The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-07-27
FOSTER AGAINST FOSTER.

Charles Foster, whilom secretary of
the treasury during that "era of pros
perity' to which the Great Apostle of
Protection" is constantly referring,
comes up out of the grave Of his per-
sona1 and official bankruptcy to again
assert that the finances of the country
were all right under the administration
Of President Harrison. William Elroy
Curtis. who is dancing attendance
these days at Cleveland on Mr.. Hanna,
and at Canton on the Apostle, sends
the Chicago Record an interview with
the ex-secretary Of the treasury In it
the latter explains how he came to di-
rect the preparation of plates on which
to print a contemplated issue of bonds.
1t is only the steady, persistent boast
ing Of Republicans nowadays that
theirs is the only party of sound cur
rency and finance that makes comment
on this interview matter of present in
terest.
Mr.. Foster says that he favored in
creasing the gold reserve to $125, OOO,-
900 because the issue of the Sherman
notes had added to the weight and
pressure on the gold reserve. 1t was
not because of deficient revenue be-
cause there was "a balance of more
than $125,OOO,OOO in the treasury when
ne handed the keys to Mr.. Carlisle.
over and above the gold reserve
This would make 1925, 900, 900 cash in
the treasury, if Mr.. Foster is accur-
ate. Turning to the letter of Feb. 20,
1898, from the secretary to the chief
OF the bureau Of engraving. directing
the preparation Of the plates for the
bonds, we find that he says: 'This all
thority is given in advance of the
enactment" (of authority to issue per
cent bonds at that date approved bv
the senate) 'in view Of pressing con-
tlngenc1es." If there was a s11rpI,,s
or cash balance of $225, OOO. 900. what
were the pressing contingencies" that
called for this action thirteen DAYS be-
fore Mr.. Foster retired?
Mr.. Foster, as secretary, did not take
so cheerful a view. In his renort for
the year ending June 80, 1892, he told
congress that but 100000 could be
added to the sinking fund that wear
instead of the $4,000, 900 required nv
law He further told congress that
one of the embarrassments of the
treasury is the inability, with the linn
lied cash on hand, above the 800 600
O0O reserve, to keep up a sufficient gold
supply" eff this demand flor pold>
should be as large the coming year
as it has been for the past two years.
the gold in the treasury would be di
minished below the reserve line. This
IN his report to congress Dec. z, 1892.
the treasury report states that there
was cash balance on hand Feb. %.
1893, Of 1924 1884, 8S, of which nearly
$lO8,OOO,0O0 was net gold, instead Of a
cash balance of lover $125, 900, 900, over
and above the reserve
But even this apparent and small
surplus would not have been there had
1t not been for the practical footing
by the Fffty-first congress of what was
trust fund. In his report for the
year 1892, Treasurer Nebeker told Mr..
Foster that 'ft must not be overlooked
that the revenues for the former QS91)
of the two years are swelled artificial
ly by the transfer of the bank note
redemption fund, which amounted, at
the time of it's deposit in the treasury,
in July; 1890, to $54,3SS, 47575. If this
be considered, what 1t was in fact, a
receipt of former years, the figures
will show an excess Of upwards of
lightweight millions Of expenditures
over revenue in 1891, and one of upward
of twenty-seven millions in 1892" The
figures and facts, officially given by
Mr.. Foster and his treasurer, leave
very little to the ex-secretary's latter
day explanation.