Democratic Sentinel, Volume 18, Number 2, Rensselaer, Jasper County, 26 January 1894 — COMPELLED TO BORROW. [ARTICLE]

COMPELLED TO BORROW.

Many people enquire why it becomes Dtcessary for the Cleveland administration to borrow money When Harrison became president in 1989, he found something like $185,000,000 in the treasury and no obligations due and unpaid.— JJJhis large surplus was placed in the bands of an administration that had back of it a Billion dollar congress, both branches of whi'ih were Republican. W hat did thetf do with ,the surplus millions?— They ledeemed $164,954,000 of government bonds, and paid the bond-holders $20,000,000 for the privilege of paying the bonds. “Then,’' says the Chicago Herald, “the Republican congress cut off $60,000,000 of revenue and added about $10,000,000 to the expen diture by putting raw sugai on the free list and voting a bounty on sugar produc d in the country And besides increasing wxpendin tures in o'her ways, that same congress added $60,000,000 to the annual pension charge.”

r »’hat is why it has become necessary to borrow money to carry on the government in times of peace. First a Republican a imiuistr&tiou emptied the treasury in buying bonds not due at a premium. Next a Republic .n congress cut off $60,000,000 and more of revenue. Finally, that congress added $70,000,000 and more to the annual expenditures- That is why a R mocratic administration must borrow money during its first year. Nocongressof the United States ever treatv-d the people so outrageously as Reed’s Bi.li u Dollar Congress. It passed the silver law, the McKinley law and the sugar bounty law. It admitted territories to statehood for no other reason than to perpetuate its power. 1 y its extravagance and utter dis-

regard of the interests of American tax payers it voted away a billion dollars of the peo: le’s money. Ex-Goveinor James A. Beaver, of Pennsylvania, (Republican) says: “To be candid, I don’t believe this depression in business is the result of Democratic oolicy. This wave of business depression was coming, and it is only the good so tune of the Republic ns that the Democrats got in power >n time to be canght by it. It is one of those periodical depressions that regularly affected the country and nothing could have averted it I don’t believe the Democrats or iheir policy have anything to do with it. It would have some anyhow, and if Har. ison had been eleoted it might have been even worse,”