Wichita eagle., 1888-10-16

public debt. [Cheers. | press this ques-
tion, not only because it is a pertinent
question, but because 1t is the question
asked by one of Mr. Fairchild's most dis
tinguished predecessors. When a surplus
was in the treasury during the admins
tration of President Pierce, Secretary
Guthrie applied it to the payment of the
Mexican war debt not yet due, and the
same was repeated the first six months of
President Buchanan's administration by
Secretary Howell Cobb, when the premium
went as high as IA per ceny for the bonds
they anticipated. Secretary Guthrie was
criticised for paying premium for these
bonds, and he asked the very same ques
ton ! repeat to Mr.. Falrchild.
He asked why the government
bonds were not worth as much to the
treasury department. as to any purchaser
in Wall street [applausel and that is the
question which / ask Mr.. Fairchild today,
in the name of Secretary Guthrie, for he
was one of the ablest financiers who has
administered the treasury department
since Hamilton. But while Democratic
secretaries before the war would anticipate
even with premium of II per cent the
payment of the national debt, Mr. Fair
child intimates that he viii not go above
10819 for the whole body Of AZ per cent
bonds still out. 1t was suggested that he
might make per cent. He denies it and
says he can only make 1 65-100 per cent, as
if that was not worth picking up on Sl00,-
600 000 General Harrison made well
grounded accusation and used happy
phrase when he accused the national ad-
ministration of nursing the surplus" If
Mr. Fairchild had invested S60,000,0O0 in
United States bonds it would not
have appeared in the surplus, but If
he loaned it to the pet banks it still ap-
pears as part of the frightful surplus to
get rid of, with which the people must de-
a,tf
suggestive point bearing on that to which
| beg Mr.. Fairchild's attention. Between
March 4, 1885, and June 80, 1856, year and
four months from president Cleveiand's
Inauguration, the surplus III the treasury
increased S95, 600 and the public debt
was only reduced S50,000000. OF this $50,-
coo. 600 &44. SOC. 900 was compulsory pUr-
chase for the sinking fund. The further
fact is that there was at that very date
$50, ,000, coo of per cent bonds that could
have been called in at par and that they
were left in the hands of the private hold
ers drawing interest and that in order
that the bugbear of the surplus might be
raised and, as General Harrison says,
carefully nursed." You will all recall
that during the campaign of 1885, almost
every Democratic orator and jour
nal declared the Republicans had
500 900, 600 of idle money in the treasury
and one of the objects in turning the Re
publicans out was to set free the $780, ,0O0,-
COO / never heard one of them put the
sum lefs. But when they got into power
they found no surplus at all because the
Republicans had constantly applied what
ever surplus there was to the purchase of
government bonds and the reduction
of the public debt. l think dur
ing the last two years of
President Arthur's administration nearly
$500, ,000 900 of the debt was paid off. But
the policy of President Cleve-
lands administration was to accumulate a
surplus, and they proceeded to have one,
even when bonds were ION call'' at par
and millions were lying idle in the treas
ury [cries of ''thats sol, and at last, when
pressed to purchase, the secretary
of the treasury intimated a lack
of authority because the law for
bonds at q premium
was contained in clause attached to an
bill, and | believe the presi-
dent aided the secretary of the treasury in |
the force of the validity of |
this enactment as though an act i'll an ap- |
bill was not just as strong a |
piece of law as though it were separate |
act. | will suppose that the president and |
secretary forgot when they were question |
ing the form of this legislation that the |
presidents salary of $4,000 was enacted /
in q clause attached to an appropriation !
bill. Laughter and cheers. ! don't be- |
lieve that the president has had any scru-
pies about drawing salary, which Ger
tainly belonged to him, but the right to |
which rests precisely upon the same foun- |
dation as the authority to purchase bonds |
at a premium. If the plea of lack of |
were made seriously by |
the treasury department it must |
be termed sheer ignorance. If /
it was not made seriously it deserves a
sharper Characterization than courtesy VIII !
permit me to apply. lCheersl.
And now, with a surplus artificially, |
and persistentiy piled up, the .
Democratic administration asks that its
future growth be averted by destroying |
the protective tariff and revenue or free |
trade tariff established in its stead Does !
not Secretary Fairchild know that a reduc-
tion Of the rate of duties will largely in
crease the importation and largely in
crease the surplus? If he does not know it |
let him recur to the cause that brought on
the financial crisis of 1887 and the financial |
crisis of 1852, annd if he is not satisfied
with these practical illustrations in his |
OWE country let him 60 back t15 years to
the reign of Queen Anne in England, when
Dean Swift informed the ministry that he
halve the revenue or haIve the
duty and double the revenue. lCheers
Mr.. Fairchild proposes, by way of getting
rid of a surplus, to halve the duty and
double the revenue. Laughter and cheers.
| believe, Mr.. Chairman, that there never
was an administration of the treasury de-
that showed so little practical
of the condition of the
country as the one that has been so filled
and permeated with that offensive conceit
which always marks the theoretical free
trader. lGreat cheeringl.
l said before and | repeat now, that if a
Republican secretary had loaned SEQ. .O00-
300 10 pet banks all over the country with
out interest the Democratic party. if they
controlled the house of representatives. |
would have moved to impeach him. and |
believe it. lCries of That's So Idon't
say the Republicans would so treat Secre-
rary Fairchild had they control of
he house because the ReDublcans
are not fond OF violent methods.
Dut are accustomed to proceeding
with caution and moderation in public
affairs They don't wish to impeach him
before the senate, but they impeach him
before the people for having done that
which was plainly against the public in
crest and for having failed to respond to
he precedents set by former secretaries of
he treasury in faithfully and constantly
applying the surplus to the reduction of
he public debt. Cheers.
Mr.. Blaine concluded with some refer
,nces to the tariff and its relation to in
iustrial interests in the vicinity OF New
Albany.
In the evening there was a torch-lirht
parade and General Hovey and Corporal
Tanner addressed large audience at Mas.
'otte hall.
Mr.. Blaine and his party leave for La
'ayette at o'clock tomorrow morning
,ver the Monon route. He speaks at Tip
,ecanoe battle grounds Wednesday after
loon.
ONLY A SHAKE UP.