Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1892-10-08
Mr.. FOSTER REPLIES
To Statements Concern
ing Our Finances.
POWDERLY FOR WEAVER.
Interesting Political News Cleaned
from Various Sources.

FREDERICK, Md, oct. s-Secretary OF
the Treasury Foster and Hon. Benjamin
Butterworth Of Ohio, eX-congressman,
spoke here last night to "A large meeting
Of Republicans The secretary made a
lengthy speech on the political issues OF
the day. He reviewed the history Of the
two great parties, and said the accom-.
plishments of the past showed the ten.
dencies Of the future. The country
needs good strong party 10 criticise, 70
find fault, To scold, if YOU please. As
faultflnders, the Democrats are re.
markable success They may be denomi'
mated common scold As critics, am
not certain of their value. But as gov.
erning party this country has no use for
them"
A good part OF the speech was taken
up with an exposition OF the financial
condition OF the government in answer 10
the charges attributed to Adlai Stevenson
In his speeches that the treasury Is bank.
rupt. a charge which, said Secretary For
ter, the Democratic press, Democratic
stump speakers and Democratic members
OF congress have been making for more
tary said
The press credits Mr. Stevenson with saying
that there was turned over 10 the Harrison adj
ministratiOn big money, and that, notwith-
standing this fact, the present administration
was not able, for the first time In the history
OF the country, TO pay its debt when IL ma
tured. He referred, no doubt, TO the ~ per
cent bonds. BY implication, at least, he
wants 90 know what this administration has
done with the sl0O0O,0O surplus, which lac all
leges was handed over To us. IL he were not
ignorant upon the subject he would know that
this administration had redeemed and paid of
259,093.6jO of its debt at a cost of more than
$2B,WO,Un and with n saving In interest, by
the time the time the right 10 pay natures, OF
s5b352, ,4a3.5l.
What about the inability Of the government
10 pay about si0OOOO0 Of ~ per cent bonds,
the right TO pay them maturing sept. l. 1891,
and which Mr.. Stevenson says We could not
paw
Ifhe will look at any prominent Newspaper Of
June or 2, 1874, lac will find the notice OF the
secretary Of the treasury 90 the holders OF
these bonds, that the bonds, the whole of
them,
VIII he Paid Sept. g.
Can Mr.. Stevenson truthfully say. in tho faco
OF an official notice. that the government
would not pay these bonds, that the treasury
was bankrupt and could not pay thcm2
What else was there In this noticr2 N In
formed the holders Of these bonds that the
government would consider propositions for
their continuance AZ a lower rate of interest,
rcserving Ia the government the right TO pay
NJ Its pleasure. The holders OF more than S2l,-
0o," OF these bonds requested that they be
continued at . per cent, and this adminstra-
tion enjoys the cnvable position Of having
placed government loan at "a lower rate of
interest and In a more advantageous position
than any government on earth,and illuSi rated
l.v ...l r III .t..N
States government, under the presidency ~
Harrison enjoys the highest and best credit
II ever before enjoyed. The remaining S2j,-
UU,fU have been paid.
For more than eighteen months the cry OF n
bankrupt treasury has been kept going, but Mt
all times the treasury has promptly met every
obligation Of the government. our Democratic
friends have put themselves In the unpatrotio
attitude Of desiring bankrupt treasury. This
administration does not expect 10 add to their
pleasure In this respect. The revenues are in-
creasing nj the rate Of S3,UOOD month over
last year. or course there Is an increase of eN-
penditures, owing principally to payments for
pensions, but the first three months of tho
year show net gain In cash of s5,2uiGl.3l.
We hear nothing in this canvass about n
"billion dollar congress-" everybody undcr-
stands that ours IL
A Billion Dollar Country.
Much was said by Secretary Foster
about the workings of the tariff bill. OF
this he said, in connection with the pro-
sentation Of "A groatlmass of statistics from
trade and custom reports:
The statement OF the results under the Nc
Kinley bill II a complete yindication Of all that
was claimed for IL by its advocates, and m
emphatic refutaton OF all the gloomy predie-
tions made by the Democratic leaders.
Referring to the plank in the Demo.
cratic platform recommending the repeal
OF the 10 per cent. tax on state bank cir
culation, Secretary Foster said:
IL Is preposterous 10 suppose that of the sov-
eral states all will enact systems ~ banking
under which notes will be issued for circula-
tion that will be- safe. Just ~ certain as this
backward step II taken, just 80 certain are ws
10 have repeated the curse Of wildcat
banking" For about thirty years the ma
tional system has been I'm operation. and in All
that time no man has lost dollar by the fall
ure of n bank. In fact, there have been times
when the broken bank note was worth u
premium. IL We are 90 have bank notes, our
safety lies In the continuance Of the national
banking system.
In conclusion. he urged his hearers 20