Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-08-11
Total.
S2S, l,G44. 81
ALoAN: NOT A DISTRIBUTION.

While the word "lOan" was used In the act Il was
generally known as the redistribution bill," and Its
| friends never denied very strenuous,y that dis
tributi0n and not a loan was intended The op
ponents OF the tariff asserted that it was the nten
ton to have an annual distribution bill, and wher
MI. Calhoun at the next session introduced bill
in the Senate to extend the provision:
OF this act to the next year. 1885, their fears were
confirmed. similar bill was also introduced in
the House and passed. But it did not get through
the Senate and never became law, owing to the
shortness Of the session. The necessity for pro-
viding for surplus did not trouble another Con.
greSs. For at the next meeting OF that body they
were called upon to m IKE an issue of notes, In
order to relieve the financial distress arising from
the existence OF deprecated currency well as
other causes. The great panic OF 1887 came on
and there was failure OF banks and general de-
probation OF values
AssIsTAN- SECRETARY NEWS COMMENTS.
Mr.. John e. New, the Assistant Secretary OF the
Treasury, In conversation with 5TAR man on this
subject, said that this question formed the topic
OF the first political discussion that he remembers
His own state, Indiana, on the strength of what
she received from the government, began a series
OF fifteen million OF dollars None OF these enter
prises were ever finished, and the state does not
now own a dollars worth OF these projected im-
prOvementS.
HISTORIAN MMASTER's SUMMARY.
In tic recent history OF the people Of the United
States. the author, Mr.. McMaster thus describes
this episode in our career as nation.
''The funded debt OF the United States amount
ed On the 1st of January, 1884, to s75 476 From
that day it steadily grew in size till January 1st
cline began In 1913 it had fallen to $45 600 In
1895 it as paid of1 The next year the govern
ment Was in possession OF surplus revenue OF
$4,000, 600, which produced far more evil than the
greatest debt the country has ever borne. 1t was
divided among the states. Instantly the widest
state. The creation Of banks OF issue Is without a
parallel in history They were to be found in
throughout the length and breadth OF the land.
WILD CAT BANK
!. story is extant Of a messenger with rotes to
collect who traced bank far beyond the limits of
civilization to spot on the prairies, where q
sm!thy and single cabin were alone to be seen.
The blacksmith was the cashier, the smithy was
the bank, and the safe barrel in the corner of
the shed. The messenger relates that when the
notes were offered the blacksmith went to the bar
rel, took out first layer Of apples, then layer of
vegetables "a and nd. finally the bags Of gold, from from
saying as he took them that the messenger was
the first man who had found out the bank.
ae"'ss to Such S banks au soon ~ became % insoivent.
The extravaganza caused by the few millions
loaned by the government brought enormous
cried out for a new assumption bin. The appeal
was most wisely withstOod. But new debt had
In the meanwhile been growing. When the Mex
ican war ended this was $68 100000 The Texan
1t was S68,3 7,70& Then decrease began, and
went steadily on till 1857. when the bonded debt
was nfed on it was S90.680873. The civil war
raised this to $40 ,6e6. the largest sum our
country has ever owed. Ihese figures were
seventy-flvo years the debt which the an.federal
lists declared would ruin the country, II funded.
great. created and borne with perfect ease. J"
REsENBLANC1 B8TwREN TIE PAST AND TIN
PRRsKNT.
The point Of similarity In the financial condition
OF the government now and then lies In tha fact