
The Spanish war loan Of $l9s, 600, 900
was effected at 3 per cent. and from
that time forward, Notwithstanding
the Spanish war and the immense cx-
penditures incident to it, and the
wider responsibilities our Government
has assumed, we have Systematically
reduced the national debt until the
annual interest charge of 100000
bequeathed to us by the Cleveland
Administration has been reduced to an
annual interest charge OF twenty-four
millions. We have during this period
issued something like siij, 100000 Of
per cent bonds, with which we have
redeemed large proportion of the 4
and per cent bonds of Clcveland's
Administration and other outstand-
ing per cent bonds. Our per cent
bonds are at premium, so that the
| highest rate of interest you can realize
on Government bond purchased in
the market today is II per cent.
The amount of gold in the treasury
to-day is 1872, 264 ,623. This is
more gold than was ever in the
treasury of the United States at any
period from the days of George Wash
ington until now. There is more
money in the aggregate in the treas
ury than at any period from Washing
ton until now, the statement showing
81 ,309, O67, Oli05 During the month
of October last the surplus, or avail
able cash balance then in the treasury,
was larger than ever reached in our
history, and the balance is but little
less at the present time.
Now, whatever our Democratic
friends may urge upon the attention
of the public ii seems that the strong
hold can not be in an appeal to his
tory along the lines of the industrial
and financial progress of the country.
The tariff policy, the protective prin-
ciples are as firmly established as any
other principle in American politics.
This has become an American policy.
At no time, at least not in this gener-
alton, will any great political party be
enabled to direct the financial and
industrial affairs of the country that
does not recognize in some form the
protective as against the free-trade
system.
The suggestion that there is no
proper function for the Democratic
party to perform in American pro-
gress, is false, but their stronghold is
not to revise Republican tariffs or to
prepare the fiscal policies Of this Coy
eminent. The mission OF Democracy
is evidently TO apply the brakes, but
not the motive power. IL we could
induce our Democratic friends to be
content with the useful occupation
Of applying the brake lever instead of
periodically aspiring to climb into the
drivers seat and assume the reins of
government, the chariot of American
progress would continue to move
majeStcally forward. But whenever
they usurp the drivers place Ameri-
lean capital will flee to place of
safety, American labor will take an
other enforced vacation, and the
great American industries will make
another temporary assignment for the
benefit Of creditors.