Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-10-04

Ex-President Harrison recently dcliv-
,red speech in Mr.. Wilson's district in
which he said 'lf you have felt the
Effects Of the depression; ii you think
more of those effects and prefer not to
cad the country through the slough of
dependency, SHOW it by defeating
The, country was in the slough of
dependency" before Harrison left the
White House. Who steered it into the
slough? Who foundered the ship Of
state by running it into the quagmire2
are pertinent and important questions
for discussion in the present canvass.
TAMPEHs WITH DEBT STATEMENT.
That President Harrison was an in
or reckless pilot, to use very
mild terms, will clearly appear from an
examination of the records of the Treas.
ury Department which his subordinates
made. He must stand by these records,
and they show that lie was responsible
for the financial panic. 1t was Harri.
son panic, deliberately brought upon the
country. Every month the Treasury
issues a debt statement. The form Of
this statement was deliberately changed
three times while he was President, for
what purpose will be discussed later.
A THREE HUNDRED AND THIRTY MIL,
LION SURPLUS.
BY comparison of the debt state
ment issued March LIST, 1889, with the
one issued March LIST, 1893, it will APP
pear that the same items which are in
cluded in the available cash in the
Treasury March LIST, 1893, when added
together i'll the statement of March 1st,
1889, shows that Cleveland turned over
To Harrison the fabulous surplus of
available funds of three hundred and
thirty million three hundred and forty.
eight thousand nine hundred and six
teen dollars and twelve cents 1880 ,34S,-
9l6.l2). ln addition to this enormous
SUM there was nearly four hundred
million of dollars in the Treasury on
March LIST, 1889, which was held to pay
gold, silver and currency certificates
then outstanding, the total amount Of
cash in the Treasury being S723, G66,
555.56.
When Harrison surrendered to Cleve.
land, March 4th, 1893, tho same items
which made up the three hundred and
thirty millions available cash on March
LIST, 1889, amounted to only one hun.
dred and siXty.two millions four hun
dred and ninety-three thousand nine
hundred and twenty dollars and sixty
eight cents t$lG2, 493, 9206S.1 The sacred
one hundred million of gold reserve is
counted in both amounts.
snTANnEpEn NO IYAnn,s,,n,
1t will thus be seen that Harrison
turned over to Cleveland in 1898 SlG7,.
S54,995.34 ess of available funds than
he received from Cleveland in 1889. A
large part of the surplus had vanished.
In 1887 Cleveland saw that the enor-
nous accumulation of surplus was Il
menace to business and the result of
unjust tariff taxation. lie proposed to
stop unjust and oppressive tariff taxa.
ton, but Republican Senate objected
and the surplus continued to grow in
amount.
The ship of state, with its rich cargo,
accumulated by grinding tariff taxation
and the economy of Cleyeland's first
administration, passed to the control of
Pilot Harrison and commenced its yoy.
age. 1t soon encountered pirates, and
before the cruise ended it was in the
mud, quagmire, or Slough" us Uarri.
son terms it. 1t is Interesting TO ex.
anime the lug.book and see who at.
tackled the rich treasure while Harrison
was at the helm.
THE BoNDHoLDERS' GRAB.
First came the bondholders, those
fayorites of the Republican party.
During the first seven months of Har,
rlsun's administration 500, 054 500 was
expended in the purchase Of bonds at a
premium. Sec Windom's report for
1880, page q.
But this did not satisfy the bond.
holders, or Harrison, and the raid on The
surplus was continued through 1890 and
leJl, when 1t ceased only because there
was no more surplus. During three
fiscal years 1883 30 81 the enormous
sum Of S47907 ,SO732 was paid to the
Dnhdholdcrs us premiums on bonds pur.
chased. See recent publication of coin
age laws by the Senate, page 3l3.
FlFTY.F1uR MILLION TRUsT-FuNf
LOOTED.
The ship in 1890 would have run into
the slough" if John Sherman had not
come to its rescue with his "makcshtft'
silver law, which provided that the trusl
fund for the redemption of nationa
bank notes should be turned into Tn,
available cash in the Treasury, and
July LIST, 1880, $54,3sS, i75.75 Of thi:
tand was transferred to the availabl,
cash. Thus Harrison WAS enabled /,
continue the purchase Of bonds al n
premium. But the monthly debt state.
ments began to show u depleted Treas
ury, and in order to make better show.
lAs on paper resort to juggling with the
statements commenced. Treasurer
NebGker, llarrisOn's special friend iron,
Indiana, in his report for 1870, mage y
says; "nince June, 1880, the form OF
the published monthly statements Of
assets and liabilities has been twice
revised On page 8 he says it was
sfecast, Why it was revised" and
fecast is plain. If the old form had
been continued it would have shown
that there was not a dollar of available
cash in the Treasury But this wa;
not the last time ii was revised anC
"re1cast," as will appear further on.
TX President Harrison in his speech
said that "delicacy forbids mo to SAY
mulch OF the last administration" buit
for his subordinates he says 'that there
was an attempt to act for the bes
Interests Of all the people" 1t was ;
very feeble attempt"
JUGGLING WITH FIGURES.
Was it for the best interests of al
the people" that the public debt gtato
meut should be threee times "revissd,
and "recast?" that $50, lo5, gl3.25 deriyel
from profits on coinage during the tisca
years 1889 to 1891 should be use to bu,
bonds at premium, paying as nigh n,
1928 for them, and at time when thf
Treasury was on the verge Of bank.
ruptcy? and was it for the best inter
ests Of all the people" that $t7 ,997, 8O7. Of
collected from "all the prl,t.ln y sI,,,it