Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-09-13


Manning In any August 81 their admins
tsstiou Of the Treasury. In fast. II the
totsI number Of bonds bought In August.
but not delivered in time To appear 10 this
statement. be- taken into consideration,
the total will reach sls,00O.0g or more
than three times the average Of the pre-
vions four year, In August
II this large payment On the debt does
not Ggnre a. .'deerease- In the state
mens, this IL matter u the merest book
keeping. The return showing the Fin
crease or decrease OF the debt IL
made up by aedaeting what Il known AZ
leash in the Treasury" from the debt.
bonds. certificates and paper. Bat this
''eazf. In the Treasury il not all 81 the
Government money on hand Not At all.
IL represents only that part of IL which
la. not yet s,een set apart for
disbursement. II the sum pat aside
for disbursinx officers to draw from IL
large, IL reaaces the leash in the Trea.n-
ry'- aud IL adds Ia the money which, as
secured bank balances all over the count
nv, Ia ia the channels Of trade. By the
amount ~ its reduction Of the ''eash. IL
prevents the actual purcha.e Of bonds
from showing up a. decrease. and by
the amount that the '.disbarsing officers
balance are increased the withdra wal
Of money from the channels u trade by
Ia xatiou IL aI-o reduced.
IL was the Manning faireblid policy 10
Increase this withdrawal. IL helped the
Free-trade elamor for = reduction Of the
tariff BY directing attention to the surplus
aud making IL an annual september men
see 10 trade by rendering money light.
Thi. Il not Secretary WINDOWS policy
It Ia not the policy of any sensible
man. The Treasury accumulation OF
money ought to De 20 con-
dnc,ed that 1t will interfere As
little a. possible with trade. Even sec
retary fairchild Wa forced TO see this
In July and August, 1885 aud 1856, these
''disbursing balances we're Increased
1887 Secretary Fairchild increased them
over sl7 900, 900, in lsss he moved over
SIC ,000, 900, aud this year secretary Win
dom has increased these balances by $685.
900. 900 ia July and August.
This change has made the apparent ain
crease" ~ the debt. If these ''balaDees'
had been increased "a little ~ in iss5 or
1856 the apparent decrease In the debt
would have been 81 900. 900; If the sum
had been no larger than Lat year or the
year tefore the apparent decrease
would have been $40 ,0oo,000, Now, If it
was not extravaganza in Secretaries
Fairchild and Manning TO raise this trans
fer Of money from the cash box TO the
money drawer, from the Treasury to the
paying till Of the Government form S.
900 900 In July and August of ~ and SO
TO sl6, 900 900 in the like months of 81
and ~, why is it wild extravaganza TO
make up this transfer to s26, 000, 900 now
II is not. Secretary Window has acted
for the same reason, but with greater
fore-thought than his predecessors.
They found il absolutely necessary to do
-omthing to save panic aud they made a
transfer Of SIG 600 900 and then had to step
forward in September aud hold up Wall
Street and help the banks by making hur-
ried bond calls or, a. in September, 1887,
make money so''tight that all the country
was crying for relief. With greater ex-
pericnce and more wisdom, Secretary VIM
dom has made the transfer large enough
in August, aud when one remembers how
much business has revived In the last
year, how much greater are the demands
for money We venture to say that there
il not IA candid man who does not deem
his step wis.
In addition. Secretary Window has
made heavy bond purchases, and .he re-
suit il the first week in September has
passed for the first time in three years
without demands for relief from the
Treasury