The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-09-29
HARRISON PANIC!
He Makes Way With the
Cleveland Surplus.
Changes the form Of Debt Statement to
Show u Balance. -Bankrupts the
Treasury and Brings on
the Great Panic.
The Responsibility Fixed.-Oat Of His
Own Month He Is Condemned.

delivered speech in Mr.. Wilson's
district in which he said: "If you
have felt the effects of the depres-
sion; if you think more of those ef-
fectS and prefer not to lead the
country through the slough of de-
spondency, show it by defeating
Wilson"
The country was in the Slough
of dependency" before Harrison
left the White House. Who stecred
it into the "slough?" Who found
cred the ship of state by running it
into the quagmire? are the perti-
ncnt and important questions for
discussion in the present canvass.
HAMPERS WITH DEBT STATEMENT.
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 a
Harrison panic, deliberately bro't
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 purpose will be discussed
later.
a THREE HUNDRED AND THIRTY
MILLION SURPLUS,
BY comparison of the debt state
ment March 1, 1889, with the one
issued March !, 1893, it will appear
that the same items which are in
cludcd in the available cash in the
treasury March I 1898, when added
together in the statement of March
I, 1879, shows that Cleveland turned
over to Harrison the fabulous sur
plus of available funds of three hum
dred and thirty million three hum
dred and forty-eight thousand nine
hundred and sixteen dollars and
twelve cents ($330,S4s,9IG.l2). In
addition to this enormous sum there
was nearly four hundred million of
dollars in the treasury on March 1,
1850, which WAS held to pay gold,
silverand currency certificates then
outstanding, the total amount Of
cash in the treasury being $723, $685.
555.56.
When Harrison surrendered to
Cleveland, March 4, 1893, the same
items which made up the three
hundred and thirty millions avail
able cash on March /, 1889, amount
to only one hundred and sixty-two
millions four hundred and ninety
three thousand nine hundred and
twenty dollars and sixty eight
cents ($l72, ,493, ,920.7S). The sacred
one hundaed million gold reserve
is counted in both amounts.
sQUANDERED BY HARRISON.
twill thus be seen that Harrison
turned over to Cleveland i'm 1893
$lG5,S5l, ,9953i 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 "f surplus was mon
ace to business and the result Of
unjust 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 ricl,
cargo, accumulated by grinding
tariff taxation and the economy OF
Clevcland's first administra tion,
passed to the control of Pilot Har-
rison and commenced its voyage
1t soon encountered pirates, and
before the cruise ended it was i'm
the mud, quagmire, or Slough" as
Harrison terms it. II il interesting
to examine the log-book and see
who attacked the rich treasure
willie Harrison was at the helm.
TIE BONDHOLDERS' GRAB.
First came the bondh0lders, those
favorites Of the Republican party.
During the first seven months OF
Harriaon's administration $GG,
500 was expended in the purchase
of bonds ut premium. See Win
doln's report for 1890, page 27. But
this did not satisfy the bondholders
or Harrison, and the raid on the
surplus was continued through 1890
and 1881, when ii ceased only be-
cause there WAS no more surplus.
1 During three fiscal years-lSS9- 30
0l-the enormous sum of $l7,097,- :
sO732 was paid to the bondholders
as premiums on bonds purchased