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

and demonstrating this fact by the
stern logic OF figures, is attracting tho
attention of the whole commercial
world and Strengthening the con-
fidence of democrats all over the coun-
try.
That President Harrison was an in
competent or reckless pilot, to use very
mild terms, will clearly appear from
an examination of the records of the
treasury department which his subor-
dinates made. He must stand by these
records, and they show that he was
responsible for the financial panic. 1t
was Harrison panic deliberately
brought upon the country. Every
month the treasury issues debt state
ment. The form of this statement
was deliberately changed three times
while he was president, for what pur-
poses will be discussed later. The fol-
lowing compiled from the records of
the treasury department will be of
special interest:
Three Hundred and Thirty Million Surplus.
BY comparison OF the debt statement is
sued March l. 1889. with one issued March l,
1893, 1t will appear that the same items which
are included in the available cash In the treas
ury, March l, 1893 when added together in the
statement of March I. 1889. shows that Cleve-
land turned over to Harrison the fabulous sur
Plus OF available funds OF three hundred and
thirty million three hundred and forty-eight
thousand nine hundred and sixteen dollars and
twelve cents (S33O. 3is Ole I2) In addition to
this enormous sum there was nearly four hun
dred million Of dollars in the treasury on
March l, 1889, which was held to pay gold, sill
yer and currency certificates then outstanding,
the total amount OF cash in the treasury being
S723 666, 555.56
When Harrison surrendered to Cleveland,
March L. 1893 the same items which made up
the three hundred and thirty millions avail
able cash on March l. 1889. amounted to only
one hundred and sixty-two millions four hun
dred and ninetythree thousand nine hundred
and twenty dollars and sixty-eight cents (Sl6a,-
1913, Q20.6s). The sacred one hundred million OF
gold reserve is counted in both amounts.
Squandered by Harrison.
1t will thus be seen that Harrison turned
over TO Cleveland in 1898 Sl67 SD 995 a less Of
available funds than he received from Cleve-
land in 1889 A large part Of the surplus had
vanished. In 1887 Cleveland saw that the
enormous accumulation of surplus was men
ace to business and the result OF unjust tariff
taxation. He proposed to stop unjust and op-
pressive tariff taxation. but a republican SEN
ate objected, and the surplus continued to
grow in amount.
The ship of state, with its rich cargo. ac-
cumulated by grinding tariff taxation and the
economy OF Cleveland's first administration,
passed to the control OF Pilot Harrison and
commenced its voyage. 1t soon encountered
pirates, and before the cruise ended it was in
the mud, Quagrnire, or slough" as Harrison
terms it 1t is interesting to examine the log
book and see who attacked the rich treasure
while Harrison was at the helm
The Bondhoiders' Grab.
First came the bondholders, those favorites
mar III hn av~.
seven months OF Harrison's administration
fd6.954 300 were expended in the purchase Of
bonds at a premium See Windows report for
1880. page %.
But this did not satisfy the bordholders, or
Harrison and the raid on the surplus was con-
tinued through 1890 and 1891. when II ceased
only because there was no more surplus. Dur
ing three fiscal years-lSSg- go 81 the enor-
nous sum Of a. 997 81 was paid to the
bondholders as premiums on bonds purchased
See recent publication OF Coinage laws by the
senate page 3l3
Fifty-Four Million Trust-Fund Looted.
The ship in 1890 would have run into the
slough" IL John Sherman had not come to its
rescue with his .'makeshift' silver law which
provided that the trust fund for the redemp-
ton OF national bank notes should be turned
INTO the available cash in the treasury, and
July 1890 S4 .3ss rs IS OF this fund was trans
ferred to the available cash. Thus Harrison
was enabled to continue the purchase OF bonds
At a premium. But the monthly debt state
men;s began to show a depleted treas
ury. and in order to make a better show
| ing on paper resort to juggling with
the statements commenced. Treasurer
Nebeker. Harrisons special friend from
| Indiana In his report for 1890. page z says:
| "Since June. 1880, the form OF the published
monthly statement of as sets and liabilities has
been twice revised" On page he says it was
| "recast" Why IL was revised and ''recast"
| is plain. II the old form had been continued 1t
| would have shown that there was not q dollar
| Of available cash in the treasury. But this was
not the last time it was revised" anu 'recast.' -
as will appear further on.
| Ex-Presidcnt Harrison in his speech said
| that "delicacy forbids me to say much OF the
| last administration" but for his subordinates
he says that there was an attempt to act for
| the best interests OF all the people" 1t was .
very feeble attempt"
Juggling with Figures.
| Was IL "for the best interests Of all the peo-
| pie" that the public debt statement should be
| three times revised and "recastg" That $780,
| l05,0l3 25 derived from profits on coinage dur
! Ing the fiscal years 1889 to 1891 should be
] USED TO buy bonds at a premium, paying as
high Us sl2S for them. and at time when the
treasury was on the verge OF bankruptcy And
was 1t for the best interests OF all the people"
that s47 997 .s07 .03, collected from "al the peo-
| ple, should be paid out to the few favored
| bondholders as a premium on their bonds?
| me enormous surplus turned over by
| Cleveland. the bank redemption trust fund
| transferred to the available cash and
| the profits on coinage furnished rich
| harvest for the bondholders The taxes
levied on the people by the tariff laws contin-
| ued to replenish the depleted treasury. The
| protected manufacturers wanted some part Of
| the plumber under the Harrison administra-
| ton. The Mckinley bill was passed in Oc-
tober. 1880. and the receipts from customs fell
from S.l0 81 05.25 in 1891 to Sl77 452 964 Is in
1902. This had its effect on the cash balance,
| and, with the billion dollar congress- created
| CONSERVATION in the treasury. Another Jug
| gle with the debt statement must be made
Again 1t must be revised" or .'reeast," or It
| would not show n dime OF available cash" in
the treasury. The statement for June I, 1891
gave the net cash balance ut sss 49, 200 SO
| This looked like bankruptcy, and July I, 1891,
| the statement was revised" or .srecast I"
Prior to this date the nickels. dimes, quarters,
and half dollars appeared on the statement as
| unavailable 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 transfer the available cash
balance was increased to ec3 1903 0O6ea This
resort tonickels. dimes, etc.. was o humiliat-
ing oct for the Harrison administration. and