Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1888-10-11

My fellow. citizens, told you went TO
stand NJ Grover Oleydiand's side and
assist him In every way oonld In the
difficult task which he assumed; and
want here to say that, n / felt q regret
when left the Senate, / have been repaid
ooy the sense OF being associated with 30
thoroughly patriotic man as I have
found him to be. [Great applause
have felt II to be favor; have felt 1t to
DC cause of gratitude, that should be
associated In such a cause with such
man. removed applause Go to him
when would, by day or by right, some
times far after midnight, and / would
find that patient and true man at bis task
Lsppisusel and I remember we'll when
these taxes, increased in their results by |
an honest collection, for even the virtue
of the administration rail increased the
.u'piuo in that way Cspplause1, when
Daniel Mennipg-God rest his honest |
soul Applause Laid down his life work |
--he at least accomplished his task, de. |
spite the utmost OF the Republican Senate |
to pr vent him, putting honest men In |
the collection OF tho revenue--and so the |
collections grew vast till they rolled up |
in the treasury an awful eum that cannot |
be ussfulIy and leRi,imetely disbursed;
and / remember then the anxiety that |
filled the mind Of the Preaidsnt and sx |
tended itself to his associates In the ad-
miuistration, in the month of September,
1887 II apprehend that none Of you were
aware Of the great danges that confronted
the business circles OF the United States
panic was threatened, and you know
what panic is, what timid creature
In sal u. L.
unreasonable of all men, nothing in the
world is quite SO timid as capital; all
these thiogs were coming in oioud,
threatening disaster TO business all over
the country, simply because We could not
legitimately get out of the treasury the
money that unnecessary taxation had
brought into it At that time the Presi-
dent had it seriously in his mind
TO CALL CONGRESS tt eErueR,
in the month Of October, 1887; to call
them together and Icy before them the
state Of eff airs and to say to them. What
shall we do TO prevent this disorder in tho
circulation OF the money OF tho country,
this congestion of the treasury and de.
pletion Of the business circletp Every
| legitimate effort Was adopted The tink.
ing fund ives paid in full. Every dollar
of debt that was at the option OF the gov
eminent was paid, and in that way, after
exhsustipg every lawful expedient. CONF.
dencs was restored to the people and a
large amount OF money released from the
treasury, and the evil was tided over for
the time being.
I tell you these things because wish
to explain to you why II was. when Con-
greeB met in December last, the President
presented bus one topic to the American
people. There were other topics our
foreign relations; plenty of questions
for consideration but there was one
great question that touched the interests
of every laboring man in the United
states, of every man engaged In business,
and the President OF the United states
emphasized this fact to my ocuntrymen
will go to them, he said will open
the books; will show them exactly
where they stand and the Congress-, the
representatives OF the people. shall shars
the responsibility for condition which
cannot control. And he told you, 4
was not for Congress alone but for you
that 1t was not q theory but condition
that confronted you; state OF facts tina
confronted you /; $3.50, 600 000 looked nj
10 the treasury; $1,000, QUO more com
ing in every month and no means leeit
| imately by which the Secretary Of tn,
Treasury could anticipate the payment o
tho debt Now, gentlemen, how has 1
been made ? He went on to show you
. how il arose what the revenues OF thl
/ country we're; what the expenditures o
] the country had been under an economi
I cal administration; and II clearly ap
peared that tho country was op
pressed by having more money draw
} from the pockets Of the people than wa
J necessary for the government of tn
: country. Now, in Gods name, whei
. you have taken from the people all tina
is requisite for the needs of the govern
. ment, ia not that enough? II you tak
more what can the government do with IL
There 10 not dollar in the treasury this
, does not represent some mans days work
! This he showed and said;
HERE ARE TWO SOURCES
! from which this vast revenue is derive
i, one. from the duty on imported mel
ohandise; the other an excise duty o.
two commodities, whisky and tobacco
where shall the cure be made2 Whic
will you cut DOWN. Which is the prope
! mode to cut down?
In the FIRST place, he said, let US dea
moderately with this subject; that ther
!. shall be no shock, no jar. he submi,te
: 1t to Congress. They passed no such la'
!. as he recommended but they found tw
J. lines In an appropriation bill passed ]
!, years ago, think IL was IA years ngo, b
which the Secretary Of the Treasury ha'
q the implied power Of going into the opeI
!. market and buying bonds of the Unite'
a States, not yet due, for just suoh rates 0
y he conld purchase them; and the Con
! cress Of the United Ststes resolved, b.
Joint resolution, that the Secretary O
!, the Treasury had that power, and the
: indicated 10 him that he should exerois
it. My fellow co1ntrymen, that Is ba
state OF things. want you to think wha
: !. that means. Our debt has been Diminish
= ing rapidly, bat it is still very grea
one, measured by something owe
- one Thousand million dollars. III
m bonds are alt at high premium and tn
y holders naturally, knowing that the gov
! eminent wants the bonds, hold them at
y higher premium still, so that bonds pay
" ing but per cent are worth to-day VIZ
y on the 300; and all the Secretary OF tn
Z Treasury can do, under the act OF Cor
- eress is to make publication of his vii
:, ingness to purchase these bonds, reser'
y ing TO himself the liberty Of refusing til
y cffera that mey be made him, but he hf
- b en- Obliged, IN order to return part {
y the money to the business OF the country
:. to make PURCHASES at IN enornt
~ premium. l. this the best thing 10 do
, Well, in the first place, IL is not just.
~ man who il paying 100 cents on tie do
u lag ia paving ali he should pay. An
~ when Won think Of how many of thei
J, bonds cost SO small q sum TO their pu
u chasers it seems u Just that this prot