The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1900-02-01
MKiELEY VS. M'KIELEY.
re IL New Daipg That for whieh He
Once Denounced President
Cleveland.

The government Of th. United Staies
has ut the present time about Si20,-
100000 on deposit With the national
banks Of the country upon which h
receives nc interest. This money Is de-
posted IN the banks without any ~.
tercst charge, the banks furnishing
government bonds ~ security. The
banks collect interest upon their bonds
"a usual and loan The money 10 sp.cu-
lators nj rates varying from Ave 10
ten per cent. Interest.
/, j. amusing to note that a consid-
cradle number Of republican admins
tration organs are criticising the con.
duct OF Secretary Gage. In the mat.
ter Of depoFiilng public funds, entire.
Is ignorant Of the fact that their criti.
cism Of him il n condemnation Of Prrsi-
dent Mckinney. In 1858 President Me
kinney, then a member OF congress,
condemned In unmeasured terms the
policy Of loauiug the government
money without interest 10 pet banks
instead Of using The surplus 20 reduce
the public debt. II will be remembered
that when President Cleveland was
elected president in 1854 there was a
large surplus iH the treasury, aud that
none Of the outstanding bonds If the
government were due and payable, and
that acting under the provisions OF a
Law attached TO nm appropriation bill
In 1851 the secretary 81 the treasury
purchased a considerable portion ~ the
public debt az the market price a. o
means Of relieving the treasury Of ~
surplus. This process, however, result.
ed iu the government becoming "a bid.
der for lis own bonds against the mar
ket, thus enhancing the price. In view
OF this fact The secretary 81 the treas
ury asked congress for more explicit
authority to act In the premises, n,
consulting the Congressional Record Of
the Fiftirth congress, February 20.
1855, we dud the following in speech
made upon the Roor Of the house by
Congressman William Mckinley:
when We adjourned W. lett him fun 81
power TO pay u UhH Euyp,uD out. and
wish some friF nd Of the administration
would czp'ain why BE- did not do O. In II,
only straightforward. logical, hu'iness.
Ike way-lhat De-, by paying thu debts Of
ihr government and saving the Interest
charge. which rests no heavily on the PEG.
pie. Instead 81 doirg that. TIE admins
irauon prefer another way. Il prefers e
use tho banks as a means Of putting q IN
circulation
Mr.. Mckinley then proceeded to hold
this bank gift policy mp to public male.
diction:
Nearly 9ia.to0o0. a. ! understand. OF tn,
surplus money that ought to be In the
treasury to-day, the secretary having r..
fused 10 pay n ont 20 government credit
ory h now out among The banks, held los
them, they EiyinE To the government bond
as security foF the deposit and they ar,
getting lt without interest They have tht
surplus money IT the treasury 10 their OWL
hands and they collect the accfuinE IN.
tcrrst on the Eovf rumeut bonds, which thfy
have deposited as security. when, N thi
administration had used the tss 90 Geo and
bought corresponding amount Of bonds
with that sum. those bonds would hay,
been Cancelled. and the interest on that sum
would have been stopped And ! chArEt
here to-day that the nEysident Of N,
United States and hIa administration arr
y
condition We have IN the treasury, aro
whatever alarm prevails about thu nuancrs
Of the country Every dollar OF q wOult
have paid q dollar % the government dgbts
u the secretary had wisely exercised tho
discretion given him by Law What dori
a man do who has got = surplus balance In
the banks and has outstanding debts bear.
irg intorrNT lic calls In the evidences OF
those debts ana phys ihfm on with his
tH.asHsa d
man would have done ana that is what q
business administration would have done
and We would nave had l5l.Io0t0o less OF
iuttrest-hearinE bonds tn circulation 10.
day II the pr, sidsut had followed the way
blaEcd FOR him By the republican parry
When the republican national con.
yeution assembled In the year isss,
President Mckinley. Hs chairman Of the
committee on resolutions, prepared and
had inserted IN the platform OF thc
party resolution druourcing "the
democratic policy Of ioauiug She gov.
eminent money without interest to pet
banks"
II will be noticed that President Me.
Kinley charged the responsibility for
Secretary Fairchild's conGuct upon
President Cleveland. Therefore he will
not now undertake to shirk rrsponti.
bility for the action uf his clerk. SEC.
Rotary Gage.
Mr. Cle,eland's secretary Of the treas
ury deposited $50, oO0,OOO in the banks
without interest rather than bus bonds
at a rising and eNtoriioDate premium.
but Mr.. Mckinley secretary Of the
treasury has deposited $3.50. 100000 In
the banks without interest instead Of
buying bonds, ~ President Mckinley
insisted should have been done by Mr..
Cleveland instead Of dcpositing the
money Of the government In pc;
hanks"
b Thus Il will be seen that Mr.. McKIn.
lcy's criticism Of President Cleveland
cxasily fits his own case. National
Waterman.