Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1888-11-02

lniznn OF Il pa- csnt, the payment Of the
national debt. ar. Eairchild intimates that
hs VIII not 90 abogs 1881 for the whole
body Of - per cent bonds still out. 1t was
suggested that be might make 2 Per cent
he denies It and says that he can only make
Der cent and EiLty-hye hundredths, as If
OC0, COO.
General Harrison made q vel grounded
accusation, and used happy phrase when
he accused the national administration OF
. ''nuFsing the surplus" If Mr. EaiEChiid
had invested $50 OOO, eco IN United States
bonds, It would not have appeared IN ths
surplus, but If he loaned 1t to the pet banks
it still appears as part OF the frightful sur
plus to get nd Of, and the people must de-
strOy tbs protective tariff. There 1s a very
suggestive point bearing on that TO which
beg Mr.. FajrchiId's attention. Between
March 4. 1885, and sane 30
1886, a year and four months from
surplus IN the treasury increased S95,0OO,-
coo, and ths public debt was only reduced
S50,OOO,OO0. OF this $5O,OO0CCO, SA4.5OO,OOO
was compulsory purchase Tor the sinking
fund. The further fact ID revealed that there
vas at that very date $50, OCO, 600 of 3 per
cent bonds that could have been called IN
at par, and that they were left IN the hands
Of the private holders drawing interest," and
in order that the bug bear Of the surplus
might be raised, and as General Harrison
said, carefully nursed.
You viii al recall that during the cam
paign of 1886, almost every democratic ora
tor and journal declared the republicans had
S4OO,OOO,OOO of Idle money IN the treasury,
and one of the objects IN turning the repub-
Icans out was to set free the 800, OOO, OCO. I
never heard one Of them put the sum less
But when they got into power they found no
Surplus at all, because the republicans had
constantly applied whatever surplus there
was to toe purchase of government bonds
and the reduction Of the public debt. think
during the last two years OF President
Arthur'S administration, nearly sou, OOO,OUO
of the debt was paid of. But Immediately
the policy of President CleVeland's adminis-
trat1On was TO accumulate a surplus, and
they proceeded to have one, even when
bonds were on call at par, and millions were
lying idle IN the treasury. And at last, when
pressed to purchase, the secretary Of the
treasury minated a lack OF authority be-
cause the law for purchasing bonds at a
premium was contained in q clause attached
to an appropriation bill. And 1 be-
Heve the president aided the secretary
of the treasury IN oiscrediting the force and
validity OF this enactment, as though an act
IN an appropriation bill was not just as
strong piece of law as though i5 were a
separate act / viii suppose that the pre5I-
dent and secretary forgot. when they were
questioning the form OF this legislation that
the Presidents salary Of $50 COO was
really IN a clause attached to an.
appropriation bill. I DO not believe taab
the president has had any scruples
longed to him. but the right to which rests
precisely On the same foundation as the
authority to purchase bonds at premium.
Is the plea of lack Of authority were made
seriously by the treasury department., it,
must be termed sheer ignorance. If it we're
not made seriously it deserves q sharper
Characterization than courtesy viii permit
me to apply. And now with surplus artihci-
ally, studlously and persistantly piled up,
the denOc cratic administration asks that the
its future growth be eVsrted by Destroying
the protective tariff and a revenue or fr eel
trade tariff established in its stead.
Does not Secretary Fairchild know that q ]
reduction of the rate Of duties viii largely
increase the importation and largely IN
crease the surplus? If he does not know 1t, .
let him recur to the cause that brought on
the financial crisis of 1887, and the financial
crisis of 1851, and If he is not satisfied with
these practical illustrations in his own cOun-
try, let him go back l75 years to the reign OF
Queen Anne II England, when Dean Swift
informed the ministry that he might double
the duty and hRlve the revenue, or halVe the
duty and double the revenue. Mr.. Eairchild
proposes, by way of getting rid OF a surplus
10 halve the duty and dOuole tho revenue.
believe, Mr. Chairman, that there never
was an administ alton Of the treasury de-.
partment that showed so little practical
comprehension OF the condition of th5
country, one that has been so filed and psr-
meAted with th&t offensive concert which
always marks the theoretical free trader. i
said before, and repeat now, that If a re-
loaned $50, OOO, COS to pet banks all over the
country without interest, thu democratic
party If they controlled tbs house OF repre-
sentatives, would have moved to imPeaoh
him and I believe IL. I don't say the recub-
Hcans would impeach Secretary Fairchild.
had they the control Of the house, because
the republicans are not fond OF violent
methods, but arc accustomed to proceeding
with caution and moderation In public at
fairs. They don't wish to impeaeh him be-
fore the senate, but they impeach him before
the high court of the people for having
done that which was plainly against the pub
lie interest and for having failed to respond
to the preceGents set by former secretaries
of the treasury in faithfully aud constantly
applying the surplus to the reduction Of the
public debt. &
Mr.. Blaine concluded with some refer
enc5s to the tariff and its relation to indus
trial interests IN the vicinity Of New Albany.
In the evening there was torch-iigAtprO-
cession, and General HOvey and Corporal
Tanner addressed large audience az Mas
cCttse hail. Mr.. Blaine aad his party leave
for Lafayette at 8 O. clock tomorrow morn
ing over the Monon route. He speaks at
IippecanOe battle ground Wednesday after
noon. f
REPUBLICAN, ENTHUSIASM.