The Van Buren press., 1900-02-10
Profitable EaY0ri;isin.
m the Ratpsyillc Gugrl.

|
During Mr.. Cleveland s first presi.
Dental term, when the revenues of the
government were large and the public
debt was being rapidly reduced, he per
mitted sum, never at a time exceeding
$59 900 900, to remain for u time in the
banks, where it had been regularly de
posted, as is usual. by the collectors Of
revenue. VIM. Mckinley was, at that
time, a member of Congress, and in Il
speech delivered there, on February Is,
1888, he severely arraigned the Presi-
dent for political favoritism, making
use of the following languages
THAT surplus money ought to be in
the treasury today 1t is now out among
the banks and held by them, and they
are getting the money without interest
charge the President of the United
States and his administration with being
responsible for this condition Of affairs,
and for whatever congested condition
we have in the treasury and whatever
alarm prevails abont the finances of the
country. Every dollar of this money
should be paid to redeem the govern
ment debt
How stand matters nowH The govern
ment debt Is larger than 1t was then, on
account Of subsequent bond issues. Do
we find the indignant Mckinley, him
self now President, paying out the
government revenues TO decrease the
government debtY Who would venture
to suppose, after reading the virtuous
protest quoted above, that any bank
could have possession Of n single dollar
of government fundsY But the con
fessed fact is that the National City Bank
Of New York, owned by the magnatrs
Of the Standard Oil company is favored,
not merely with share of $50, 900 900,
the sum permitted by Mr.. Cleveland to
remain for II time In number OF banks,
but with desposit Of the entire internal
revenue receipts of the government
The sum thus diverted from the Treasury
amounts to more than 5000 600, 600 n
year, and while the whole of this large
sum does not remain on permanent de-
posit there, more than double the sum,
for leaving which in possession OF the
banks Mr.. Mckinley denounced Mr.,
Cleveland, IL now on continual deposit
with the National City and other pet
banks, by direction of Mr., Mckinley ;
and that, too, with the public debt III
greater need Of reduction than 1t was
then.
Further, the National City Bank asked
and received this valuable mark of
favoritism on the specific ground, as
Hepburn frankly wrote to Gage, Of
service rendered Mckinley by its direct
ors In the presidential campaign.
AT u low rate Of interest, the govern
ment money thus permitted to remain
In the favored banks is worth " 900 900
year to them. They can very well
afford to contribute u million or two, or
M muchmore w may be necessary to the
Republican campaign fund every four
years.
The only defence for this Is that 1t
permits the government funds to be put
into circulation, for the benefit Of bust
ness instead of being locked up, idle
In the vaults Of the treasury. II would
more surely be put into circulation II II
were used TO pay oil the public debt,
even II the bonds were purchased before
their maturity The government would
then get the benefit of the interest which
the banks now enjoy. But how Is 1t
possible for President Mckinley to
justify his conduct by the very standard
he has himsel! set upS He Is convicted
ont of his own mouth of much more
grievous offence than that for which he
condemned Cleveland, And this Is no,
the first conviction Of the kind, either,
| by any means,