River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1916-10-05
REPURLIljdd..!! THnIFT Is
S}UANDfnED BY WILSON
Built Panama Canal Out of Cur
rent Revenues, Periodically
boarding Bonds in Treasury
Which Democrats Fitch
to Hide a Deficit.
CARNIVAL OF DEBAUCHERY
IN PUBLIC EXPENDITURE

Senator Penrose Believes the Looted
| Condition of the Treasury VIII
Necesstate the Withholding of
Contracts for BattIeships and De-
lay the Whole Scheme of Prepared
| ness ~ Nations Money Frttered
Away to Finance Hare Drained and
III Advised Projects.
William r. Wilcox, Chairman of
the Republican National Committee.
has received from Senator PenrOse a
brief but positive summing up OF the
extravagances of the Wilson Admins
tration during the session of Congress
Just about to close. The Senator
says:
"When the country realizes what
| this Congress has done in the way OF
| appropriations it will be dumfounded.
Already, it has been shown that over
billion, seven or eight hundred mil
lion dollars have been appropriated
more money than was ever approprl-
ated in any one year in the history
of the American government. The to-
tai will reach nearly two billion dol
lars before the end of this carnival
of debauchery in public expenditures
is reached, because no account has
been taken of the twenty-five millions
for the Danish islands, the thirty mil
lions which the government will prob
ably have to refund as result Of
the five per cent rebate allowed on
importations brought across the seas
in American bottoms, and other mat
ters which are likely to come up.
at is only too evident that this bill
which is expected to bring in some
two hundred million dollars will alb
solutely fail to meet even the require
mentS for the ill-advised and certainly
not urgent projects authorized by the
present Congress.
''It is now claimed that these pro-
jects are to be financed by the fssu-
ance Of Panama Canal bonds. The
American people will regard such a
proceeding rs q very queer one be-
cause the issuing of bonds by the
Cleveland Administration largely help
ed to bring about the downfall of the
Democratic party in 1896. A bond
issue has ever since been viewed with
we find the party leaders compelled,
by reason of their extravaganza and
inefficiency, to resort to it.
'To defray the expenses of nitrate
plant and of q shipping board and
many other needless projects by the
issuing of Panama bonds will be in
the last analysis equivalent to paying
for them by bond issues. These bonds
are lying in the treasury uniSSued as
the result of the thrift and economy
and wise administration of the Repub
lican party.
"Only about $13O,OOO,0OO of bonds
were put out in the construction of the
Panama Canal. The balance of the
/ cost of that stupendOuS undertaking
was paid out of current revenues
and now, to advance the novel doc
trine that these bonds which repre-
sent the thrift of preceding years
shall be issued for these questionable
projects is, to my mind, prepOSterOuS.
In fact, it was expressly provided in
the SpoOner Act that Panama Canal
bonds should not be issued for any
other purpose than that of the con-.
StructiOn of the Canal and the in
genious theory that they can be is
sued now to repay the treasury and
that then the money can be squan-
dered by the party in power to finance
| doubtful projects and to make good
deficit will not alter the fact that
such deficit exists.
mo amount of reasoning on the
| part of the Chairman of the Commit
| tee on Finance will alter the fact
that outside of preparedness there has
been at least $200,00O,000 OF wasteful
appropriations and expenditures by
the present Congress. That condition
| of the treasury will absolutely neceS-
state the Withholding of contracts
| for battleships and delay the whole
scheme of preparedness.
1.-THE figures of the Secretary OF
| the Treasury may be juggled as they
may, but when the Secretary is up
against the brute fact Of not having
money to pay for these projects he
will then find that figures will not
make surplus in the treasury