The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-10-03

tic W ileou tdtlu Dlli5 ID IcopOHoiblc
for the unfortunate condition OF our
national treasury Is well rebuked in
the words Of no less person than
William Mckinley.
On August 4, 1894, Mr.. Mckinley
spoke at Council Bluffs and among
other things he touched upon this
point. Speaking of pitcher which
he held in his hand, Mr.. Mckinley
said:
The Democratic party, having no
other consideration 10 view than the
revenue, would make the tariff Is per
cent. instead OF SIS per cent. Then
every ship that came would bring a
cargo OF this kind Of ware from abroad.
Fifteen per cent. would encourage
this foreign importation and you
would put more money into the fed
eral treasury with Is per cent. than
with 55 per cent
These words will be found in the
report Of Mr.. McKinley's speech pub
lished in the Council Bluffs Nonpareil
a Republican newspaper, Of August
5, 1894, page 4.
Here are few facts that ought to
be impressed upon the mind Of every
searcher for the truth.
In March 1889, when Mr.. Harrison
took possession Of the treasury, about
nineteen months before the Mckinley
law went into effect, there was 1885,
404, AL cash In the treasury. OF this
sum $3.50, 900, 900 was in gold.
The Mckinley bill became law
October ], 1890.
During each of the months of No
vember and December, 1892, and jan
uary and February, 1893, the public
expenditures exceeded the receipts,
the total deficiency for the four
months being $5,81o,549. (See Secre-
tary Carlisle's report to the Senate
finance committee in June, 1896. J
During all this time the Mckinley
law was in force.
In his report December 9, 1892, Mr..
Foster, Secretary Of the Treasury I'M
der Mr.. Harrison, said:
zone of the embarrassment to the
treasury, in the opinion of the secre-
tary, is the inability, with the limited
amount of cash on hand above the
500, 900, 900 gold reserve, to keep up
a sufficient gold supply"
This report was made more than
two years after the Mckinley law was
enacted and nearly two years before
the Mckinley law was repealed.
In his report to the Senate finance
committee in June, 1896, Secretary
Carlisle said:
s'The reserve fund would have fall
len below 800, 900, 900 before March
/, 1893, If my predecessor in Office had
not effected arrangements in January
and February by which the sum OF
about $S, $50, 900 in gold was procured
from certain bankers in New York In
exchange for United States notes and
otherwise.
On February 20, 1898, Mr.. Harri.
sons Secretary of the Treasury issued
the following:
Treasury Department, Office of the
Secretary, Washington, d. c., Feb.
20, 1893.--Sir: You are hereby au.
thorized and directed to prepare de
signs for the per cent. bonds provid-
ed in the Senate amendment to the
sundry civil bill now pending. The
denominations which should first re.
ceive attention are $l00s and 81 COOS
of the coupon bonds, and the $100s Of
the registered bonds.
This authority is given in advance
of the enactment in view OF the press
ing contingencies, and you are direct.
ed to have the preparation of the de.
signs and plates in every possible
manner.
l enclose memorandum for YOU
guidance in preparing the scrip fol
the body of the bond.
Yours Respectfully
| CHARLES FOSTER, Secretary.
To the chief of the bureau of en-
craving and printing.
| The Senate did not give the author
ity to issue these bonds, undoubtedly
| to the great delight of the Harrison
administration, which administration
expired within two weeks after the
above letter was written.
When Mr.. Harrison surrendered the
treasury, March 4, 1898, he left a sur
plus of $124, 12o, 089 in the treasury
(Which figures included $54, 900, 900 o.
the national bank reserve, which had
not heretofore been counted in.) II
is worthy of notice that Mr.. Harrison
left to Mr.. Cleveland in 1898 $142,.
276, 1852 less, as surplus, than Mr.
Cleveland left to Mr. Harrison liz
1889. And yet more than half of Mr.
Harrison's administration was under
the Mckinley law.
BY this time the gold standard was
getting in its deadly work and Mr..
Cleveland was compelled to deal with
it.
In February, 1894, seven months
before the Mckinley law expired, Mr..
Cleveland issued $50, 900, 900 in bonds.
On August q, 1894, the Mckinley
law expired and the Wilson law took
its place. In less than three months
and before the Wilson law had time
to affect the situation, another $780,
900, 900 bondissue was made.
These facts ought to be conclusive
to the intelligent citizen that our
financial difficulties are due, not to
the tariff laws, but to the single gold
standard, which Mr.. Mckinley says
must be preserved and which Mr..
Bryan says must not be preserved.
Corbett complains that he was ar
rested for merely talking eff that
is not sufficient in his case, the Grim
inal code should be revised at once.
Claiming this state by 1900 ma
sar,%xy ~, NJ 80 +1,o Do.,.ls1:x~