Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1888-10-25
ma. BIArNx,s FINANCES.
Els Juggling with Figures Com
ciusivoiy shown UP.

nfbt uhhe nhu. ~ tntA DC true, there IL
great encouragement to believe that the
hold of James q Blaine and his followers
upon the Republican party Ia destined 10
bo OF last shaken of, though Il require a
crushing defeat at the polls to accomplish
II. For of all mad, reckless dellveranoes
on public questions by public man, Mr..
Blaine's speech at Nov Albany yesterday
In the most astonishing. Indeed, IL IL
difficult to discuss the speech in serious
tone. The trifling with the facts Of
finance and history which marks every
paragraph Of this extraordinary address
Ia something which We believe to be IN
exarnpled in the history Of American
politics. The most outrageous Of these
paragraphs was too much even for the
Tribune. That papers report of the New
Albany speech carefully omits the most
Objectionable paragraph. The address ia
punlished in full, however, In the Tins,
the Sun and other papers.
II will not be necessary TO discuss Mr..
Bieine's opening paragraph, which merely
xsiterates his childish complaints against
Secretary Fairohild for depositinp $780,
900, 900 OF the surplus with the national
banks. The complete answer to auoh
demagogio cavil was given by Mr.. Fair
child himself Ia his statesmanlike address
of last Saturday. IT IN indeed miser-
able business, said Mr.. Fairohild, this
depositing money in banks by the gov
eminent to prevent panios, this buying
OF bonds AT exorbitant prices TO prevent
papios, this investment of the peoples
hard.earned money OF only and per
cent interest, this not buying bouds ut
times lest there be no means TO avert
panio-ail, all Of 1t " to the last degree
unsatisfactory md displeating, and when
l contemplate 1t am hardest Of them all
20 please. But Hucha policy WIS atsn-
luteiy necessary; and as Mf. Blaine well
knows, the increase of depOaitg was de-
msnded by the best financial opinion OF
all over tue country Irrespective OF party.
The Rudacity of MIR. Blaine is simply
amazing, in repeating with emphasis the
reckless falsehood of his Detroit speech,
that ''if = Republican Secretary Of the
Treasury had loaned 800, COZ, 000to banks
all over the country, without intereat, tha
Democratic party, il thoy controlled the
House OF Representatives, would have
moved 10 impsach him" II Ia now well
known to all readers OF honest news.
papers that between February and July,
.
the House, Secretary Sherman deposited
with the national banks from SiG6 .0O0,-
900 TO S276, 900 900 of government funds,
which we've 1853 600, 600 to S2i2 GOO, 600
In exceHs OF ainounts deposited TO redeem
called bonds and interest.
This uBndaoious "slatesmAnn goes on
TO compare Mr.. Fairchild's policy with
that Of Democratic secretaries of the
past. Here is his statement:
When surplus was in the treasury,
during the administration Of President
Pierce, Secretary Guthrie applied It 10 the
payment o. the Mexican war debt, not yet
due; and The same WIS repeated the frst
six months OF PresIdsnE Buchanan's ad-
Ininistration, by Secretary Howell Cobb,
when the premium went as high as IA PER
cent for the bonds they anticipated, Sec Q.
tary Guthrie was criticised for paying q
premium fof these bonds, and he asked the
very question repeat to Mr.. Fairchlld. He
asked why those government bonds were
mot worth as much to the treasury depart.
ment as TO any purchaser ia Wall street
lspplausel and that Is the question which
ask MIR. Fairehild to-day, Ia the name oil
Secretary Guthrie, for he was one Of The
ablest tlnsnciers who has Administered the
treasury department since Hamilton.
But, white Democratic secretaries beforf
tub Wal Wuuiu hntlCipttsi oNbu WIN PIT
MUM OF ID per cent, the payment OF the
national debt, Mr.. Fairchili estimates thai
he will not 80 above 1854 for the Who'll,
body of Al per cent bonds Sill out.
Observe the unprincipled Trick In thii
nxgumeat. s2he debt to which Mr. Blaine
presumably refers ia the 1928 eco COO LOAF
of 1s47; for the so-called Mexican in
demnity debt amounted 10 little ovei
$500 600. This loan of 18i7 was issued
for 20 years at 6 per cent, and Howell
Cobb paid la to redeem the bonds II
years before maturity. For the presen
per cent bonds which fall due less thar
10 years from to-day, Mr.. Faitchild hal
paid as high as 1870. Nobody but MIR
Blaine would have ventured to compare
Cobb's purchases with the redemption
OF o a per cent loan which is payable
at par IN three yeare. The shade OF thu
dead secessionist invoked BY MIR. biain'
can only rebnke the false prophet.
We shall pause only to refer to thai
other astonishing falsehood which ever
tho Tribune dared not print. II think,
says Mr. Blaine, "that during the iRa
two years OF President ArthuF's admins
tration nearly $500, 000,000 of the deb
was paid on. But Immediately the polio,
of President Cleyelauds administration
WAS to accumulate surplus, and they
proceeded to have one, even when bond
were on call at par and millions wer'
lying idle in the treasury Nov on tins
30lh Of June, 1888, when Presiden
Aftbur's administration was half over
there was 81, 33S, 22g, 150 OF interest'bear
ing government MISUNDERSTANDING otwhiSi
S3l8, 204 $50 were per cent bonds re
isemable on call. At The same time ther'
was cash balance Of s345, 3S0, 500 "lyipl
Idle" in the treasury. Two years from
that date ''tbe last two year
of President Arthur's administration"
the total interest bearing debt ontstand
ing was 1856, $50, $50. The bonds
therefore, redeemed In those two year
by the treasury's enormous supply o
cash were exactly St42, 07S 300, or Sl5S,
100000 less than Mr.. Blalne's statement
In the lsst ygar of that administration
only q trih, more than $50 000, 900 bond
wern redeemed. In the FIRST full ti4ra
year of President Cleveland adminiFtIa
tion $50, 1876, $40 bonds wefa red.erlsd
IA the t,rst two years, $i7i 45s 600, 0
more than $50, 900 COO in excess Of ID
redemptions in the two preceding year
1nder President Arthur. No woncer INT
ITt0une neStateu " quotooS
falsehood.
II would bo idle to waste words on q
ignorant and mendacious a politician
Mr.. Blaine. But to the shame OF gu
country, nearly one hal; Ito voters rep,a
or indorse by silence OF any rate, ~
assertions and arguments. Nearly one
half OF our voters voted for this ma
for President in 1884 and large pai
uf them hope to see him Secretary Z,
B.ate under General Harrison IN
spectacle Is one for Thoughtful citizen
10 contemplate with Ehes4e and regrs'