Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1884-10-16
DecoiYing The PeOnle.

DCihOSl dtiS opSohtIS III lniS district
who are either ignorant of facts or ar,
deliberately deceiving the people;
Is it really necessary that candidat,
for the Office of "his superfuous excel
lency' should either exhibit phenome
nal ignorance himself, or presume upor
phenomenal ignorance in other peoples
Mr.. Hendricks made a speech at Toledo
Wednesday evening, in the course oil
which he elaborated his favorite, but
not altogether original idea of a change
lie told his audience that a change was
desirable, for one thing, because the
government was taking too much money
out OF the pockets Of the peOple-getting
too much revenue into the treasury.
The fact is as stated: there is no doubt
at all about that But why was il
necessary to make such an astonishing
use Of figures as Mr.. Hendricks is re-
ported to have done? He is reported
as saying that there was annually being
collected from the pockets of the people
10000. 600 beyond the demands of an
economical administration of the gov
eminent. Next he said that next year
the collections above the amount re-
quircd would he Sl45, 900, 900. And a
little further on he said that this year,
under the new tariff and taxation law,
the excess collected was S85, 600, 600.
What necessity there was for all this
athletic jumping from one figure to
another is not clearly apparent What
warrant there is for the statement that
the surplus is going to take sudden
Jump next year from $50, 900, 900 to
Sl4j, 900, 000-a gain of SOC, 1000 900. or
over 10 per cent. in single year-does
not at all appear.
But this is not the worst of the candi-
dates reckless handling of figures
Warming up to his work, he went on to
say that the Republican candidate for
governor of Indiana stated in speech
not long since, that when the Republic
can party came into possession Of the
public powers it found an empty treas
ury, but that now lit has an excess in
the treasury of $1,000, 900. 900. Mr..
Hendricks then proceeded as follows
''lf this statement be true, that when
this speech was made there was $780,
900, 900 lying idle, unemployed in the
treasury. at the end of the year there
will be added to that in the new vaults
another 500, 900, 600, and it will stand
$500, 900, 900 wrung from the people
beyond the demands of the government.
Have you stopped TO think how much
this is? It is more than half the paper
currency of the United States: and
when it comes to $500, 900, 600, as it
will be at the close of the year, and
before congress can act, if the popula-
ton Is properly estimated at 80, 000, 600,
then there will be locked up in the
treasury and vaults dug down deep
beneath it, - to so for every man,
woman and child in the country"
Now this is astonishing talk to pro-
coed out OF the mouth Of candidate
for even 50 useless an Office rs that of
vice president of the United States
The Times does not pretend 10 know,
aud secs no good reason why i, should
attempt to find it out, whether Mr.
Calkins, the Republican candidate for
governor Of Indiana, made the state
ment attributed to him. Perhaps he
did. If So he made very incorrect
statement A candidate for the 'Sec-
ond Office in the gift of the people
should not St00p 10 cduntenance for one
moment any such statement Ii he
mal any aliusiou it at al. it should
be for the purpose OF correcting the
error, ard not for the purpose OF lead
inc people further astray. 'The truth
is thal the balance carried by the treas
ury Is usually in the neighborhool OF
$4,000 600, round figures: Whatever
additional sum may he in the treasury
nj amy timc is either the property of
private tlepositors to whom certificates
Of deposit have been issued, or else i is
held against immediate liabilities. The
balance OF = &. 100000 or SO which Is
held in addition TO Immediate liabilities
and 10 what is held for depo,itora is
what is deemed necessary for the thor
ough protection OF the United States
notes against depreciation All these
notes are rcdcemabe OH demand, and
rs their amount is over 1916. 600, 900 it
is obviously necessary to hold Il con
siderable reserve against them, or
clique of spectators could force the
treasury to suspend at almost any mo-
ment Opinions ditleras to the amount
necessary to be held for the protection
of this circulation, but no one whose
Judgment is entitled to any degree of
confidence places the amount below
800, 900, 600, while probably the sound
est bankers are generally agreed that
it is prudent to hold as large reserve
as the secretary has been in the habit
of holding. At the outside, the amount
held beyond what sound, conservative
iinancers regard as necessary can not
be held to exceed some $40, 000, 600,
which is 4 somewhat different thing
from $500, 0O0, 900 or $500 900 900.
Mr.. Hendricks says that Mr.. Calkins
made his statement .nOt long since.
That is not very definite space of
time. but it is probably fair to assume
that Mr. Hendricks does not mean to
refer to time more than two months
ago-say about the first of July. Now
what does Mr.. Hendricks mean by say
ing that if il was true that there was an
accumulation of 100000 coo in the
treasury when Mr. Calkins made the
statement, then before the end of the
year, and before congress can act, there
will be 800. 600 600 more, Or 500, 000,-
600 in all. in the treasury? Does he
mean to say that the treasury is now
taking in surplus at the rate of $780,
600, 000 every six months? He can not
very well mean anything else. because
from the time Mr. Cabins made his
speech to the end OF the year, or to the
time when congress can act. is only six
months But Mr.. Hendricks had Just
before said that we were this year col
lectiug surplus Of only $4,000 900 IN
the whole year. The candidates sur
plus grows like Falstatrs men in buck
ram.
Furthermore. what does Mr.. Hen
bricks mean by talking about the accu-
mutation of 500, 000, 600 additional sur
plus before congress tan act? Would
he have people suppose that there is no
way Of getting rid OF the surplus from
timc TO time as it accommodates, bat that
the money must go on accommodating
until congress provides some way OF
getting rid of it? Mr.. Hendricks surely
ought 10 know better than that, and he
ought 10 pay those whom he addresses
the compliment of assuming that they
know better also. \ great many people
in this country are well enough inform
ed to know that when the treasury de-
partment issues call for bonds Their,
is au actual or anticipated surplus be
vou3 the reserve assumed 10 toe ucces
S1rv thvy nov that it the treasury
should unexpectedly receive $1,000,
emo .5js month it would not I've ncceS
sar - Keep it ON haud until congress
apuii act aA1u, it, but bond ta
p,tfId ~ apep 10 1SSuR3 and r9yl0p,,