New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-26
ISSUES OF THE CANVASS.
MIR. FAIRCHILD'S TREASURY LOANS.
A POLICY UTTERLY INCONSISTENT WITH ALL
DEMOCRATIC PROFESSIONS
n . I'm

POLICY UTTERLY INCONSISTENT WITH ALL
DEMOCRATIC PROFESSIONS.
To the Editor Of The Tribune.
Sir: The questions raised by tho distribution Of
$50, 900 OF public money among few selected
National banks, which have attracted increased atten
tlon since Mr. Blalne's Detroit speech, deserve more
thorough examination than they have yet had While
the Democratic press and speakers insist that this IS
matter of small consequence It is evident they do
not feel that way. Manifestly very spot has
been touched
The fundamental charge OF tho Democracy against
the Republican policy of Protection Is that it tends
to accumulate large surplus beyond the necessary
expenses of the Government, and that the existence
of this surplus VIII tend to promote extravaganza
Iobbery and corruption. But the facts that the
Republicans have accumulated a surplus, or
used public funds for other than proper public pur
poses, have they proposed to do Tho
Democrats, the other hand while making this
charge against the tendency of the Republican policy
are guilty of the very thing they charge tho Repub
lcans with tenulng or proposing 10 do. This Demo
cratic Administration has accumulated surplus,
which 1t might have avoided, and has used large
part of It for other than necessary Government ex
penses.
Grave questions both of principle aud policy are In
volved in this matter. To allow public funds to be
loaned to either banks individuals at the discretion
Of the officer in control of them, is perhaps the most
dangerous policy that could be adopted regarding
them. 1t is policy that has led to many defalca-
lions and frauds in State and municipal affairs 1t is
a policy liable TO serious abuse, which may at any
time amount to gross administration. There IS
something grOesque In the vlruous dread Of allowing
Congress 10 appropriate few millions In Of
the minimum Of Government necessities on the part
Of those who allow one man, the Secretary Of the
Treasury to loan HIS discretion without either
direction limit Of law. If the Secretary Of the
Treasury Is permitted to throw many millions Of Gov
eminent funds upon the money market through the
banks whenever there tightness in Wan Street, t
is easily seen what little connivance between the
Treasury and Wall Street might result in The ease
with which the conditions demanding relief may
be created raises the question whether is any part
of the Governments business TO relieve unprecedented
stringencies. IL such policy Of RELIEF Is wise
aud proper then surplus fund ought to be provided
and apart for this particular purpose just "a the
resumption fund is maintained 10 guarantee the parity
OF grcenbacks and COIN and thereby keep the business
of the country the uniiuctuatng specie basis IL
be better have done in this way by the sanction
and provision of law than to leave to the discretion
OF the Rotary of the Treasury the OF indefinite
amount of unappopriated public funds for the same
purpose.
honsibie, but the naked fact is that the Admnistra
TONS action In this matter, and the Democratic
partys defence of IT, IS in direct conflict with the very
first principles and declarations of the party-from
It's platform. from the Presidents message and letter,
and from every uttcrance of every Democratic au-
thorIty But the party's whole record during quar-
ter of century OF struggle 10 regain power has been
devoid OF any regard for prime pies sincerity that
perhaps II would be too much to expect 1t TO assume
a consistent position upon any subject ~
Ncvr-V Oct