The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1885-09-17
DEMOCRATIC FINANcIERING,
Reasons Why the People Will Ger
tainly Repudiate the Cleve-
land Administration.
Secretary Manning and Treasurer JOr-
dan Playing Game that En-
riches MOnop0lists.

washington special to Indianapolis Journall
"Sooner or later this administration
will be repudiated by the great masses
of the people on account OF its finan-
cial policy" said well known writer
on financial topics, addressing your
correspondent this morning. Il am q
Democrat of twenty years standing"
continued he, "but the acts of those
people over there" pointing toward the
Treasury Department, "are more than
I can stand. Here the Democratic
party has been denouncing the national
banking system and bowling against
bond-holders and coupon-clippers for
upward of twenty-four years, crying
down monopoly and all that sort of rot,
and in less than six months it has done
more for this class than the Republican
party did during its entire reign. This
demagogy would have been shown up
by the Republican and honest press
generally if it had been understood.
wanted to know what he meant, and
the gentleman, who is one of the best
posted ON finance in the country, said:
"Why, you observed that Treasurer
Jordan recently decided that there was
really only about $50, 0O0,0 surplus
in the Treasury, did you not? Well,
there is over $40, 900, 900, and he very
well knew it. He threw out in his
statement 800, 900, 900, which he desig-
mated q sacred fund for the redemption
of the legal tenders? He claimed the
Government had no right to use that
money. That act was in the direct in
terest of the national banks. 1t has
been q rule, if not q law, in the depart
ment for many years that when the re-
serve or surplus runs over $40, 200, 900
q bond call shall be made for sic, 900, 900
or over. You see by this decision of
Jordan, which is approved by the Sec
rotary, that it will be impossible to
make bond call for two or three years.
This creates stability and rise in the
bond market. Seven tenths of the
threes are held by national bankers to
secure circulation, or rather they own
them and have deposited them as Sc
curity. Well, this decision has given
them rise of three and one-half per
cent. This decision is IA guarantee to
national bankers, also, that they will
not be disturbed 10y having their Sc
curity bonds called during this admin
istration. What better do they WANT"
"Do you think this was done at the
instance of the national banks? ?" was
asked.
Undoubtedly it was. Treasurer Jor-
rendering the decision, and he received
the plaudits of the national bankers,
and millionaires, and monopolists, and
was given a great banquet at Del
monico's."
"Does this impair the interest of COM
mon people?"
ut does; and in this way: The one
hundred millions set aside by this de-
cision will now lie idle for an indefinite
time. 1t might just as well be used in
calling in bonds, which would save, at
the lowest calculation, three millions a
year to the people. Certainly, as the
public debt is decreased the taxes are
reduced and the masses are relieved OF
their load of taxation. There has been q
decrease of the public debt every month
under this administration, and not q
single bond call has been made. The
work of reducing the debt-and surely
the work of relieving the country-is
uOt July CuIIltu Oub duu CuuuOb bc ltls
until bonds are redeemed. This single
act, in other words, simply gives the
national banks at least two of the three
millions every year, besides the in
cidental and direct advantages"
This very correct and comprehensive
statement will not carry much consola.
ton to the good people who supported
Mr.. Cleveland under the belief that
their burdens were to be decreased
The government already pays an annual
interest of upwards of $4,000, 900 or
her debt. She has outstanding 6, 5,
and per cent. bonds, aggregatine
about 81, 200, 900, 900, and this trucking
to the national banks does not give {
hopeful outlook. 1t is said that Comp
troller of the Currency Cannon is re
tanned in his position, and is to be re
tanned, simply because he is the nationa
bankers friend and servant.