The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-10-17


rison said in a speech he delivered there:
IF you have felt the effects of the de-
pression; if you think more Of those ef-
fects and prefer not to lead the country
through the slough of dependency,
show it by defeating wilson
He will doubtless make this same state
ment, or a similar one, all along his route.
Now, Mr.. Harrison, take heed of the fol-
lowing resume of prominent events dur
ing your administration:
The country was in the slough of
dependency" before you left the white
house. Who steered it into the slough? p
Who fOundered the ship of state by run
ming it into the quagmire? are pertinent
and important questions for discussion in
the present canvass.
Hampers with Debt Statement.
That President Harrison was an incom-
petent or reckless pilot to use very mild
terms, will clearly appear from an exam
inatiOn Of the records Of the treasury de-
partment which his subordinates made.
He must stand by these records, and they
show that he was responsible for the
financial panic. 1t was a Harrison panic,
deliberately brought upon the country.
Every month the treasury issues debt
statement. The form OF this statement
was deliberately changed three times
Wnlle he was PRESIDENT, IOT WHAT purpose
will be discussed later.
BY a comparison of the debt statement
issued March 1, 1889, with the one issued
March l, 1893 ii will appear that the same
items which are included in the available
cash in the treasury March 1, 1893, when
added together in the statement Of March
l. 1889, shows that Cleveland turned over
TO Harrison the fabulous surplus Of avail
able funds Of 1880. 34s. 1852. In addition
10 this enormous sum there was nearly
500 600 in the treasury on March /,
1889, which was held to pay gold. silver
and currency certificates then outstanding,
the total amount of cash in the treasury
being $723 Geo. 555.56.
When Harrison surrendered to Cleve-
land, March 4, 1898, the same items which
made up the three hundred and thirty
millions available cash on March 1, 1889.
amounted to only 1852, 493, SPOTS TIE
sacred one hundred million Of gold re-
serve is counted in both amounts.
squandered by Harrison.
It viii thus be seen that Harrison
turned over TO Cleveland in 1893 S167 ,S54,
1854 less Of available funds than he re-
ceived from Cleveland in 1889 a large
part of the surplus had vanished. In 1887
Cleveland saw that the enormous accu-
mutation Of surplus was a menace to
business and the result Of unjust tariff
taxation. He proposed TO stop unjust
and oppressive tariff taxation, but a re-
publican senate objected, and the sur
plus continued to grow in amount
TIE ship of state. with its rich cargo,
accumulated by grinding tariff taxation
and the economy of Cleve,ands first adj
minis trauOn, passed to the control of
Pilot Harrison and commenced its vOy-
age. 1t soon encountered pirates, and
before the cruise ended it was in the
mud. quagmire or slough" as Harri-
son terms ii. Il is interesting to examine
the .ogIbOok and see who attacked the
rich treasure while Harrison was at the
hem.
The BOndhOIders' Grab.
First came the bondholders, those
favorites of the republican party. Dur
ing the first seven months of. Harrison's
admins ira ton S66,954.5O0 was expended
in the purchase Of bonds at a premium
See WINDOWS report for 1890. page q.
But this did not satisfy the bondho!d-
ers, or Harrison, and the raid on the
surplus was continued through 1890 and
1891 when ii ceased only because there
was no more surplus. During three ifs
cal years-lSS9, $780, 1S91-the enormous
sum of $47 997, SO7.32 was paid to the
bOndhOlders as premiums on bonds pur-
chased. See recent publication of coin
age laws by the senate, page SlS
\ S54.OOO,OOO Trust Fund Looted.
The ship in 1890 would have run into
the 's.ough" if John Sherman had not
silver law, which provided that the trust
fund for the redemption of national bank
notes should be turned into the available
cash in the treasury, and july l. 1890
$54, 3S8,47575 Of this fund was transferred
to the available cash. Thus Harrison
was enabled to continue the purchase of
bonds at a premium. But the monthly
debt statements began to show a de-
pleted treasury, and in order to make
better showing on paper resort to Jug
Cling with the statements commenced.
Treasurer NebelSer. Harrison's special
friend from Indiana, in his report for
1890. page 7. says: "Since June, 1890, the
form of the published monthly statement
of assets and liabilities has been twice
revised" On page he says IL was ere
cast" Why it was revised" and ire
cast is pain. If the old form had been
continued it would have shown that there
was not dollar of available cash in the
treasury. But this was not the last time
it was revised and 'recast," as will
appear further on.
EX-President Harrison in his speech said
that "delicacy forbid5 me to say much Of
the last administration" but for his
subOrdinates he says that there was
attempt to act for the best interest Of all
the people" 1t was a very feeble "at-
tempt"
Juggling with Figures.
Was it "for the best interests of all the
Pcvp4S GltI l4le puDllC ueDL Statement
should be three times revised" and re
cast?" that $780, ,013.25 derived from
profits on coinage during the fiscal years,
1889 TO 1891. should be used TO buy bonds
at premium, paying as high as $128 for
them. and at a time when the treasury was
on the verge of bankruptcy? and was it
''fOr the best interests of all the people
that SAT ,997 ,S0709 collected from "all the
people," should be paid out to the few IA
vored bondholders as a premium their
bonds? The enormous surplus turned
over by Cleveland, the bank redemption
trust fund transferred to the available
cash and the profits on coinage furnished
a rich harvest for the bJndhOlders. The
taxes levied on the people by the tariff
laws continued to replenish the depleted
treasury. The protected manufacturers
wanted some part Of the p,under under the
Harrison administration. The Mckinley
bill was passed in October, 1890, and the
receipts from customs fell from S219, 522,-
20525 in 1891 to SIT. 452, 964.15 in 1892 This
had its effect on the cash balance, and,
with the billion-dollar congress, created
CONSERVATION in the treasury. Another
juggle with the debt statement must be
made. Again it must be revised or re
cast" or 1t would not show a dime of
available cash" in the treasury. The
statement for June 1. 1891. gave the net
like bankruptcy, and July /, 1891, the
statement was revised" or 'recast"
Prior to this date the nckels, dimes, quar-
tiers and half dollars appeared on the state
ment as available funds. The nickels,
dimes. etc, are now trotted out and made
to do duty as available cash, and thus
help swell the cash balance. By this