The Government's Deficit
January 20, 1894
Summary
The federal government’s budget under Cleveland’s Administration is in crisis.
Transcription
Secretary Carlisle reports that there will be an annual deficit in the United States Treasury of more than seventy-eight millions.
He is urging Congress to come to his rescue by authorizing him to issue bonds for two hundred million dollars payable in specie. He will this be able to replenish the gold reserve and meet the current expenses of the government.
President Cleveland has been particularly unfortunate in the selection of his cabinet.
If the material utilized was the best and ablest in the Party, it is plainly evident that it needs to inaugurate a search for men of brains.
According to the annual report of the Secretary Carlisle, he estimated the annual deficiency at twenty-eight millions. He now “goes it fifty millions better” and appears before the country in the great “crying act” of asking for the authority to borrow money.
He has that authority already, so far as replenishing the gold reserve fund is concerned but has persistently refused to use the lawful expedients which are at hand.
The bitterest enemy of the Democratic Party could not have prophesied a more humiliating condition than that to which [unintelligent] is being treated.
There ar breakers ahead and it is thought that “the worst is not yet.” Secretary Carlisle has since decided to issue bonds for fifty million dollars.
He is urging Congress to come to his rescue by authorizing him to issue bonds for two hundred million dollars payable in specie. He will this be able to replenish the gold reserve and meet the current expenses of the government.
President Cleveland has been particularly unfortunate in the selection of his cabinet.
If the material utilized was the best and ablest in the Party, it is plainly evident that it needs to inaugurate a search for men of brains.
According to the annual report of the Secretary Carlisle, he estimated the annual deficiency at twenty-eight millions. He now “goes it fifty millions better” and appears before the country in the great “crying act” of asking for the authority to borrow money.
He has that authority already, so far as replenishing the gold reserve fund is concerned but has persistently refused to use the lawful expedients which are at hand.
The bitterest enemy of the Democratic Party could not have prophesied a more humiliating condition than that to which [unintelligent] is being treated.
There ar breakers ahead and it is thought that “the worst is not yet.” Secretary Carlisle has since decided to issue bonds for fifty million dollars.
About this article
Source
Location on Page
Upper Right Quadrant
Topic
Contributed By
Carlos Serrano
Citation
“The Government's Deficit,” Black Virginia: The Richmond Planet, 1894-1909, accessed April 24, 2025, https://blackvirginia.richmond.edu/items/show/75.