The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-10-25

%o,ooViooo tHdt vi. MILLS COuulttCO pu
into the pockets of the trust. | may tax
Mr.. Mills denial, if he chooses TO meal
that Mr.. Havemeyer never appeared be
fore him: but here are two members o
the Ways and Means Committe who openl
acknowledge that they had heard not onl
Mr.. Hayemeyer, but his attorney. Th
attorney was skilled as to every feature O
the sugar tariff and not only knew wha
points were advantageous to the gov
ernment but knew what points wer'
| Instantaneous to the trust. The latter
points seem to have been adopted by thu
Ways and Means Committee, though per
haps Mr.. Mills did not know this.
SECRETARY FAIRCHILD's POLICY.
find also in the papers of to day re-
port of a Democratic meeting In New Y ORR
On Saturday, before which Mr.. Fairchild
the Secretary of the Treasury, appeared te
defend his policy of loaning $50 ,00O,0 900 Of
the public money to certain pet banks
without interest. His defense consists
chiefly of proving that overestimated the
amount which those banks could realize out
of the transaction. He said that calcu.
lated the interest on the whole $50 900 900
whereas the banks are compelled to keep
25 per cent. of the money in their vaults.
Poor banks. What hardship they were
subject to-
think Mr.. Fairchild's answer is posi-
lively amusing. 1t reminded me of the
man vino drew $40 900 prize in lottery
deduct ten per cent. before paying the
amount of the prize. ''How lucky it was, y
the man exclaimed, shat did not draw
SIC, 00Qi it would have ruined me to pay
the premium" lMerriment. Mr. Fair
child doest not frankly and manfully con-
front the issue. He does not explain TO the
people how the hanks could afford to buy
Government bonds when the Government
itself could not afford to buy them. If it
was an advantageous proceeding for these
banks to invest $50 100000 in Government
bonds, why was it not still more advanta.
geous for the Government to do its I
press this question upon Mr, Fairchild,
for he has not explained why, if the banks
could 2 to p per cent. upon the purchase of
United States facers, the Treasury could
not make as much. and by doing what the
banks do, he would have wiped ont $780,
100000 of the public debt. l press the ques-
because it was asked by one OF Mr.. Fair
child S most distinguished predecessors.
When a surplus was in the Treasury dur
ing the inistration of President
Pierce, Secretary Guthrie applied it to the
payment Of the Mexican war debt, not yet
due. aad this was repeated in the first six
months of President Buchanan 8 Admin
istration, by Secretary Howell Cobb, when
the premitm went as high rs IA per cent.
for the bonds they anticipated. Secretary
Guthrie was criticised for paying premI-
um for those bonds, and he asked the very
question now PROFOUND to Mr.. Fairrhild
viz /: why those Government bonds were not
worth as much to the Treasury Depart
ment as to any purchaser in Wall Street.
Applause That is the question l now
ask in the name of Secretary Guthrie. who
was one of the ablest Gnanciers in the adj
ministration of the Treasury Department
since Hamilton, But while Democratic
Secretaries before the war would antici
pate, even with premium of IA per cent.
the payment of the national debt. Mr. Fair
child intlmates that he will not 90 above
10S for the whole body of a per cent
bonds still out. 1t was suggested that c
might make 2 pee cent. He denies that
and says he can only make per cent. and
65 leo, as if that we're not worth picking
up on $50 100000.
NURSING THE SURPLUS
Gen. Harrison made we'll grounded
accusasation and used happy phrase
when he accused the National adminstra.
ton of nursing the surplus" If MIR
Fairchild had invested 500, 0OO. 900 il
| United States bonds it would not have ap
peaEed in the surplus, but if he loaned i,
to the pet banks it still appears as a par
of that frightful surplus, to- get rid Of
which the people must destroy their protec
tive tariff. This is the unsavory sugges
| tive point bearing on that which 1 beg Mr.
| Fairchild's attention. Between March q
1885, and June 80, 1886, a year and fou
months fro n President Cleveland's inau
guration. tie surplus in the Treasury in
creased $95, 900, 900, and the public deb
was only reduced $50 900 ,O0O Out of thi
SGT, 90 900 $44, 500 900 was a compulsory
purchase for the sinking fund. The fur
her fact is revealed that there was at thai
date SEQ coo 900 of 8 per cent. bonds thai
could have been called in at par, and tina
they were left in the hands Of private hold
ers. drawing interest, and in order tina
the bogbear of a surplus might be raised
and. as Gen. Harrison says, careful
tnursed. tCheers.l Yon will all recall
that during the campaign of 1884 almos
every Democrat OF ator and journal declare,
the Republicans had $500 900 600 of idl
money in the Treasury. and one object il
turning the Republicans out was to set fire
that money. | never heard one of then
put the sum at less. But when they go
into power they found no surplus at al
because the Republicans had CONSTANT
applied what ever surplus there was t
purchase CT Governments bonds and the re
duction of the public debt.
During the last two years of Presiden
Arshur's administration. l think nearl
: $500, 0Go 600 of the the debt was paid off
But Immediately, the policy Of Pgeslden
Cleveland s Administration was to accu
: mulate surplus; and they proceeded t
have one even when bonds were ION call
at par, and millions were lying idle in tn
Concluded On fourth page.
Advice To Mohers.
Mrs. WINsLCW's SOOTHING SYRU