The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-10-17

make another drain on the treasury, S.
6l4.4S914 being the amount repaid i'm
porters in 1891 and 1892. See secretary
treasury report Of 1892, page %.
HarrisOn's bankrupt Treasury.
From July. 1891. until the close of Har-
rison's administration the treasury was
practically bankrupt. The last statement
issued March 1. 1893. by Charles Foster,
secretary of the treasury. places the net
cash balance at Abs, 0SISS. The same
statement shows that of this amount Sll,-
49I, S3974 was nickels. lines, etc. Harri-
son started with hundreds Of millions and
closed with dimes. Verify, he. had run
the ship into deep mud or a morass or a
quagmire or. as he terms it, a slough"
Prepares to Issue bonds.
He knew. as did his secretary Of the
treasury, that the government was bank
rupt. The latter gave orders TO prepare
for the issue of bonds; the plates were
prepared, but the man VINO had inner
tied hundreds of millions and was re-
duced 70 dimes haughtily announced
that there should be no increase of the
national debt while he was president"
He preferred to turn the treasury over
in its bankrupt condition and force Cleve-
land 70 issue bonds.
Laying Foundations for n Panic.
Before the close of his administration
the ruinous effects Of his miserable
makeshift' silver-purchasing law, with
the bankrupt condition of the treasury,
lost the confidence of the world and mil
lions of our securities were returned. The
foundations of the panic had been laid
wide and deep, and then the very men
Gen. Harrison being the most prominently
who had laid them commenced their
scarcecrow work and have kept it up TO
this day. This may be craftsmanship;
but if il is the country should pray To be
delivered from it. Above every soup
house should be erected the sign, ''Harri-
son Soup House."
Carlisle Restores Confidence.
Never in the history of the government
had a secretary Of the treasury such a
task as fell to the lot Of the present sec
rotary. He was called to protect the
credit Of the government with a bankrupt
treasury. He was equal TO the task. and
confidence has been restored. The out
ward gold stream has ceased, and will
soon flow in instead Of out.
1. Cleveland turned over to Harrison,
1890, ,91612; Harrison turned over 10
Cleveland. S162, 49S, 92O.78; difference, &c.,
S54. $685. "a.
But this amount included the gold re-
serve, S100,000,000, which Harrison cons.d-
cred sacred, and the agency accounts, so
that HarrisCn's secretary Of the treasury,
IN the last debt sta tement he issued, puts
down the net cash balance in the treasury
at S24, ,0S7.SS, and Of this ST. 497, S29. "A
We're nickels, dimes, etc.
2. Harrison began the purchase of bonds
Immediately after his Inauguration and
the first seven months paid out $685.
co.,
8. In three years Harrison paid the
bondholders S47.997. SO7.S2 premium on
bonds.
4 Revised" or "recast" the debt state
ment three times so 1t would show a bal
ance in the treasury.
5. Transferred a trust fund Of $685.
475.75 into the available cash.
6. Had the benefit of profit on coinage
amounting to $30,105,013.25
T. Signed the Mckinley act. which re-
duced the receipts from customs in one
year $42. 069 2411O.
g. In two years under the Mckinley law
the sum of SS.614.439.14 was refunded to
importers as drawback.
9 The purchase of bonds, the billion
dollar congress. drawbacks and general
eXtravaga nce bankrupted the treasury.
10. This. with the miserable makeshift
silver-purchasing law alarmed capital,
brought our securities home. and sent a
gold stream across the ocean in volume
S157, $3.50 500.
II. Preparation to issue bonds made by
HarrisOn's secretary of the treasury.
u. Harrison panic and soup houses.