Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1888-09-22

yiands of all kinds, including liquors and
which was placed at his disposal in order
that he might pursue his favorite pas
time. He left New York on this yacht
on fishing tour and remained during
Saturday, Sunday and Monday and re-
turned to Washington on Tuesday.
will say nothing about the dissertation of
the Sabbath, because such action is not
inconsistent with what is known of his
character and inclination, and however
disreputable and unconSclonable this
may appear to the American people, yet
it is to his utter disregard of the duties
of his position to which call attention.
in connection with this remarkable
journey.
As l have said, congress was in ses-
sion at this time, there were on the table
of the President over eighty bills that
had passed both houses and were await
ing his examination and signature, or a
veto. Some of these bills We're very I'M
portant to the country-its large and
varied interests, but with these, a delay
of few days only affected aggregate in
terests. But there were a number of
bills i'll which individual American
citizens We're interested, and which rep
resented to these citizens the
dividing line between the as
ISOLATION with their fellow
men, outside and inside. of the aims
houses of the country. Some of them
We're pension bills and the old veteran or
the veterans widow must necessarily
wait, as best they might, the return Of
their chief executive from fishing ex-
| cursion before they could hope to have
| their petitions re GIVE that final consid-
Grafton which would authorize them to
receive small pension, and as no pen
| sion bill passed by congress takes effect
until after it has received the approval of
| the president, so every applicant whose
| bill was on the presidents table, and if
signed on Saturday, the 2Sth of July,
would have authorized the beginning of
| the pension on that dote, were kept out
of the small pittance by such action, SO
thot the gratuity could not begin until
the following Wednesday after the pres
ident's return. The amount in each case,
of course, thus withheld from these APP
plicants for recognition from the govern
ment was small. but to the old and de-
crepit patriot, dependent upon the char
ity of the world for subsistence. the
small amount was almost lncalculable in
its benefits.
All of these illustrations of the action
of the president to which | have thus
far called attention, have in the
main, affected only individual inter
estS, but | now come to a discussion
of executive action, which affects and
did affect the great masses of the
people.
[ charge the president with having
deliberately used his official position
for the purpose of promoting Wall
street speculation; for the purpose of
providing campaign fund to be used
for his own reelection, and for the
purpose of aiding and assisting New
York favorites interested in national
banks. l will now present the proof
in support of these charges. In order
to do this shall have 10 recur to GER
tain legislation and certain facts
which have become historical in con-
nection Herewith.
Or the Sd of March, 1881, Congress
passed law which gave to the secre
tary of the treasury certain authority
in relation to the
REDEMPTION OF UNITED STATES BONDS
and the language Of the law, so far as
it gave this authority, was as follows:
"* That the secretary of the
treasury may at any time apply the
surplus money in the treasury not
otherwise appropriated, or so much
thereof as may be considered proper,
to the purchase or redemption of
United States bonds" This law was
enacted by Democratic house and
senate at the instance of a Republican
secretary of the treasury. In the
senate 1t was presented by the present
secretary of state, Hon. L. f. Bayari.
1t was enacted because it was supposed
the time would come when the last gov
eminent bond due before 1891 would be
paid off, Ind it was necessary to have
law authorizing the purchase of bonds
not due with the surplus that would ac
cumulate in the treasury.
From the time of the enactment of
this law on the Sd day of March, 1881,
up until the administration OF Grover
Cleveland, and the second year OF that
administration, no one ever questioned
its validity or efficacy. The Republican
administration of Chester \. Arthur,
and the Republican secretaries of the
treasury under him, always recognized
the validity of this law. 1t was not I'M
til June. 1887, that any question about
the authority of the administration to
purchase bonds under this act was
raised After all of the United States
bonds that had become due and We're
subject to cali had been taken up by the
surplus in the treasury of the United
States then, in June, 1897, the presl-
dent and his administration for the first
time began to question the validity of the
act of 1881. And from that time on, I'M
til April 20, 1888, no bonds We're pur-
chased, and no surplus in the treasury
was used in the direction Of paying off
the government Indebtedness.
After the administration concluded
that under the law of 1881 it
could no longer redeem any of the bonded
Indebtedness which was not due, then a
new scheme was invented and immedi-
ately put into effect. This administra-
ton said TO the national banks: IF you
will get these four per cent bonds of the
government and bring them into the
treasury you shall have $1.10 of the sur
plus for every dollar of the bonds you
shall Deposit and if you bring in any
four and a half per cent bonds then you
shall have $l00 of the surplus for each
dollar OF bonds that you deposit" And
strange and unaccountable as it may
seem, instead of acting under the law Of
1881, and buying these bonds with the
surplus. the treasury issued in accord
ance with this scheme, over fifty-nine
millions of dollars of this surplus to the
national banks throughout the country.
Now let US make a full statement OF
the facts in plain and precise terms, so
that any and every one can understand
it, and in this way be better enabled to
Judge of the action Of the administra-