Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1894-10-06


ing drawbacks make another Drain on the
treasury, 4s6l4, II being TIE amount repaid
importers in 1891 and 1892 See secretary treas
ury report Of 1892. page "a
Harrison's Bankrupt Treasury.
From July. 1901. until the close Of Harrison's
administration the treasury was practically
bankrupt. The last statement issued March 1,
1893 by Charles Foster secretary u the treas
ury, places the net cash balance y. s2i l2s.-
O67.S8. The same statement shows that OF this
amount 81, 497 $50 "a was nickels. dimes, ETC.
Harrison started with hundreds OF millions
and closed With dimes. Verify. he had run the
ship into deep mud or a morass or Q Quagmire
or. as he terms it. slough"
Prepares to Issue Bonds.
He knew, as did his secretary of the treas
ury. that the government was bankrupt. The
latter gave orders to prepare for the issue Of
bonds The plates were prepared. but the man
who had inherited hundreds Of millions and
was reduced to dimes haughtily announced
that there should be no increase of the nation
al debt while he was president" He preferred
to turn the treasury over In its bankrupt con-
dition anG force Cleveland to issue bonds.
Laying Foundations for . Panic.
Before the close OF his administration the
ruinous effects of his miserable make-shft"
silver-purchasing law, with the bankrupt con-
dition OF the treasury, lost the confidence Of
tie world, and millions OF our securities were
returned. The foundation of the panic had
been laid wide and deep, and then the very
men (Gen. Harrison being the most prominently
who had laid them commenced their scarecrow
work and have kept it up to this day. This
may be craftsmanship, but If il is the country
should pray to be delivered from it. Above
every soup house should be erected the sign:
Harrison Soup House."
The Democrats Restore Confidence.
Never in the history of the government had a
secretary OF the treasury such o task as fell to
the lot Oh the present secretary. He was called
10 protect the credit Of the government with a
bankrupt treasury. He was equal to the task
ana confidence has been restored. The out
ward gold stream has ceased, and will flow in
instead OF out
!. Cleveland turned over to Har-
E.son; ,.:.:.;........: $3.50 .S4s 9i6 i2
Harrison turned over 70 Cleve-
A1hs- To-. ESS.U sS
SIOs .SC4S -
But this amount included the gold reserve
tlOooO.0O which Harrison considered sacred,
and the agency accounts. so that Harrison 5
secretary OF the treasury, in the last debt
statement ne issued, puts down the nee cash
balance In the treasury at s24 lbs, Os7s So aud Of
this sli AZ. ,S9.'i were nickeis, dimes etc.
Z Harrison began his purchase of bonds i'm
mediately after the Inauguration. and the first
seven months paid out SG6.95i.5o0
). In three years Harrison paid the bond
holders S4',!S' 80 premium on bonds.
4. Revised" or ''recast' the debt statement
three times so i. would show a balance in the
treasury.
3. Transferred trust fund Of s54.ss ,i.5 IS 10
to the available cash.
e. Had the benfit of profit on coinage amount
ing to $50. l05.0 I325
:. Signed the Mckinley act. which reduced
me receipt from customs in one year Si2 o69 =
24l.l0.
In two years under the Mckinley law the
sum OF ss.6l4 ,43s. IA was refunded to importers
as drawback.
g. The purchase OF bonds. the billion-dollar
CONGRESS drawbacks and general extravaganza
bankrupted the treasury.
10 This. with the miserable makeshift
siiver-purchasing law alarmed capital.
brought our securities home and sent a gold
stream across the ocean in volume SI57 $50 sO2
IL. preparation to issue bonds made by Har-
risons secretary Of the treasury.
IL Harrison panic and thousands Of unem-
ployed.