New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-22
THE FAVORED BANKS.

Some of Mr. Blaines speeches Democrats
have Irofessed to relish, as if, in many years
campaigning, he had not been found shrewder
than any Democratic leader in reaching the
popular intelligence. But his speech at Chi
cago on Saturday, which we print in full this
morning was one of the kind which Democrats
will discuss Just as little as possible. 1t was
a powerful review of the chief grounds of OPP
position to the present Administration, which
have been in the main more fully elaborated
in previous speeches, but not before stated with
greater force
Mr.. Blaine arraigns the Administration at
the bar of public opinion for faithlessness to
pledges regarding the Civil Service; instead
of reform there has been constant deteriora-
ton" He arraigns the Administration for
surrenderng the rights of the country in the
matter Of the fisheries, for cruel disregard Of
the rights of poor and needy soldiers, for gen.
eral and dangerous abuse of the veto power,
and for unjust disfranchisement of 100000
American citizens in Dakota. He arraigns the
Administration for " breaking down the use
full policy of paying off the National debt as
rapidly as the surplus in the Treasury will
allow" and for using public funds to debauch
public opinion through favOritism to banking
institutions. Finally he arralgns the Admin
istration for an attempt to destroy the pro-
tective system by using against it false pre-
tence. Had the public money been used in
buying bonds, and not in favoring pet banks,
there would have been no chance to pretend
that change of duties was necessary in order
to reduce the surplus.
Regarding the deposits in banks, Mr.. Blaine
says that the Administration ordered S1,100,-
600 of the peoples money to be placed in the
bank of Nlessrs Manning and Jordan and au-
thorized the bank to al hold that sum as fixed
balance" He says that if Louis Napoleon, " in
the days of his most absolute power, had given
100000 francs out of the public purse to
two friends as an aid to private enterprise
in banking, the barbados would have been
across the streets of Paris and revolution
inaugurated," and that if Queen Victoria
should request of the English Treasury that the
same amount should be issued to two Of her
personal friends as an aid to a speculative vent
ure in banking, the Ministry would make an
inquiry into the soundness Of Her Majesty's
mind" These contrasts serve to fix public at
tenton upon the real nature of many transfers
of public funds to favored banks, with no bet
ter excuse than that the Secretary doubted his
authority under the law to obey the plain letter
Of the law.
Just now the organs of Mr.. Cleveland are
fond of quoting this or that banker, " formerly
a Republican" as an ardent supporter of his
policy. The public is beginning to scrutinize
the names, and to ask how many of the bank
ers thus named happen to be holding Mr.. Fair
child's deposits. In due time there will come
a Republican House Of Representatives and
Republican President and then an investiga-
ton Of this peculiarly objectio enable perform
ance is probable. Happy the banker who may
then appear to have never changed his political
opinion for the sake Of such favor, or to have
loaned his name and that of his bank as a con-
venience to some Democratic Spectator or
politician.