New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-15
MTHE POSTS MENDACITY.
TRYING TO ACCOUNT FOR THOSE BANK
LOANS
MISUNDERSTANDING THE FACTS in ORDER TO
SHIELD THE ADMINISTRATION

latest camnaIrn lie. In The Posts rejoindcr last
evening to ms former communication II say Nv
part Of this campaign Of mendacity and vuisa'y mas
been more dIsreputable than the charge 'hN Tue
Administration is censurablc for lending the pnbne
money 10 the banks, This charge has been repeated
and reiterated until probably ignorant people be-
Gin to think there may be something in it, Tie POST
proceeds to say that General Harrison himself mas
had something 70 say about thls but excuses MN on
the ground that he sinned through ignorance Dut
It can find no excuse for Mr. Blaine. because 1t Is
his habit to make all kinds of reckless statements
I'm his speeches, taking the risk of being found out
and exposed
Now let us see II cannot make this whole matter
so plain that "wayiaring men, though fools, shall
not err therein; and clear that the ex-Mugwump
editor cannot deceive thereby. SO let us see who IS
honest and dishonest in this mater-whc is fair and
who is unfair. who refined and who vulgar.
Mr. Blaine, referring TO the fact that the resent
Administration had taken S6o, 600 600 out Of the
Treasury vaults and distributed 1t among few BANKS
gave II as his opinion IL the thing had been
done by any Republican secretary OF the Treasury the
Democrats would have tried to impeach him. Tho
Post" pronounceS this lie and proceeds to prove JUS
position by showing that Mr. Sherman, while Secretary
Of the Treasury In 1879, had on deposit at various
times far larger amounts than sixty millions and his
impeachment was not even suggested. II The
POST had wanted to be honest why did 1t not give us
case, say, in the years 1877, 1873 or 1892 Why
thousand millions of one series OF bonds were
sold through the banks, and equal amount OF
smother series redeemed? Even then Mr. Sherman
neither distributed among the banks, deposited
n with them nor loaned 1t 10 them. The money came
from the public TO the banks for the new series OF
bonds, and simply remained In the banks till the
Treasury called for 1t, till it could be applied to
the payment Of the outstanding six per cents. There
was no such thing surplus. Every dollar OF the
money appropriated to be used for specific par
poses and used, as fast as 1t could be DONE
There is no parallel, element of similarity in the
cases whatsoever.
But " The Post, calls this campaign of menda-
city and vulgarity7 and says part of 1t is more
disreputable than censurng the President for lend
ing public money TO the banks" This Administration
must be unusually sacred IL criticism of official
Of this kind constitutes the maximum Of mendaciy
and vulgaIty. What is TO be thought of the charges
made against both Mr. Blaine and General Garfield,
which descended to the lowest and vest personalities
and intrusions into the most sacred and delicate
features Of private and domestic life? 1t is vulgar and
mendacious to censure this Administrations official
acts, but e is refinement and modesty to abuse
private citizen from day to day, and month after
month, to call him liar, guilty of downright false
hOod,n and TO be facetious as follows Mr. Blanes
latest campaign lie embraced in his third series since
his return from Europe follows in last
evenings Posi-: Mr. Blaine spoke at Indianapolis
yesterday, October IL, 1888. Mr. Blaine spoke at
Indianapolis October Fl, 1884. The county Of which
indianapolis is the capital had given the Republican
National ticket o,441 plurality In 1880 After hear
ing Mr. Blaine in 1884 IL gave the Republican National
ticket COG plurality Does " The PoSt7 believe il
was Mr.. Blalne's speech indianapolis in 1884 that
caused this falling off in the Republican vote? The
Post' knows better Such stuff is scuirously vulgar
and moreover it is idlotc. indianapolis the
home Of Thomas A. Hendricks He popular and
capable citizen and a politician. His place
upon the ticket in connection with his popularity and
ability accounts for the large Democratic increase In
Indianapolis In 1884 az 1880. Mr.. Blaine
drove 1900 votes out of the Republican party In
town with speech, and when I" The Postn in
Inmates that he did 1T lies and knows that it lies 1t
would that the public must sometime get tired
OF such puerile twaddc this, coming from source
that is always rebukng vulgary the part OF Others
and holding itself a pattern Of dignity and renc
ment. ~--... e.. ..t
But to return to the question Of deposits and
loans, The Post" says: - Now comes Mr.. Thomas NJ.
Nichol, who evidently thinks he has had experience
In the affairs Of Government sufficient enable
him TO take part In public instruction. Mr. Nicho
In tho first place loads himself up with the statement
that what he is going to say is Of much importance
the Republican campaign Here Is another specimen
OF refhement-it begins with and ends with
. falsehood. Nh Nichols and moi load himself with
the statement that what he was going to say was Of
much import ance, but that this matter Of loaning or
depositng the surplus With the banks of import ancc
and II 1t Is not why need much be said about It
by 90 high all authority as The POST!
But might II happen, On ingenious Nlcho that
Sherman and Fairchild were equally TO blanel Could
not the Republican parry Afford to throw Sherman
overheard II necessary TO save Harrison and Blaine -
VI course II might SO have happened, but as matter
OF fact 1t didn't so happen for, already repeated
mere was no similarity in the two cases.
amount on deposit In the banks seven specified DAYS
o. az $3.50, VI ,he outsiandn. called bonds
acn Oh Inc days specified is the LIST of the month from
February i, 1913, TO August l. lo79j, whcn large
he course OF business Tor bonds purchased during the
H reyiou, month The probability that another call
ngalni st. me money thus provided II secretary sler-
man ief ms money In the hands of the tn II
touid DC used Instead Of carrying IT around the nel
90 me sub Treasury. he may have done wise thing
psfueniay by so doing he facilitated sale OF
an additional per cent But this Is still a very
aineient thing from taking unapproplatcd money out
" me treasury ana giving the use of the banks
IN Jew months all the per cents we're sold all the
Us that could be redeemed and all but fIIainc
vast transactions, amounting to nearly - 900 600 900
The excuse made for the action Of the present Ad
administration is that 1t necessary in order TO avoid
threatened financial panic. The reply IS that II
money business channels the emergency conld have
been met as well or better by the purchase of bonds
e O ya 1he d1 Of , among the banks
The apprehension Of serious panic Prior to The
sSH me ss the and s'"S s, ;Ss
1alf OF that In the form Of local State bank notes
where they were issued. The balance was gold ana
silver The country got along some how with this
amount and kind of currency And we had over
thirty millions of people. Vow, with about sixty
f',illions OF pe0pIe we have more than three times
Indeed, nearly four times, as much currency, every
dollar OF which is good in every corner of the United
states II the country could get with less than
eSoO, 100000 of circulating medium In 1860, why
should therc be serious danger OF
Cor want of money 1887, when we had more than
tnree times this amount?
But more forclble illustration. least fresher
ono. may be found. The country did more
business In the length OF time enjoyed greater
or more general prosperity than 1t did In 1870,
and 1881, and yet at time during these three
years did We have half the amount OF money In
circulation that existed in 1887 and that Sun exists
The bugabo0 Of commercial disaster that could only
be avoided by distributing public funds among the
banks was sheer myth. Such distribution is per
tect1y legitimate matter of criticism and such crit
csm is neither vulgar mendaclons nor. indeed
necessarily disrespcctfnl But there Is marvellous