Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-10-27
FOR SOUND MONEY
Assistant Secretary Of the
aTreasury Charles S. HamIin
Addresses a Large Sound Money Au-
dience at Music Hall, Boston.
He laces The Branites and Stands for the
Nations Prosperity.


Gubernatorial Candidate F. 0. Prince
was prevented from attending by i'll
ness. Speeches We're made by Mr.
Butler, J. Il. Mcconnell of F'itchburg
candidate for lieutenant governor, r
II. Bowker of New York DIR. VIM
Everett; Assistant Secretary of the
Treasury Chas Hamiin, H. l.. Hurl-
burt candidate for attorney general
Mr.. Hamlin said:
Mr. Chairman and Fellow Democrats:
We are today facing the most serious
crisis, with the sole exception of the
civil war. ever confronting the Ameri-
can people--a crisis which has alread y
rent asunder the Democratic national
party, which has driven hundreds oi
thouSandSof Democrats formerly prom
inent and influential in party councils
into open rebellion, some of whom are
even actively supporting the Republi-
can candidate The question naturally
arises what is the cause of this extra
ordinary condition of things? Have the
individuals who have left, or refused
to follow this great historic party
changed their political principles, OF
has the party itself abandoned the an
cient articles of it's belief? To answer
this question satisfactorily, we must
examine carefully the history Of the
present Democratic administration.
Grover Cleveland was nominated in
1872 as a pronounced opponent of the
free coinage of silver. The convention
overwhelmingly defeated resolution
in favor Of free coinage. With full
knowledge Of the Presidents views on
ne financial question, then pending
publicly expressed both by interviews
and correspondence. delegation after
delegation from the southern and west
crn states. now clamoring for free coin
age. gave him their support. He final
81 received over two-thirds of the votes
II the convention on the first ballot.
The Democratic administration came
into power in 1898 with a party major
ity in both Senate and House, for the
first time within a generation. i,
found the treasury almost empty, ex-
penses increasing and revenues dimin-
ishing, While the gold reserve was re-
duced to the danger point.
THE CONDITION OF THE TREAS
URY AT THE END OF HARRI-
SONS ADMINISTRATOR
On March /, 1889, just before Presi-
dent Harrison entered into office the
United States treasury. under Presi-
dent Cleveland. held. over and above
the gold reserve of 500, 900, 000 surplus
funds to the amount of $l66, i0i AL, of
which $96 245, $3.50 consisted of gold coin
and bullion. When President Cleve-
land again entered the presidential
chair in March, 1898, at the close of the
Harrison administration, he found that
This 1856, 404. al of surplus funds had
entirely disappeared. In fact. on
March 4. 1898, there would have been
an actual deficit in the treasury cash
Of about S23.000000 had not the Repub-
lican administration under the act of
July IA, 1890. turned into the treasury
cash funds to the amount of over $50
0o0, 600 deposited by national banks in
trust to redeem outstanding notes
in addition. the fractional silver coin,
never before counted as available as
sets. was turned into the cash by
means of q change in the system of
keeping the treasury books. Even by
the use of these two eXpedientS the cash
balance on March 4.1S93 over the above
the gold reserve. was only $4,000. 000 as
compared with $166, 404. All on March /,
1889.
The tariff legislation of the Republ-
can administration, by radically in
creaSing customs duties. caused also
gradual falling off in revenue Coupled
with this. there was an enormous in
crease in eXpenditures-ann pension
payments increasing from $S7 600. 900 in
1889 to $780, 900, 900 in 1898 During this
on bonds purchased the sum OF $50. 900,
600: over $14.000000 We're paid as re-
funds of direct taxes. and about $I2.-
100000 in sugar bounties.
AS a result of this increase in eXpen-
diture, coupled with diminished reyen-
ties. the annual surplus of current rev.
enue over expenditures. which reached
the vast sum of Sill 600 900 in 1888, I'M
der President Cleveland, fell to q little
over $1,000. 900 in 1893 under President
Harrison
This falling off in the current annual
surplus had another disastrous result
In previous years the gold reserve of
500. 100000 had been maintained from
the gold contained in the usual sur
plus of current revenue over expendi-
lures. This surplus having become
extinguished by 1898. the
stream of gold into the treasury reserve
from this cause ceased. The reserve
gold henceforth could be maintained at
the hundred million point only by the
issue of bonds. The Republican ad-
recognized this necessity
and had such bonds prepared just prior
10 March, 1898. The issue of bonds,
however, was postponed by a personal
appeal of Secretary Foster to certain
New York banks, which turned over
few millions of gold in exchange for
government notes just prior to March /,
S93;th gold barely sufiiced to keep the
reserve above the one hundred million
mark until the coming in of the new
administration.
The Democratic administration, as
above stated, on coming into power
'ound the treasury almost empty, the
gold reserve reduced to the danger
point: public expenditures unequalled
n the annals of our country. and
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