Sacramento daily record-union., 1888-10-22

since the close of the war, OF applyinE every
dollar of the surplus, since there was surplus,
TO the payment of the public d1bt. The Treas
ury Department has allowed $50 900 01O in bonds
OF the united states. payable at call. to remain
On interest for long period, or for period of
months. while the building up of the surplus
went on, end when they had the authority to
apply the surplus 10 the purchase of bonds re-
CARELESS oil their being at par They then
pleaded they had Lo authority, and shouted
Mh5s are a6a @ E9u going % do with this
or .l50,COO.00 of surplus? To ease the matter
they loaned SEQ, ,oO0000 of it without interest to
the banks of the country
FAVORED SECTIONS
NO; do not mean to the banks of the coun-
try, because that would imply impartislity but
tney loaned it, to quote the Language that was
once Wen known III Congress. where they
thought 1t would do the most good.' Laughter. I
For instance, when Mr.. Manning resigned from
tne Ire tsury and Mr.. Jordan, the Treasurer.
also resigned at the same time, they went to
New York and established bank, and Secre-
tary Fairchild wrote to the Treasurer of the
td Inited STATES ordering that 81 $4,000 of the
United States sarplus be placed i'll that bank as
nxed loan, without interest. | want you to
contemplate that
FRENCH BARgIcADks.
what do you think would have happened if
Louis Napoleon, in the day of his greatest
power, had ordered one aud a half million dol
lars TO be given out of the French Treasury to
enable two favOriteS to establish bank? Bar
rlcades would have crossed the streets of Paris
ana an eheute would have risen against a
lavorttism so fatal TO all freedom of Govern
ment tApplause.l What do you suppose would
be the result if Queen Victoria would draw an
order on the Treasury of England for the same
sum, 2O,OI0, to be given to aid her political
friends in banking venture in Iond0no The
first thing the English Minister would do would
be to employ expert physicians to go out to
windsor Palace and see if her Majesty's mind
mao @had not undergone some terrible strain. laugh
Ter.
CARLISLE FRIENDS
Now, IN the last election Speaker Carlisle
was very hard pressed; he got the certificate
put many people thought the other man got i,
majority OF the votes. Hear hear and ap-
plause. But he held it. There is now a union
against him of the Republican aud Labor par
ties. WHAT do we find in his case? We find
iour national banks in the city of Covington.
More IAN S2O0,00) has been placed in each OF
those banks-neariy 100000 in all Can you
conceive the national exigency that suddenly
required $4,000 of the funds OF he he United
States-your funds and mi 'e-to be GATED over
TO Govlngton? Can YOU imagine any public
good requiring that to be done? Take a larger
view OF his surplus in the Treasury. Thirteen
million dollars had been given to banks in New
1oik, While the seven States of Illinois, Michi.
gan, Wisconsin, Minnesota. Iowa Kansas and
Nebraska, this magnificent Gordon, with more
than double interpolation of New York, got
little more han d third of what had been as
signed to New York-this, too, at the time of the
year when money is greatly needed for moving
| forward your great crops.
sINGUIAR PROPOSITION
Suppose, Mr. Chairman, that when you and
were IN the Senate of the United S ,ates n prop
ositi0n had come befo e that body TO enable the
Secretary of the Treasury to take up the surplus
fund and put il just where lie placed SSOOOO0
70 the control of political friends hard pressed
III kentucky; 81, 10000 to Il couple OF friends
VINO are much IN need Of a stroag deposit in
New York banks; Sl3, ,0100 900 in New York State
upon which the Presidential election may hinge
and only SH,0O0,Q0 in the seven great States
tnnf FF.nr lar1- LIZ
publiean party, and that can neither be bought
nor sold. ltheers That is the demonstration
we have now
THE SURPLUS AND THE TAEIFF
Lastly, we object to the President departing
from the custom established in accordance with
rne iaw W OF using me Surplus money for the pay
hHht ot the public debt i'll order TO pile uD that
surplus until it has created a arrangement in
financial business, and then charging that IS the
reason why the tarif sho"id be robbed and
stripped OF It's pro ective features. Do you noi
see the log cal -onnection b. ween the two
his iree.trade message of last December had the
surplus To- is corner stone, AMI it arraigpcd the
taii as lAevltaoly pr)ducing a surplus. Why
IN the preceding Presidential term o. shared
pv Garheld and Arthur there was three times
as / rye surplus as the one Mr. Cleveland has
nad TO deal with, and every solitary dollar of il
went to the reduction o. the public debt
lCheers You and I and every taxpay,r cot
the Advantage of that What advantage does
any cltiZsn OF Jllinois obtain from the 5000 OOC
oSht OVER 10 N Up Alr. CdrllSeS S rec 'ectiOu. OF
from the Sl,lODGO loaned to pet bank in New
York ?
NO PARALLEL. To 1T
Why, there is no parallel 10 it, You hesr
them all tell you that John She man did the
same thing. That is as false as the poiCy
which the story was started to sustain is flagi.
Gus 1t is utterly ialse. [Appause.l John
Sherman never HAD single dollar that was
taken from the Treasury When he was selling
united States 4s-a great financial achieve,
ment, for he sold Sl0O 00O, 900 of them-they were
SOLD across the counters of banks that had been
made financ1 Al agents OF the Government and
It was the money paid in for them (not money
from The Ire ,suly), that Secretary Sherman
placed. That money was used in turn 10 pay
for the D 20 AMI p cents that were redeemed
ny the sub titution of SIS, and by which sI4 COO.
0O0 OF interest annu lily was saved to the United
States tCheers.l
SHERMANs FINANCIAL POLICY.
. What Secretary Sherman did was specific
ANY by letter authorized by the law as neces.
sary. If l could speak longer would give more.
but these ar some OF the reasons upon which
we lndict the Ad inistrat on of Mr. Cleveland
before the people, and upon these charges we
ask you to render verdict. He has arraipned
,,rft