People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1898-10-27
NCKINLEY'S MISTAKES.

Two Instances OF His Inaccuracies Which
Show That to Make Points in Favor OF
His Administration the President Draws
Upon His Imagination for Facts and
Figures.
Washington, Oct. 17..-COnsider-
able comment is heard here upon the
speech of the president at ST. Louis
s In which be touched upon the recent
: bond issue and other financial achieve.
8 meuts of his administration. 1t is
very well understood in Washington
that the presidents trip was taken
4 mainly at the solicitation of Republic
can candidates for congress. His
speeches were prepared in advance for
political effect largely and certain
i Inaccuracies in them are believed TO
! be accidental. Among lOther things
the president said:
"For the first time.in the cOuntry's
history the government is floating a
8 per cent loan every dollar Of which
was sold at par. The bonds now are
at a premium of 5 cents 90 the dollar,
and this profit has gone ito the peO-
Pile. The loan was a popular one and
it has been source of much satistac-
tion that the people with their surplus
savings were a bic to buy the bonds"
The question is asked, why should
this administration take pride in the
sale of bonds at 81 which went i'm
medi%ely after the sale to Sl.O5?'
1t lay been one Of the stock iRepuoli-
can arrangements of the Cleveland
bond sale that the entire amount
went to a syndicate at par and was
unloaded upon the public at pre-
MUM.
As to the statement that this was
popular lOan," it is worthy of note
that his secretary Of the treasury,
Mr.. Gage, recently testified in court
at Washington than in the applica-
tiOn for these bonds received at the
treasury were so many forged and
fraudulent names that many entire
lots were rejected. The secretary
believed many Of the applications to
be "straw" subscriptions and made in
the interest Of spectators.
The comptroller Of the currency Is
authority for the statement that
already three-fourths Of these 'popu-
lar" bonds are owned by the leading
national banks, which secured them
apparently through numerous decOy
subscriptions for small amounts.
An inaccuracy in the presidents
speech which attracts more attention
is as follows:
"It is not without significance, too,
that the government has beea re-
Quired since 1896 TO borrow any money
for As current obligations until the
war with Spain, while its available
balance October l, 1898, was upwards
of 1897 100000, of which sum over
S243, 100000 was in gold. Nothing
more impressed the nations Of the
world than The appropriation of
large national defense fund, which the
treasury was able to pay from its
balance without reSoTting to loan y
When Mr.. Mckinley was inaugu-
lated March 4, 1897, there was a cash
balance in the treasury Of S2l3,OOO,
600. "A large part o: this amount wa!
received from the sale Of bonds by
the Cleveland administration to main
tain the gold reserve. 1t was from
this money that most OF the $50, 900,
600 was appropriated for the wa
fund. From the sale of the Uuisr
Pacific and the Kansas Pacific thi
administration received S62, 100000.
Up to the first of April there was
deficit of S4O,OOO,OOO, caused by tn,
Dingley tariff. That left but 1872, 600.
0OO net receipts of the treasury undo
Mckinley with which to meet tn
$50, 900 900 war appropriation in April
when the nrpSidant stated in ct