Pike County Democrat, Volume 27, Number 9, Petersburg, Pike County, 10 July 1896 — Page 5

TWIN ABOMINATIONS SHERMAN SILVER ACT ANO THE M’KINLEY TARIFF SILL. RMMNtarr falter Contribatr* lotorwt. tag Testimony u to the Effects of These Wesewree He Wutwl to Sell Bands. Dissipating the Surplus. Ex-Secretary of the Treasury Charles Jfoster has been induced by some criticism of his action when secretary of the treasury, made by the editor of the Now York Journal of Commerce, to put forth a statement bearing on the condition of the treasury following the passage of the Sherman act und tire McKinley bill. Without going into the merits of the controversy itself, wo propose to note certain admissions made by Mr. Foster, who is giving reasons for stopping the payment of gold in settling government balances at the New York clearing house. Tins leads him to, speak of the condition of tin* reveling, of which he says: “When in 1891 we began forcefully to feel the effects of the reduction of the revenues under the McKinley law, coupled wi^h very large exportations of gold and with the largest bills to pay ever known in time of peace, conditions had vastly changed. Because of largo payments made on the public debt which seemed to be necessary to relieve the monetary strain of the conntry, w ith reduced reveuces mid large appropriations to pay. the cash balance w as reduced to $150,000,000, then to $11$,000,000, from about twice this amount While there -was no deficiency of revenues to pay ordinary expenses we were running on a very close margin. To maintain a gold balance of #100,000.000, to supply nine subtreasuries with the smallest amount of cash they could be managed with, to have #10,000,000 locked up in redeemed, national bank notes, uot counted,’ and in cash in transit, was not mi easy task. Yet it was done until the close of my administra

turn. This is the best that Mr. Foster can say for a bill which has been highly prai« <1 as a revenue raiser, and • put in contrast with the existing law. although* almost ns soon as the present law was passed the revenue began to increase. The McKinley bill was passed in October, 1S90, and then- .xt y^nr, according to «*• Secretary Foster, the treasury b-'-lgan ‘‘foroefu^ly to feel the eff<vts of a^ * induction of the revenue.” This haoponed in spite of the larjp surplus whi h lbt> Harrison administration had iuluritod from that of Mr. Cleveland and the * surplus revenue collected between. March 4, 1889, and October, 1890; also in spit" of the covering of the $o5.000,0(T0 held for the redemption of national bank notes into the treasury. The significance oI this admission, cor sick ring the surroundings. can hardly be ov. rrat d. Mr, v Foster adds; •‘The t-herman law alarmed’the financial centers, \ Inch alarm was increased by the large exportations of gold then occurring to such an extent as to raise the question ns to the ability and, in view of the 40 called silver craze then at its height, ns to the disposition of the government to maintain gold payment*. ” The two bills named respectively for McKinley and Sherman passed in the fiscal year 1890-1, ended .lane 30, 1891. In that year the net gold exports amounted to more than $08,000,000, the largest ever made-up to tl at t iaV, with the solitary tuoc^tion "of 1884, whilcj the war was raging and g *ld out of circulation. The connect km iu which Mr. Foster mentions these gold export* shows clearly enough that he attributes them to the effect of the Sherman law. Mr. Foster’s admissions, which an* made net as such, but as arguments in j defense of his official action, show clearly enough, not only that the troubles of the treasury began while he was secretary, but also that they were caused by rhe twin abominations of legislation, the McKinley act and the Sherman law. The exports of gold, the alarm of the financial world, tlid running down of the cash balance an* all set forth by him in connect ion with the operation of these bills. Had General H:\rrisdu been re-elected in 1892, no doubt Mr. Foster would have been permitted to issue ; bonds in February, 1893, as he desired and propos'd to do.* It is to be regretted that Mr. Foster did not find leisure to mention this incident iu connection with, other matters in his interesting paper. There is another aspect, of this question which deserves notice in this connection. Mu<*h has been said of the fact that from the resumption of specie pay- * meats in 1819 till the beginning of the present administration the treasury was ‘ not obliged to issue bonds to r'-enforce the gold reserve. But prior to the legislation of the Fifty-first congress 44te goremment received a great deal of gold at the custom houses. In the fiscal

year lawO-1 the. government reoetfeo^ at the New York custom bouse $110, - ' 800,000 in gold; the next year, $31,600,000; the next year, #0,400,000, Since that time the mviptnof gold have been practically nothing at all This leaves the treasury without means to get gold except by borrowing. Mr. Foster himself says that before he quitted office "customs due wen1 paid in silver * in the main and in treasury note*. Gold payment* for customs dues practically ceased." True, Mr. Foster issued no bonds, but he desired to do so. and even ordered the plates for them engraved. The proof is complete that the disorder of our finances was inherited from the Harrison administration, and that it was caused by the legislation of the Fifty-first congress. Mr. Foster thinks the first blunder of the Republicans was in accepting Mr. Cleveland’s argument as to the danger of a surplus. "The president’s argument found a response in congress, and ' it proceeded to get rid of tli surplus.” It did It dissipated the surplus by extravagance, and added to the permanent expenses of the government sufficiently to prevent any future surplus.

Hawing made expenditures equal to the receipts under previous laws, it cornmitted the amazing blunder of reducing the revenue, not by reducing the tariff, but by raising it so as to check importations. Mr. Foster says “increase our ! revome so as to have a comfortable sur- | plus and much of the present financial I difficulty will vanish. ** But we already | have a comfortable surplus in the treas- : ury, and a Republican congress has been trying to dissipate it The sanje would happen if the revenue were increased so long as a Republican congress controls the purse.—Louisville Courier-Journal. I . IF M’KINLEY IS ELECTED. The Tariff Will Be Rerited end Fat Pmtum Opened to the Barons. The intimation from Republican lead* ere in Washington that in the event of McKinley’s election congress will be immediately called together for the complete revision of the tariff may he taken as a safe prophecy. This course is the only erne that can be followed by McKinley should he be elected to the presidency. Any other course would be inconsistent' with his whole career in politics and with all the principles he has professed. If he failed to follow this course, he would be false to himself and false to the men who have always supported him and are now barking his candidacy. It is reasonable to say that if it were understood that McKinley would not do Ethe thing the Republican? leaders say he will do the plethoric pftrses which have been opened to his managers for campaign expenses would have been closed as tight as wax. The tariff barohs are putting up their money on a pledge, expressed or implied, that at the earliest possible opportunity McKinley will do his part to reopen to them the fat pastures out of which they were driven by the Democrats.' No matter what the people may think or the party organa may say, there is a clear understanding between McKinley and his political and financial backers. But the Republican leaders in Washington have done the country an excellent service by bringing out so clearly ami emphatically the McKinley programme. It is a public warning to tlie • people of what the,elect ion of McKinley will mean. It assures the country that, in the event of McKinley's success, another disturbing period of tariff agitation and legislation and another reign of McKiuleyism, with itsaccompanying loot aud loss, will be forced upon flic business interests.—-8t. Louis Republic.

RrprMUtlng ,th® People. i “Mr. McKinley,” says the Philadelphia Pr' ^s “is the people’s candidate. He will come to the presidency as more distinctively the representative of the whole party and all the people than any president since Grant.” etc. In what poee.ble sense could Grant or McKinley or any Republican candidate for president or president-elect be said to represent “sill the people?” The more faithfully they represent “the whole party” the further they are from represt nting the whole people. No Republican president heretofore Inis represented much moiv than the bitter sectional auimositiea of the people who voted for ban. Probably Mr. McKinley repress uts a milder degree of this sentiment than any of his predecessors from Lincoln down. But he no more “represent-” half of the people Osf this country than lu represents the people of France or Germany. Far Rrroaur Only. The meeting of the tariff commission convention at Detroit on June 8 was a failure because of the slim attendance of delegates. The main object of the convention was the Organization of a movement to take the tariff question out of politics. But as it was also proposed to maintain.the protective principle as a basis of future tariff there were manifest incongruity and warfare between means and ends that foreboded failure. As long as political parties shall consent to be us»h1 as active agencies for the building up of favored industries at the expense of unprotected industries so long the tariff will be a political question. The only remedy is fair play for all and the use of the taxing power only for its legitimate object—the production of revenue.—Philadelphia Record. John I* Twisty. Monday—Senator Shenwm declared that in order to raise revenue sufficient for propcr expenditure he was willing to tax the shirts off the backs of the people. Tuesday—Senator Sherman voted to lay on the tahle a motion-to put a temporary tax oh beer in order to prevent a further deficit. ' Wednesday—Senator Sherman voted to override the veto of the river and har“bor till, adding over #60,000,000 to federal expenditures.

Plenty of Work Ahead. To * friend vrho spoke of him as a running mate for Major McKinlc^ Speaker Reed reput'd: “A naming mate. 1 believe, genoially is expected to do the hard work juid the heavy pulling. ** Mr. Reed plainly sees some heavy pulling ahead for his party—as there assuredly will be if the Democracy shall make the rabss of their opportunity and do their duty.—Philadelphia Record. A Wtll Ittitmd Rebuke. “President Cleveland’s veto of the river and harbor bill i* sound.” in the opinion of the Rochester Post (Rep. k It hopes that “congress at its next session will deal with the river und harbor question with due regard to the condition of the treasury and the wishes of the people. The severe rebuke now administered was thoroughly well deserved.” Not Proiooii to Stay. Colonel Hahn retired from the position of state insurance commissioner of Ohio on Monday. He was one of the remnants of the McKinley administration, and was hot pressed to stay.—Cincinnati Enquirer.

A TAX ON INDUSTRY. ARIFT ON COAL A BURDEN ON THE PEOPLE. Ho Oiw Is BrneflM by the Present Doty Kxwpt tbo Wealthy Jlla* Omar- Raises the (test of LIrlnc—Keeps the Prim ot Pool Above Its Koturol Tsloe. The announcement was^made thwther day that contracts had been made for the sale of a large quantity of Pennsylvania soft coal to Montreal, says the Kansas City Times. This seems to be the deathblow of the argument in favor of a duty on coal. The Wilson bill in its original form had coal on the free list, bat this was changed owing to the belief that the Canadians wchld get the best of us. . This belief, however, seems unwarranted. If w£ can send coal to Montreal by way of Tine St. Lawrence we need not fear Canadian competition on our east wash In fact, our mines would hold the east coast with no duty at alL This was shown when, in spite of free coal by reciprocity agreement with Canada, mo increase in importations took place.1 As for the great part of the country between the Atlantic and Pacific coasts, “free cool” would be an undisguised blessing. No importations could possibly come in here, and wo are already underselling the Canadians in the territory north of us. Even a duty does not enable the Canadian miners to drive us out of their markets. It is owing to the large exportations from the inland section that the United States sells to foreigners far more cool than she buys of them. Without the duty we should sell even more to Canadians, and the way to get Canada to remove her duty is to remove our own. On the Pacific coast alone are considerable importations, to be expected. These importations arc due .to the fact that The coal mined there is limited iu quantity, inferior iu quality and produced at too great a cost. Under these circumstances the importation of coal on the Pacific coast, always large, continues iu spite of the present duty. The only effect is to raise the price to the

consumer. Raising the price of coal to the consumer is a serious matter. Everybodv must have fuel, and it is not good poiicy or principle to raise the price oi what is a necessary of life to rich and poor alike. Besides coal is necessary in I cv ry form of industry.' A tax on coal is therefore a tax purely and simply on industry as well as life. It is a tax which raises the cost of living ami at the Same time handicaps the people in making a living. The only gainers by a duty on coal art' the millionaire mine owners of the east. Industry is handicapped and the people burdened merely for the benefit of a f'w n;t>n already wealthy. The-*' men, moreover, already fix the price of i coal almost at their pleasure. Their \ pool, though frequently broken up by ; the greed of a few of the members, is i irresistible while it lasts and succeeds i in keeping the price of coal far above j its natural value. Not content with exacting an exorbitant price for their own I output, the eastern miners do their Ut-„ most to drive out the miners of this ! section. The reduction of the dr.ty on coal I from She McKinley rate of 73 cents to • the present rate of 40 cents was one of the !►> m fits «>t the Wilson act; It hurt nobody and helped everybody but the eastern Jrust. Now the movement should be toward pur ting goal on the free list, but instead the trusts tire preparing to make a desperate effort to restore the McKinley rate. The result would be an increase in the cost of living and an obstacle to busiuws of all sorts. Then- is just one way to defeat the plot and that is for the people to defeat McKinley. A Guardian of the |cnblle Interest*. Answering the criticisms by its Republican contemporaries of President Cleveland’s pension vetoes the B< vston Transcript i Ri p.) says that “the president has in the course* he has taken not only shown- himself a conscientious guardian of the public interests, but also lias proved himself a true friend of the soldier in exposing the indolent, if not criminal, manner in which members of congress secure pensions for ]>er sous either utterly unworthy or whe have no legitimate demands upon the government.” Tricky Matt Quay. * Senator Quay has given an interesting exhibition of polities among Republican leader* and of bossism as it exists in Pennsylvania. Not only has he veered about with the wind regardless of principles or obligations, but he has switched his riate around with him. There' is uc reason u> doubt if “Old Nick” captured a majority of the Republican delegates —not a-# improbable contingency, by the way—.Senator Quay could make a deal with him for the Pennsylvania delegation. —St. Louis Republic.

Bat Th«re Hu Bee* Krrrat Occuloa. Commenting 04 the fact, as shown by Senator Vest,4 that the veto power was exercised only seven time* by the first four presidents, the Indianapolis News (Ind.) asks: “Does any one snppc«e that these great men would have stood idly by and allowed congress to enact vicious and corrupt legislation, even though there were no constitutional questions involved? The thing is inconceivable. The veto power was little used because there were few occasions for tpuig it ” UrMTTtac All Plata*. For vetoing the river and harbor appropriation bill Jhe president deserves the thanks of the country, not only tor the act itself, bat for the manner of doing it This bill is always the favorite picklock by which selfish and fuscrupnlout legislators get at the public funds for the benefit of themselves through their constituents.—New York Herald.

THE BEST SPRING MEDICINE is SIMMONS LIVER REGULATOR—don’t • .rget to take it The Liver gets sluggish during the Winter, ju$t like all nature, nJ the system becomes choked up by k* accumulated waste, whiclf brings on . ialaria, Fever and Ague and Rheumavs:r. You want to wake up your Liver : nv, but be sure you take SIMMONS i iVER REGULATOR to do it It also ; emulates the Liver—keeps it properly at work, when your system will be free from ; <cison and the whole body invigorated. You get THE BEST JBLOOD when vour system is in Ai condition, and that will onlv be when the Uver is kept active. Try a Liver Remedy once and note the difference. But take only SIMMONS liver Regulator—it is Simmons uver Regulator which makes the difference. Take it *'n powder or in liquid already prepared, or make a tea of the powder; but take SIMMONS LIVER REGULATOR. You’ll find the RED Z on every package. Look for it. V J. H. Zeilin £ Co., Philadelphia, Pa.

TSB ' ONLY COMPLETEBOOK - OK THED ST.i® tm By Julian Our*on. Cantu In ini; til bir« beautifully printed pages,, emhrai-ibs: n emnilh-t-e hMory *>r tin* ,.Mvui**>t tornado that evo; visited Atnurlrn I iluslrulcd tvilli laO Xpfflal I'.armMan- Chotoii rap hitExtra doth binding. ?l vxira half mor-iw-vn. Kit Ini style wiil La*st*nl by mall, postpaid, on rvieij t of piiod Very l iberal '1 to .tsrna. \Vrite tor onr >pevb'l disirmitits and o'rnis to agents. fr»n* by mail Agents. s*-m| for elegant !iins|HfMi>. by tiiail. it") «-)^i)isj, which merely c •vers tin* cost *>; nosiioie ami tnirtllng. IK) not » onfusvetit;s complete and anUitmti'c history with the small nanihhlets «>t views now being eiiyuiuted and h'»!d / Address. PC PUSH KltS’ sl PPI.Y CO , 07 ami (>b Kmilie lluihlmg, St l'.oi is. Mo THE HEW WEEKLY _- ROGKY MOUNTAIN IVeWS BKXVEB, CBI.O. The Best tfFR>KUy Published (1.00 Per Year In Advance. LEADS the Silver forces of America. LEADS in Mining and Mining Stock Reports. LEADS In Special Departments. LEADS in developing Colorado’s wonderful resources. LEADS tn Kewstness, Brightness, Compre* hensiveness. LEADS In Commissions to Agents. (Write for Term*.) f , The Great Silver Daily The-News publishes the representative paper (daily and Sunday) west of St Louis; cartoon with every Issue. 85c a month—$1.90 fot 8 months—in advance. v, . J For sample copy of any Issue, address,-? The SEWS PRINTING CO., Denver, ColoraTtS THE TRIUMPH L. Happy and Fruitful iani^v Every MAX who would know tN 'WM ;>

THl 1 tissue !«:.)?• K tbt* QW t'e«re:s ar.<» ’bn New" Disroviiit.^ : ?i ioul Sclener tu .•»;»« bed ti, Married Life. v. :v» v, ,. i ;' atone lor i-a ; f> iJies a*Mf: avoid future , Ufa iu>‘. ' shonH "rritt r oumv- vi- ; Merfnl little brink, ecliefl! “Complete ''nahivd Hour to! At::>in It " T4j j r.r.rearlae't men we w*?S

man one copy l^ntirely t ree, in ri-v-i sealed cover. ERIE MEDICAL CO., & NIAGARA STk FFALO. N. Y. MEDICAL TREATMENT. If yo« want the beet experk ant! scientific trea' tnent by the leading pby»lcisi»Sn<l v^eetallrtact 'th ronutry. consult only flit. HA THA W A V A. Cl>!.' Dearborn St.. Chicago. III. AH Chronic Di»e»-« of men and wockd. I*ri»are Skjs. Ri'-od and Xe *ot;s 1>im«i«w. r.-es treated 9v m ul all overtr w *fH hv ^endinc for Symptom H:mk No. l for #ie No. 2 for women. No. 3, Skid Disc****. No. lift Catarrh. Beat of professional and financial rdl« cnees. a le^al guarantee i-vca If necc^aarv. t>4-pare Medical Referent D okiifor men and w.itwc. who kre afflicted with At) form jof private diseat peculiar to their sex. cot Urlonsdlieaees. female trouble*. etc. Send two: cent stamp* l > i*av pAstrae. td tl* leading specta UUandt'h). k.us in tins country. DU. HATHAWAY & CO.. 70 Dearborn St.. Chicago. UL TBU’', a ICk»l KUAClCin FREE

•<100 PICTURES!* -or.TTK]- . Great St. Louis Cydoae —is which— 4:. £50 TA-rn ’Wmro SJoimi, ar. 5. *20,000.000 of 2»rop«jrty ZSeauro^roa.. These view* are all taken from nclual plotoxraph*. tad nbnw more plainly than l« any other Way tlxItrrlMedwBnithon left on the Irto-k of the storm. It fc* in t*>ok forte, printed on tine paper, so a* to i*e easily preserved. anil should is In the home** of all. It |m not likely America will ever ajraln be yisite»i by tu4 disastrous a tornado. hence actual plHhouraph* of !h« scene* will be «■ curiosity for. year* to come. Nothin* like thin lasnk baa ever beer* Mi^l In mi sh<*r a 1 inie. It .'ontain* picture* of ail lb* principal avites, •wkett the next dav after?lb*- storm before the work of wbuildtnf h *d> Com roe need. This r.eMtntiivenl b**>k vrlil be .lent hy mail. postpaid. oa receipt of *»cenli in stamps «ir silver Ikm’i let ibl« opportunity nass of securing the only complete ami authentic photo* graphs of the freauwt storm ever known to have visited America. i PFBJ.f HH ERS* supply CO.. a-tfi Kmillc KU’!dt:t«. i S!. Louis. Mo.

McCormick Daisy*Reaper Is the Machine for Saving Clover Seed.

Wecatinot r commend tho Daisy Mower too highly for taking fare of clover seed in any and all conditions or clover. Farmers who use the Daisy Heaj>crs claim they can save at legist a hush cl more seed to the acre v lithe Daisy than any other device for saving clover seed. This machine is easy Ofa-rated am| very light draft for 2 horses. Hay harvest is now at hand. Farmers who have not made i'reparations for cutting their liav should not fail to buy a Mc ’orniick .Mow* r if they want the best. This It-Vowcr has never foiled to carry owav the lauivis on all occasions, even at the Woild'a vJFair of 1893. \ ^ ' '* - •••.; JOB PATTBBSOBT, Petersburg. ;■, \ ’ J. IX LFVI. Union, | J. U. tillAIlif.K. <Hwoll, KETTUFU & KI1.HKT, Stendal, J.V.MES DYIIUM, .Velpeu.

The New TarifF Price Suits 2>*rad.e to ZMIeastxxe: • &£S, IS, $20, S22 arid. TTp. S=arits ‘Mlad.e to Oxd.ex: v s, T, ss and. T2fp. iV'1 • . . ' .'V ' ; ./ ■ v '• /.'4Burgers’, Merchant Tailors

A man and boy can rnaxe : from 40 to 60 rods a day. Over 50 styles. 36-page lll.istrated Catalogue Free. iknaxeisfa! Fence If‘ou have a Lawn notrfphgj 3 m

ttie woria wousupea suDsrpute lorcurnnBwmamsn** tai Ponce. Beautiful. Durable. Strong, and Cbeap.9 Plain galvanized FENCE WIRE sold to Farmers at9 wholesale prices. Circulars and Price List Free. 9

I - ' . .. ■ ■ - 1 — ■':'v ' •■ -t" ■ • • ’ . '■ 5 -THE CAMPAIGN EDITION QF THEN. Y. Sunday Advertiser! Will be mailed to Miy address in the United- Stat*^. nat^ide of New \ ork City, from now until November 18W!, V ■CTpcxi lESsceipt of A5 Cents. Daily and Sundae Advertiser for same■ period.''only(V*cents. Think of ir! Now York's best-and .most progressive republican Sunday Jiowsjiajwr for over four months for the small stun • f fifteen cents, or daily and Suuuay for &><•. Send your order at once. THE ADVERTISER, 29 Park Row, New York.

For 35 Years R. Cummins & Co., distillers, Loretto, Ky., have borne the reputation of h making honest whiskey—hand-made, sour-mash whiskey by the old-fashioned method. xR. Cummins & Co. “Old Process”

I is the best medicinal whiskey—no artificial flavor, well ripened by age, good body, fine bouquet. Sold, only by druggist.*. Each bottle bears the certificate of Prof. J. N. Hurty, ch<f&» ist, Indianapolis, as to medicinal value and purity. Kiefer Drug Company ‘ INDIANAPOLIS. Sole Controllers and Distributers.

Subscribe for the Democrat, only $1.25.