Speeches of Benjamin Harrison, Twenty-third President of the United StatesHarrison, Benjamin
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Speeches of Benjamin Harrison, Twenty-third President of the United States
Harrison, Benjamin
Harrison, Benjamin, 1833-1901; Speeches, addresses, etc., American; United States -- Politics and government
_My Wabash County Friends and my Little Friends from Parke_--I
am very glad to meet you here to-day. My friend who has spoken for
Wabash County has very truly said that the relations between me and
the Republicans of that county have always been exceedingly cordial.
I remember well when I first visited your county in 1860, almost a
boy in years, altogether a boy in political experience. I was then a
candidate for Reporter of the Decisions of the Supreme Court of this
State. You had in one of your own citizens, afterward a distinguished
soldier, a candidate for that office in the convention that nominated
me, but that did not interfere at all with the cordial welcome from
your people when, as the nominee of the party, I came into your
county. I think from that day to this my name has never been mentioned
in any convention for any office that I have not had almost the
unanimous support of the Republicans of Wabash County. [Applause.]
This is no new interest which you now manifest to-day. The expressions
of your confidence have been very numerous and have been continued
through nearly thirty years.
There is one word on one subject that I want to say. Our Democratic
friends tell us that there are about a hundred millions--their
arithmeticians do not agree on the exact figures--in the public
Treasury for which the Government has no need. They have found only
this method of using it, viz.: depositing it in the national banks of
the country, to be loaned out by them to our citizens at interest, the
Government getting no interest whatever from the banks. I suggested,
and it was not an original suggestion with me--Senator Sherman has
advocated the same policy with great ability in the Senate--that
this money had better be used in buying Government bonds, because
the Government would make some money in applying it that way, and
there was no other way in which they could get any interest on it
at all. But it is said if we use it in this manner we pay a premium
to the bondholders. But it is only the same premium that the bonds
are bringing in the market. In other words, as I said the other day,
capitalists who can use their money as they please--put it out on
mortgages, at interest, or in any other way--think the Government
bond at the current rate of premium is a good investment for them.
Now, the Government can buy those bonds at that premium and save a
great deal of interest. I will not undertake to give you figures. One
issue of these bonds matures in 1907, and bears four per cent. annual
interest. Now, suppose this surplus money were to remain all that
time in the banks without bringing any interest to the Government;
is there a man here so dull that he cannot see the great loss that
would result to the people? I have another objection to this policy:
the favoritism that is involved in it. We have heard--and from such
Public-domain text, read in full here on John Shaqi.
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