The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1888-10-31

Of the United States, payable at par, 70 =
main on interest while the income OF ID
government was devoted "a the creation q
a surplus which, might be used 10 preJudio|
| the financial and industrial system that hal
steadily produced condition 81 prosper1e:
| In the country. When the surplus was thu
designedly enlarged the treasury department
| used t. for the first time since Gen. jackson
broke down the old United states bank, fos
| the purpose of loans, under the name OF do
posits, :" without interest. TO banking institU
tions.
When Mr.. Manning retired from Mr. Cleve
lands cabinet and Mr.. Jordan resigned from
| the Office OF treasurer, the two gentlemen
established bank In the city OF New YORK
and the administration OF Mr. cieyolane
loaned them OF government funds. without
interest, as a fixed and permanent deposit
| Sl.l0O,OOO Of the peoples money. Ia the oayf
Of Louis Napoleons most absolute power
had he given 5,5OO,uJ0 francs out OF the pub
| lie purse TO two friends as an aid 20 "A private
enterprise In banking, the barricades would
have been across the streets OF Paris ana
revolution inaugurated against the govern
ment that could indulge In fayoritism g
ruinous. lCheers.l III Queen Victoria should ,
request Of the English treasury that the same
amount, f22O,0OO sterling. should be issued 70
two of her personal friends as an aid 10
speculative venture in banking. the ministry
would have made an inquiry into the sound
ness of her majesty's mind upon a PROPOSE
ton SO extraordinary lApplause.1
And yet Mr.. Fairchild. acting for the Pres
ident, ordered sl.l0,0Oo Of the peoples
money 20 be placed In the bank OF Messrs.
Manning g. Jordan, and authorized the bank
10 ''hold that sum as fixed balance" i
quote the secretary's exact language. IL has
been there now for more than year, and
will probably remain there for many years
more, il the Democrat party should retain
the power TO abuse their trust and use the
peoples money for private purposes; a
istration Of the treasury department. equally
offensive and equally aggravated. Mr..
Speaker Carlisle at his last election narrowly
escaped defeat-if, in fact, ne escaped at all
but ne was seated on the election certificate
and held the place. His pending election IL
one Of great interest TO the Democrat party
and is sharply contested by the united Re-
publican and Labor parties. As an aid TO Mr..
Carlisle in his extremity, the treasury depart
ment has placed a special deposit, which
is in the nature Of loan without interest. In
all the National banks in his city OF Coying.
ton, four In number, the deposit In each Of
the banks exceeding two hundred thousand
dollars and aggregating nearly nine hundred
thousand dollars. III there has ever hereto
fore been an abuse OF that character known
some gentleman competent to instruct tho
public to make IL known. Cheers; II there
be any parallel to the use OF the public money
so scandalous and so corrupting, desire that
may know IL, and apologize to the treasury
department for arraigning them as the first
who ever entered upon policy OF personal
favoritism at the expense OF the public treas
ury. Cheers
But on large scale, and as between COM
munities rather than individuals, look az
what the secretary has done. He has placed
In the state OF New York, In banks OF his own
selection, nearly thirteen millions OF dollars
OF treasury funds, and in this great Western
body Of states, comprising Illinois, Michigan,
Wisconsin, Minnesota, iowa, Kansas and
Nebraska, with double the population OF
New York. and in special need of ready
nj ~ ia
ward TO market, the secretary has given little
over FIVE millions; the rule OF the secretary
apparently being that 70 state of political
Importance to the administration $GUooo
are given, and TO seven states with double
the population, that are hopelessly Republic
can, considerably less than half
that amount. [Applause.l Such political
funds of the common treasury of the people
of the United States has never been dreamed
of before In this country. Think for
moment, II any man had proposed a law
that, with all balances In the treasury be-
yond the immediate requirements OF the gov
eminent, the secretary might loan them,
without interest. under the guise OF deposits,
70 whom he pleased and place them where
representative bold enough to vote for that
measure? And yet IL Is precisely what Secre-
tary Fairchild is now doing with the surplus
In the treasury. lApplause.l
DESTROYING THE PROTECTIVE SYSTEM.
CXtu anu lastly, tuc htpuDlCduS aITolku
the President for deliberate attempt to de-
stroy the protective system of this country by
using against IL as an argument its tendency
10 produce a surplus In the treasury, whep
not one dollar would be there II the money
had been lawfully expended In reducing the
public debt instead Of being loaned out to
pet banks and for the benefit of political
favortes. The friends of the President, ap-
parently authorized by himself, pending his
election, gave the people of the United states
a pledge that the Democrat party would not,
during his administration, assault or endan-
ger the protective tariff. Ii therefore came
| upon the people as genuine surprise when
| the President charged the protective system
with being the cause Of the surplus, which
had been industriously accumulated TO the
neglect of grave duty, as have described.
| lCheers.l
The pretense that there was no authority
| to buy bonds at a premium was long ago ex-
posed In both houses of congress,
| and the people now see that
| money loaned for an indefinite period
| TO Mr.. Jordan's bank in New York
| or placed in the Covington banks to aid the
| election of Mr.. Carlisle ought long ago TO
have been used for the purchase Of United
States bonds and the reduction Of the public
| debt. ICheers.l