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

~ ~ u SI1Na 4(lL1IfA w "A
wanted somc part of the plumber under
the Harrison administration. The Nc. |
hinley bill was passed in October, 1890,
and the receipts from customs fell from
1913, 522, 2O5.25 in 1891 to $l77, 452, 90415 |
in 1892. This had its effect on the cash
balance, and, with the billion dollar
Congress, created CONSERVATION in the
Treasury. Another iuggle with tho
debt statement must be made. Again it
must BIO revised or "recast," or II
would not show dime OF "availablo
CASH. in the Treasury. The statement
for June LIST, 1891, gave the net cash
balance at $33,342 ,200.S6 This looked
like bankruptcy, and July LIST, 1891, the
statement was revised" OF "recast."
Prior to this date the nickles, dimes,
quarters and half dollars appeared on
the statement as available funds. The
nickels, dimes, &C., arc now trotted out
and made to do duty as available cash,
and thus swell the cash balance. BY
this transfer the available cash balance
was increased to $53 ,S93,S0S.93. This
resort to nickels, dimes, &C., was a
humiliating act for the Harrison admin
istration, and properly designates it as
the Dime Administration.
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 1857, $50 1903, while under Cleve-
lands first administration the imports
largely exceeded the exports In the
meantime the Mckinley act with its
vicious provision for paying drawbacks
made another drain on the Treasury,
$S,6l4 ABBA being the amount repaid
importers in 1891 and 1899. See Secre-
tary Treasury report of 1889, page %.
HARRlsoN's BANKRUPT TREASURY.
From July, 1891, until the close of
Harrisons administration the Treasury
was practically bankrupt. The last
statement issued March LIST, 1903, by
Charles Foster, Secretary of the Treas
ury, places the net cash balance at
1874, 126,O S7.SS. The same statement
shows that Of this amount Sill ,497, S39.74
was nickels, dimes, &c. Harrison started
with hundreds of millions and closed
with dimes. Verify, he had run the
ship into deep mud or morass or a
quagmire or, us he terms it, IA slough"
PREPARES TO ISSUE BONDS.
He knew, as did his Secretary of the
Treasury, that the government was
bankrupt Tie latter gave orders to pre-
pare 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
national debt while he was President"
He preferred to turn the Treasury over
i'll its bankrupt condition and force
Cleveland to issue bonds.
LAYING FOUNDATIONS FOR A PANIC.
Before the close of his administration
the ruinous effects OF his "miserable
makeshift" silyer-purchasing law, with
the bankrupt condition of the Treasury,
lost the confidence of the world and
millions Of our securities were returned,
The foundations of the panic had been
laid wide and deep, and then the very
man General Harrison being the most
prominently who had laid them com
menced their scarecrow work and have
kept it up to this day. This may be
Craftsmanship, but il it is the country
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 Treasury
| such n task as fell to the lot of the pres.
ent Secretary. He was called to pro-
tect the credit of the government with
a bankrupt Treasury. He was equal to
the task and confidence has been re-
stored. The outward gold stream has
ceased, and will soon flow in instead Of
out.
i, Cleveland turned over to Harrison,
| S330,3iS, 9l6.l2; Harrison turned over
toCleyeland, SlG2, 403, 920.7S; difference,
Sl6T ,995.34 But this amount in.
cluded the gold reserve, 100000, 900,
which Harrison considered sacred, and
the agency accounts, so that Harrison's
Secretary of the Treasury, in the last
debt statement he issued. puts down the
net cash balance in the Treasury at
$2i rs, 0sTS8, and of this $ll ADJ, S29.74
We're hlckels, dimes, &c.
z Harrison began the purchase Of
bonds Immediately after his inaugura-
| ton, and the first seven months paid out
$66,95l, 800.
g. In three years Harrison paid the
hondholdcrs $i7 1897 ,S0I32 premium ON
bonds.
L. "ReViscd' or "recasL" the debt
statement three times so it would show
a baanca in the Treasury
B. Transferred trust fund of $54,-
3S5 ,475.7j into the available cash.
q. Had the benefit Of profit on coinage
amounting to $50, 1861 l3.25.
Z. Signed the Mckinley act, which
reduced the receipts from customs in
one year S& ,0G9,2l 10.
). In two years under the Mckinley
law the sum Of $S,6l4.43 IA was re-
funded TO importers as drawback.
., The purchase of bonds, the billion
dollar Congress, drawbacks and general
extravaganza banllrupted the Treasury.
10. This, with the miserable make.
shift silver-purchaslng law, alarmed
capital, brought our securities home and
sent gold stream across the ocean in
volume S157,0S9, 1903.
IL. Preparation TO issue bonds made
by llarrison's Secretary Of the Treasury.
IL. Harrison panic and soup houses.
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4 SEASON or u UTf0NS.
some square and Some Round and All