The Montgomery advertiser., 1904-06-27
IS TT TO BE A CAMPAIGN OF MIS-
 RErRESENTATIn

VIII" euS HiVsh HdBIdut PeTNSfciOh VI iS- cent history. which is without justifi- cation or excuse. Here is a sample:
 The public credit, which had been so lowered that in time of peace a Dem ocratic Administration made large loans at extravagant rates of interest In or- der to pay current expenditures rose highest point and enabled us to borrow at ? per cent. even in time of war.
 It is only necessary to go back to the beginning of Mir. Tfarrison's term to show the falsitics of this plank. An official circular issued by Mir, Gage, Sec retary of the Treasury under MT Mo- Kinley. dated July 1, 1897. shows that on March 1, 1889. the beginning of President Harrisons administration, the available funds in the Treasury, exclusive of the sloo.0oo,o0o gold re- serve, were s2So, ,s4s.sls; that on March 1. 1893. the beginning of President Cleveland's second administration, they were s52,45o.575 and that on March 1, 1897, the beginning of MT. McKinley's first administration, they were $751; 21s.es2.
 In addition to the ordinary revenues received during President Harrison's administration, there was covered into the Treasury by direction of the act of Congress of July IA, 1890, $54.207975. which had been held in trust under the law as a fund for the redemption of national bank notes.
 During the four years of Mir. Cieve- lands first administration the sum of s341.44s.44s was paid on the public debt. yet it appears, as above stated. that at its close there was left in the Treasury a balance of $Ss0,34s,91e, in- cluding the gold reserve. This vast sum had been accumulated by taxation of tho people to be faithfully applied to the extinguishment of the public debt and to the payment of the necessary expenses of the Government without waste or extravagance. But 1t appears that at the close of President Harri- sons administration this last balance had dwindled down to sle2,45o,575, in- cluding the gold reserve, notwithstand- ing the payments upon the public debt during his term amounted to $105.0O0,- 900 less than the payments made dur ing MT. Clevelands first administration; !; and notwithstanding the trust fund be- longing to the national banks, amount ing to more than $54,0o0,06U had been turned into the Treasury as a part of the general assets. It is known that there came with President Harrison a Republican Congress. and that for the first two years of his administration the Republican Party had absolute con- trol in both houses of Congress-; there fore. for that period the party was wholly responsible for the government of the country. That Congress will be distinguished in history for three things: First, the enactment of the law of July IA. 1890. known as the sherman silver law" which provided for an increase in the Governments monthly purchase of silver bullion to 4.500, ,000 ounces. and the issue of legal tender Treasury notes to pay for it; secondly, the passage of the so-called Mckinley tariff act. which largely in- creased taxation upon the people and at the same time diminished the rev enues of the Government; and, thirdly the inauguration of the most wasteful and extravagant system of public ex- penditures that had ever existed in this country in time of peace, the evil ef- fects of which have been felt ever since and will continue to be felt for years to come.
 The fact that the Government S finances had been brought to a most deplorable plight by Republican legis- lation and administration during Pres ident Harrison's term of office, was openly admitted by the leaders of the Republican Party in both houses of Congress, and an effort was made by Hon. John sherman, to tack upon the sundry civil bill an amendment author iZing the issue of Government bonds bearing per cent. interest, in order to enable the Secretary of the Treas ury to buy gold to fully carry into ex- ecution the resumption act. Senator sherman offered the amendment Febru- ary IT. 1893. and so urgent was the sit uation considered by Mir. Foster, the Secretary of the Treasury, that on February 20, 1893, he authorized and di- rected the Chief of the Bureau of En- graving and Printing to prepare plates for the bonds and enclosed in his letter "a memorandum for guidance in pre- pairing the script for the body of the bond" These bonds were to bear date April l. 1893, and were to be issued | under authority of the proposed Sher- man amendment, which it was then confidently expected would be agreed l to and become a part of the sundry civil act. Secretary Foster said in his letter to the Chief of the Bureau that this authority was given in advance in view of the pressing contingencies, D and he directed the Chief ito hasten in every possible manner" The sherman amendment however. failed and that was the last of the order.
 Nevertheless, the situation remained and was transmitted to MT. Cleveland and his administration. Such was the black prospect of the new administra- tion.' Secretary Carlisle made efforts to meet the emergency without an issue of bonds and was in a measure sue cessfui. but only temporarily. A spe- cial session of the Congress was called and the purchasing clause of the Sher-