The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1908-10-02


nearly $500, 600. The tariff was
raised to nearly fifty per cent, but
wages either stood still or declined,
while the prices of necessaries advanc-
ed. The protected manufacturers kept
all the bonus as usual.
"Tramps and trusts, the twin pro-
ducts of monopoists tariff, were
practically unknown in this country
until we had endured uninterrupted
republican rule for a dozen years.
''The worst labor troubles, the blood.
lest riots, the most destructive strikes,
the most brutal lockout ever known in
any country have occurred here under
the high tariffs, bought, made and paid
for by the contributors of the republ
can campaign funds'.
1t is fact that during the closing
hours of the Harrison administration
1893, the republican secretary of the
treasury caused to lie prepared the
plates for bond issuer This issue was
by the hardest kind of effort postponed
and it was finally made by the Cleve.
land administration. Sometimes re-
publican politicians deny that the Har-
rson administration contemplated a
bond issue, but they do this only wheo
thelr is no one present prepare d 70 show
the truth. The records at Washington
show that Secretary of the Treasury,
Charles Foster issued an order Feb
ruary 90 1893, directing the chief Of
United States bureau of engraving and
printing to prepare plates for these
bonds. The story is told very briefly
10 ""hirty Years of American FL
nance" a volume written by Alexander
Dana Noyes, financial editor of the New
York Evening Post. This volume may
be found in almost any public library.
On page lS3 the following appears:
BY the close of January, 1898, the
treasurys gold reserve had fallen to
figure barely eight millions over the
legal minimum. With February's
early Withdrawals even larger, Secre-
tary Foster so far lost hope of warding
off the crisis that he gave orders to
prepare the engraved plates for bond
issue under the resumption act. AS a
last resort; however, he bethOught
himself of Secretary Manning's gold
borrowing operation of 1880. Ia Feb
ruary Mr.. Foster came in person to
New York to urge the banks to give up
gold voluntarily in exchange for the
treasury's legal tender surplus. (See
New York Financial Chronicle, Feb.
ruary and February Is, 1898. From
strict commercial point of view
there was good reason why the
banks should not make any such ex-
change. But the plea that a panic
must at all hazards be averted, com
bined with the argument of patriotic
support of the government, at length
prevailed. The New York banks
turned over TO the treasury, in eX-
change for notes, six to eight million
dollars in gold. (See New York Tri-
bune, February 9, 10 and II, 1893; New
York Financial Chronic February
II, 1893.
When any one denies that plates for
bonds were ordered under the Harri
son administration, show him this
letter written by Lyman j. Gage, when
he was secretary Of treasury, to Rep
resentative Gaines of Tennessee:
Treasury Depart ment, Office Of The
Secretary. Washington, d. c., March
p, 1897. have the honor to
acknowledge the receipt of your letter
Of this date, requesting the orgina
letter, or certified copy thereof,
written by Secretary Foster, February
20. 1898. addressed to the chief OF the
bureau of engraving and printing, au
thorzing the preparation Of certain
plates. In compliance with said re-
quest submit below correct copy of
the letter in question, also copy of
the text of the proposed bond.
Treasury Department, Office OF the
Secretary, Washington ID. G., Feb
ruary 20, 1893. Sir: You are hereby
authorized and directed to prepare de-
signs for the three per cent bonds pro-
vided in a senate amendment to the
sundry civil bill now pending. rhe
denominations which should first re-
ceive attention are zoos. 1,O00s, of tie
coupon bonds, and zoos, l,000s and TO-,
COOS of the registered bonds. This
authority is given in advance of the
enactment, in view of pressing cOntin-
gencies and you are directed to hasten
the preparation of the designs and
plates in every possible manner |
inclose Il memorandum for your guild
ance in preparing the script, for the
body of the bond.
r,,11