Republican (nationalist) President Arthur turns the presidency over to Democratic (constitutionalist) Governor S. Grover Cleveland, of New York. 

       In his inaugural address Cleveland promises, 

       In the discharge of my official duty I shall endeavor to be guided by a just and unstrained construction of the Constitution, a careful observance of the distinction between the powers granted to the Federal Government and those reserved to the States or to the people, and by a cautious appreciation of those functions which by the Constitution and laws have been especially assigned to the executive branch of the Government.

       Every citizen owes to the country a vigilant watch and close scrutiny of its public servants and a fair and reasonable estimate of their fidelity and usefulness. Thus is the people’s will impressed upon the whole framework of our civil polity–municipal, State, and Federal; and this is the price of our liberty and the inspiration of our faith in the Republic.

       It is the duty of those serving the people in public place to closely limit public expenditures to the actual needs of the Government economically administered, because this bounds the right of the Government to exact tribute from the earnings of labor or the property of the citizen, and because public extravagance begets extravagance among the people.

       Arthur is giving to Cleveland a national debt that has remained virtually unchanged at 1,900,000, Dollars and 16% of the Gross National Product, but falling from 36 to 33 Dollars per person.

       NOTE: The nation is still paying for the Panics of 1837 and 1857, and the War of Federal Aggression through lawful Indirect (tariffs and excise) taxes placed upon manufactured goods.

      [updated 5/14/2022]