The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1894-10-13
HARRISON PANIC.
He Makes Way With the CleYe.
land Surplus.
Changes the Form Of Debt Statement
to Show a Observation-Disclosures the
Treasury and Brings on the Panic.
The Responsibility Fixed. of
His Own Mouth He Is Condemned.

Treasury anu FTlHgS Oh tnt L dnlcs-
The Responsibility Fixed. of
His Own Mouth He is Condemned.
Ex-President Harrison recently
delivered a speech in this district in
which he said: III you have felt
the effects of the depression; if you
think more Of those effects and pre-
fer not to lead the country through
the slough Of dependency, show it
by defeating Wilson"
The country was in the slough Of
dependency" before Harrison left
the White House Who steered it
into the "slough?" Who fonndered
the ship Of state by running it into
the quagmire? are pertinent and i'm.
portant questions for discussion in
the present canvass.
TAMPERs WITH DEBT STATEMENTS.
That President Harrison was an
incompetent or reckless pilot, to use
very mild terms, will clearly appear
from an examination of the records
Of the Treasury Department which
his subordinates 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 Treasu-
.ry issues a debt statement. The
form of this statement was deliber-
ately changed three times while he
was President, for what purpose will
be discussed later.
A THREE HUNDRED AND THIRTY MIL
LION SURPLUS.
By a comparison of the debt
statement issued March l, 1889,
with the one issued March l, 1898,
it will appear that the same items
which are included in the available
cash in the Treasury March l, 1898,
when added together in the state
ment of March l, 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
sixteen dollars and twelve cents
($330, 348,91612) In addition to
this enormous sum there was nearly
four hundred millions of dollars in
the Treasury on March l, 1889,
which was held to pay gold, silver
and currency certificates then out
standing, the total amount of cash
in the Treasury being 1928, 666, 555.-
Sc.
When Harrison surrendered to
Cleveland March 4, 1898, the same
items which made up the three hun
dred and thirty millions available
cash on March l, 1889, amounted to
only one hundred and sixty-two mil
lions four hundred and ninety three
thousand nine hundred and twenty
dollars and sixty eight cents( 1852
493, 920.7S). The sacred one hundred
million of gold reserve is counted in
both amounts.
SQUANDERED BY HARRISON.
IL Will Nl1uS Dt DCCn tudb loOl
turned over to Cleveland in 1892
$167, 854, 1854 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 I'M
just tariff taxation. He proposed to
stop unjust and oppressive tariff
taxation, but Republican Senate
objected, and the surplus continued
to grow in amount
The ship of state, with it's rich
cargo, accumulated by grinding tar
if taxation and the economy of
Cleveland's first administration,
passed to the control of Pilot Harri-
son and commenced its voyage. 1t
soon encountered pirates, and before
the cruise ended it was in the mud,
quagmire, or slough" as Harrison
terms it. 1t is interesting to ex-
anime the log book and see who at
tackled the rich treasure while Har-
rison was at the helm.
THE BoNDHoLDERs GRAB.
First came the bondholders, those
favorites of the Republican party.
During the first seven months of
Harrison's administration $66, 954,-
500 was expended in the purchase
of bonds at premium. See Win
dom's report for 1890, page 81.
But this did not satisfy the bond
holders, or Harrison, and the raid
on the surplus was continued through
lS90,and 1891, when it ceased only
because there was no more surplus.
During three fiscal years-1SS9 80
'91-the enormous sum of SAT, 997,-
S07.32 was paid to the bondholders
as premiums on bonds purchased.
See recent publication of coinage
laws by the Senate, page 313.
A FIFTY FOUR MILLION TRUsT-FUND
LOOTED.
The ship in 1890 would have run
into the slough" if John Sherman
had not come to it's rescue with his
"makeshift" silver law, which pro
vided that the trust fund for the re-
demption of national bank notes
should be turned into the available
cash in the Treasury, and July l,
1890, $54, 1888, 47575 of this fund was
transferred to the available cash.
Thus Harrison was enabled to con-
tinue the purchase of bonds at pre-
MUM But the monthly debt state
ments began to show a depleted
Treasury, and in order to make
better showing on paper, resort to
Juggling with the statements com
menced. Treasurer Nebeker, Harrl-
sons special friend from Indiana, in
his report for 1890, page 7, says:
"Since June, 1890, the form of the
published monthly statement of as
sets and liabilities has been twice
revised" On page 8 he says it was
''recast" Why it was revised and
"recast" 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 was not the last time it
was revised" and "recast," as will
appear futher on.
Elk President Harrison in his
speech said that "delicacy forbids
me 10 say much of the last admins
tration," but for his subordinates
he says "tbat there was an attempt
to act for the best interests of all
the people" 1t was very feeble
"attempt."