The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1894-10-13

% soUEOo, Collected from ali the
people, should be paid out to the
few favored bondholders as a premi-
um on their bonds2 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 bondholders.
The taxes levied on the people by
the tariff laws continued to replen-
ish tue depleted Treasury The
protected manufacturers want
ed some part of the plumber under
the Harrison Administration. The
Mckinley bill was passed in Octo-
Der, 1890, and the receipts from Gus
toms fell from $219,522,205.25 in
1891 to $I77,452, 964.I5 in 1892.
This had its effect on the cash bal
ance, 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 ere
cast" or it would not show dime
of available cash in the Treasury.
The statement for June l, 1891,
gave the net cash balance at $685.
342, 200s6. This looked like bank
ruptcy, and July l, 1891, the state
ment was revised" or recast" Pri-
or to this date the nickels, dimes,
quarters and half dollars appeared
on the statement as unavailable
funds. The nickels, dimes, quarters
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 bal
ance was increased to $53, S93,S $685.
SO. This resort to niekels, dimes,
etc, was a humihating act for the
Harrison administration, and prop
erly designates it as the Dime Ad-
ministration.
CAPITAL ALARMED.
But business men were not to be
fooled by making available funds
out of nickels and dimes Capital
became alarmed and the gold stream
started across the ocean. Under
Harrison the excess of exports of
gold over imports was $157, 1884, 03,
while under Cleveland's first admin
istration the imports largely exceed
ed the exports. In the meantime
the Mckinley act with it's vicious
provision fer paying drawbacks
make another drain on the Treasury,
$S,6l4,439.14 being the amount re
paid importers in 1891 and 1892.
See Secretary Treasury report Of
1892, page %.
HARRIsoN's BANKRUPT TREASURY.
From July, 1891, until the close of
Harrison's administration the Treas
ury was practically bankrupt. The
last statement issued March |, 1898,
by Charles Foster, Secretary of the
Treasury, places the net cash bal
ance at $24,128,0S7S8. The same
statement shows that of this amount
$l1, 497,S3974 was nickels and
dimes, &c. Harrison started with
hundreds of millions and closed with
dimes. Verify, be had run the ship
into deep mud or morass or a
or, as he terms it
slough"
PREPARES TO ISSUE BONDS.
He knew, as did his Secretary of
the Treasury, that the government
was bankrupt. The latter gave or
ders 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 condition and force
Cleveland to issue bonds.
LAYING THE FOUNDATION FOR A PANIC.
Before the close of his administra-
ton the ruinous effects of his "miser-
able makeshift' silver purchasing
law, with the bankrupt condition Of
the Treasury, lost the confidence of
the world and millions of our securi.
ties were returned The foundation
of the panic had been laid wide and
deep, and then the very men (Gener-
al Harrison being the most promi-
nent) who had laid them commenced
their scarecrow work and have kept
it up to this day. This may tie
craftsmanship; but if it is the coun-
try should pray to be delivered from
it. Above every soup house should
be erected the sign, Harrison Soup
House"
CARLISLE RESTORES CONFIDENCE.
Never in the history of the govern
ment had Secretary of the Treasu-
ny such task as fell to the lot of
the present Secretary. He was called
to protect the credit of the govern
ment with bankrupt Treasury He
was equal to the task, and conf
dence has been restored. The out
ward gold stream has ceased, and
will soon flow in instead of out.