Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-08
FOSTER ON FINANCES.
The Secretary Of the Treasury Makes
His First Campaign Speech.
HE TRIES 1T ON IN MARYLAND.
The Mckinley Bill Upheld and Wildcat
Panks Roughly Scored.
A NEW AND GOOD USE FOR DEMOCRATS

A NEW AM UVVU JOE fVh UEMUChAIE
FREDERICK, Nd, Oct. 7.-When Hon.
Charles Foster, Secretary of the Treasury,
and party arrived here tonight they were
given most vociferous reception. They
we're escorted to the hall, where the speeches
were to be delivered, bya big procession
and two bands of music Fully 1900 peo-
pie crowded within the hall to hear Repub-
licanism expounded. Other speakers fol.
lowed the Secretary of the Treasury. There
was great enthusiasm
Secretary Foster began his speech by
contrasting the records of the two parties
during and since the war He pointed to the
splendid record of the Republican party on
all the momentous questions OF the war and
Of reconstruction days He would not pre-
tend to say there was no excuse for the ex-
istence of the Democratic party, adding,
1.-THE country needs good, strong party to
criticise, to find fault, to scold, if you
please; as fault finders they are a remark
able success They may be denominated a
common scold. As critics am not so GER
tain Of their value. But as governing
party this country has no use for them"
He gave the Democrats credit for unusual
frankness in this campaign. They denied
the constitutionality of protection, and
came out for the habilitation OF State banks
Of issue. He took up the Democratic charge
that the Treasury is bankrupt, criticising
especially Vice Presidential Candidate Ste
venson for gross ignorance on this question.
"1f, said the Secretary, "Mr. Stevenson
we're not ignorant upon the subject, he
would know that this administration had
redeemed and paid off $3.50, ,093, $50 of its
debt at cost of more than 1926, 600, 900, and
with Saving in interest by the time the
right to pay natures OF S55, 1862, ,493 81
Unequaled Credit of This Administration.
"What about the inability of the Gqyern-
ment to pay about $50, 900, 900 of ~ per
cent bonds, the right to pay them maturing
September /, 1891, and which Mr.. Steven
son says we could not pay? The holders Of
more than $25. 900, 900 of these bonds re-
quested that they be continued at 2 per
cent, and this administration enjoys the
enviable position of having placed Gov
ern ment loan at q lower rate of interest
and in a more advantageous position than
any Government on earth, and illustrated
by a political test that the credit of the
United States Government, under the
Presidency of Harrison, enjoys the highest
and best credit it ever before enjoyed. The
$25, ,0O0 600 have been paid.
"Upon this subject of the condition of
the Treasury the Democratic party no doubt
felt that the appropriations made by the
Fifty-irst Congress (the billion dollar Con-
gress, as they call it), would cause such
heavy drain upon the Treasury as to be en-
situation that would have de-
lighted them, and the Treasury, it is true,
is not overfowing with money, and doubt
less requires closer scrutiny and care than
heretofore.
The Secretary naturally would be pleased
with all efforts, BY whomsoever made, that
would prospectively improve the situation.
He then sarcastically spoke of the gratifica-
tion given him by the announcement of the
Democratic leaders in the Fifty-second Con-
gress that they would reduce appropriations
BLOC. 900, 00G, and of his plans for using this
surplus cash.
Only Delusion and q Snare.
"But, alasr'' said he, ''this promise
turned out to be a delusion and a snare;
my pleasurable hopes were dashed to
pieces The Democrats discovered that
ours was u billion-dollar country that
after all they had said In denunciatioh of
the 'billion-dollar Congress, they were not
only unable to reduce appropriations $780,
600, 600, but they actually increased them
$40, ,000, 200. Notwithstanding the enorm-
GUS appropriations, this Congress did Grip
pie the service in many of Its branches by
lack of adequate provision.
"While the Democrats of this Congress
were at work increasing the appropriations
they were continually charging that the
treasury was bankrupt For more than
18 months the cry of a bankrupt treasury
has been kept going, but at all times the
treasury has promptly met every obligation
of the Government Our Democratic friends
have put themselves in the unpatriotic at
titude of desiring bankrupt treasury.
This administration does not expect to add
to their pleasure in this respect The
revenues are increasing at the rate of
s., 600, 900 month over last year. OF
course there is an increase of expenditures,
owing principally to payments for pensions,
but the first three months of the year show
q net gain in cash of So, 203, 541 81"
Secretary Foster on the Tariff.
Taking up the tariff question, Secretary
Foster said he did not propose to discuss
The constitutionality of protection. WASH
ngton, Jefferson and Jackson settled that
long ago. The Secretary then quoted
statistics to show the benefits arising from
he policy of protection. While the popu-
wealth of the country has increased 293 per
cent He referred to the increased deposits
If the savings banks as illustrating the
,avings of worklngmen, the increase In
,apital invested in manufactures, the in |
,rease in wages Common labor had doubled |
n price and skilled labor had increased 125 |
Der cent, while the cost of living had de- |
creased Is per cent. He defended the Nc |
Kinley law, and said that while no law of |
his kind can be absolutely perfect, upon |
he whole he believed "this law comes |
,earer the ideal Of the policy of protection
han any previous enactment One effect |
Tot expected by its trainers or friends was |
he crop of campaign liars it produced |
within two months of its passage and ap-
,roval" Two years experience had re-
uted the prophecies of those compaignera
The Benefits of the Mckinley Law.
The Secretary added: "Under the oper.
tions of the Mckinley bill the revenue has
he free imports and also the percentage of
he same in 1892 were the largest in the his
ory of our commerce, so that trade is freer
han ever before. and largely of such
rticles as are not produced in this country
nd which enter into the daily consumption
f the people The reciprocity of the new
ariff act has opened new foreign markets,
nd our exports to the countries with which
relations have been established
ave increased by the sum of $40, ,2S6, ,SS1.
Established industries have Deen slim
lated and new Industries started which
re giving employment to hundreds of
of men, so that great prosperity
L l. of in L