Morning journal and courier., 1888-09-26
News by Telegraph
FROM ALL QUARTERS.
GEN. HARRISON'S PLEA.
For the Proper Use of the
Surplus.
CLIMAX OF The fever PANIC
Passed, and the Outlook Is
More Hopeful.
FRIGHTFUl REPORTS FROM CUBA.
Mr.. BIaine's Answer to the
COnkling Letter.
GEN. HARRISON ON THE SURPLUS.

GEN. HARRISON ON THE SURPLUS.
Another Telling speech ON tho Dis
posal OF the Extra Revenue-It
should be Used In Purchasing Bonds
"A simple Illustration.
INDIANAPOLIS, Sept. 25.-General Harrt-
son entered upon the thirteenth week of pub
lie receptions to-day. Early in the after
noon he came down to Republican headquar-
tiers. The visiting delegations came from
Wabash and Park counties, and numbered
about / 1890, including some 200 young folks,
members of the Sunday schools at Marshal
and Bethany in Park county. The reception
took place in University Park. Captain B.
F. Williams, of Wabash, spoke for the dele-
cations and DR.. E. F. Leach of Park
county addressed the general on behalf of
the Sunday school scholars.
After welcoming the delegation in most
happy speech General Harrison proceeded to
discuss the proper method of disposing of
the surplus revenue.
eHow TO USE THE SURPLUS REVENUE.
"Our Democratic friends tell as that there
are about hundred millions-their arith-
naticians do not agree on the exact figures
in the public treasury for which the govern
this method of using it: Depositing 1t in the
national treasury to be loaned out by them
to citizens at interest, the government GET
ting no interest whatever from the banks.
suggested and 1t was not an original sug-
gestion with ms-Senator Sherman has adyo-
Gated the same policy with great ability in
the Senate-that this money had better be
used in buying government bonds, because
the government would make some money in
applying it that way, and there was no other
way in which they could get any interest on
it all. But it is said that if We use it in this
manner we pay premium to the bondhold-
ers But it is only the same premium that the
bonds are bringing in the market. In other
words capitalists who can use their money as
they please, who put it out on mortgage, at
interest or in any other way, think the gov
eminent bond at the current rate of premi-
um is good investment. Now the govern
ment can buy these bonds at that premium
and save a great deal of interest. l will not
undertake to give you figures; one issue OF
these bonds natures in 1907 and bears foul
per cent. interest.
DANGER OF BOARDING THE SURPLUS.
Now suppose this surplus money were to
remain all that time in the banks without
bringing any interest to the government Il
there man here so blind that he cannot see
the great loss that would result to the people,
have another objection to this process; the
| favoritism that ia involved in it. We have
heard, and from such authority that think
We must accept it as true, that tho great pat
ronsge appertaining to the Office of President
of the United States involves a public peril
Now suppose we add to that danger q hun.
| dred million of dollars that the Secretary Of
1 the Treasury can put in this country or II
this bank or that at his pleasure, is not ths
power of the executive perilously increased
It Is 1t right of this vast sum should be
! matter of mere favoritism that the secretary
| should be allowed to put $40, DOC, 900 of thu
1 surplus in Indianapolis and none of it IL
Kansas City; or $50, 100000 in New Yorl
and none in Indianapolisl
BETTER USE IT IN BUYING BONDS.
If the money is used in buying bonds i
| finds its natural place-goes where it be-
| longs. This ID a most serious objection t.
| the present method of dealing with the sur
plus. But If you still object to paying thu
| market premium when we buy these bonds
| see how it works the other way. The bank
| deposit their bonds in the treasury, and tt
| secure these deposits get government none,
/ without interest and still draw interest oil
| their bonds.
SIMPLE ILLUSTRATION.
If any one of you had note for 81 900 du
in Ave years bearing interest, and your credi
1 was SO good that the note was worth pre-
MUM, and you had 81 200 that you could no
Il put out ut interest so as to Offset the interes
on your note, would you not make money BY
using this surplus to take up the note at 1
fair premium. Weuld you think 1t wise fin
once to give the thousand dollars that yol
had on hand to your creditor without inter
est and allow him to deposit your note with
you a. security, you paying interest ON tn
| note until 1t was due and getting no interest
on your depositi Laughter and applause
I welcome nay young friends from Parl
county. There is nothing fuller of interes
than childhood. There is SO much promise ant
hope in it. Expectancy makes life very ros
| to them and them very interesting to us, wh
have passed beyond the turn of life. ZAP
plause) You are fortunate in having thes
kind instructors, who from week to wee
instill into your minds the principles of re
ligion aud mortality, but do not forget tina
there is another vine of beauty that may b
appropriately twined with those-the low
Of your country and her institutions. ZAP
plause) thank you again for this cords
evidence of your regard. The skies ar
threatening and there is danger that on
meeting may be interrupted by rain. I wi
stop here in order that l may meet each o
you personally"
The crowd then shook hands with the ger
eral.