Omaha daily bee., 1888-10-14
FAlRCHILD AND THE SURPLUS
He Explains the Administrations
Method of Conducting Affairs.
AN ADDRESS TO BUSINESS MEN.
Carlisle Follows in a Speech Embody-
ing His Ideas on Tariff Re.
rorm-Thc Campaign
in Indiana.
Fairchild and Carlisle.


orable for the demonstration of the Cleve-
land and Thurman down town business men
this afternoon, and the meeting before the
sub-treasury IN Wall street and the subse-
quent procession up town were fully up to
the hopes of the members. The meeting was
presided over by Joseph j. ODonohue
When Secretary Fairchild arose he was vel
coined with roar Of applause. After assert
ing that what was good for New York was
good for all parts of the union, and that what
was bad for New York was bad for all, Sec
retary F'airchld said:
BY force of untoward circumstances the
office which happen to fill is one of the
most important factors in the country's
business. 1t is not right that
this should be the case, and /
believe that another term of democratic ad-
ministration, with congress pledged to sup
port it in wise measures, would result in such
reform as substantially to eliminate the
treasury department from your affairs, thus
ending the abnormal condition which has
within its possibility great injury to legti-
mate business and great wrongs whenever
the head of that department be unwise or
unfathful.
Discussing the condition of the country's
finances, Mr. Fairchild said: In some quar-
ters fear has been expressed lest trouble
should be caused when the government
might suddenly withdraw its deposits. can
| imagine no state of affairs under which it
would be necessary to do this suddenly. Tue
amount thus deposited is about $51, ZOO, 900.
Look at the last statements of assets and
| liabilities, and see if the secretary of
the treasury ever need suddenly
call for this money or call for
| it in a way to cause embarrassment to
general business. The postoflce department
accounts the dlsbursng officers balances.
| the trcasurers transfer checks, the drafts
outstanding, interest due and unpaid, ma
| tured debt, accrued interest and like liabili-
| ties amount to about S54, ,0OO, 900. This sum
| always remains constant; hence about that
amount must always be kept on deposit to
| meet daily liabilities, and then after the
money has been set apart for all these liabili
| ties, and for every other liability of what
ever name or nature, against which the most
| forced construction of law could require
| cash to be provided, there remained bal
| ance of 1874, 444, s46, and in addition to that
| S24 ,S45, $40 of subsidiary silver, or in all,
| balance of S12l 800, ,666. 1t must be remem-
bered that these reports are like ordinary
| deposits, but that bonds are given to the gov
ernment as securities, which, when the bank
| repays its deposits it can at once sell to the
| government at such terms as will give the
bank from 25 to 30 per cent more loanable
| money than the government deposit gave it.
Can any intelligent man acquainted with
| affairs say, after consideration Of all
| grossly incompetent, who could not manage
| to withdraw the whole or any part of the
money now in deposit without causing the
| least general business trouble! Mind you, l
| do not defend deposit of large sums of gov
| ernment money in banks; it objectlonably
| mngles private with public business. No
| one can ,disapprove Of this more than / do.
| Bnt the only choice Is choice OF evils. l
maintain that the administration has chosen
| lesser evil. l claim that on the whole this
| perplexing business has been well and pru-
| IDENTIFY managed. Men of business, what say
| youi You know the results
N1,n nfoN, t1,n,,a 1nt,, ,,AI
| buying bonds, and said Up to the LIST of this
| October all the per cent bonds outstanding
| at the beginning Of this administration-s14,-
l9O, 5OO-have been retired, and in addition
| all there have been applied TO the retirement
| and purchase of bonds, with premiums, $780,
| 924,5lS, and the total interest bearing debt
| appearing in the September debt statement
| is under 81, 900, 600 This is the first time
in generation that it has not taken ten
| figures to express it. And this General Har-
| rison calls nursing the surplus"
When he had finished MIR. Carlisle was in
| troduced. He was also warmly greeted He
opened his speech by declaring that one of
| the most beneficial results OF the last presi-
| dental election was the establishment of har-
| monious relations between the people of all
parts of the country, especially the north and
! ard south. The north had never SO good q
| market in the south as now, and the south
| never had the use of so much northern capital
| as now. Four more years Of Clevelands
pOllcy WOulu make IL Impossible 1Or any
| political party to secure power by appealing
| to race prejudice. He considered this
| alone a sufficient reason for Clevelands
| reelection He charged the republican
| leaders with determined effort to revive
race prejudice in the south and with an ef-
| fort to alarm capital and discourage invest
ments in order to make it appear that the
country was not prosperous under the demo
cratic administration In this they were
partly successful but the country was pros
| porous. nevertheless, and in spite of the fact
| that it is embarrassed by the republican rev.
enue system, which has resulted in heavy
| overtaXation. The democratic party would
| not consent to reduce the revenue by in
creasing the taxes on necessaries, as pro-
posed by the senate tariff bill. This bill. he
said, claimed reduction Of about s36, 900, 900.
| OF this nearly $2S, 600, 900 reduction is claimed
on sugar, leaving only $4,000, 900 on all the
| other articles. This might reduce the reve-
nue., but would not reduce the cost of articles
consumed by the people. On the contrary,
| it would increase it. What is needed now is
judcous, substantial reduction revenue,
| not by an increase of taxation but by re-
duction of taxation upon the necessaries OF
| life and upon the materials used in our in
| dustries
| The crowd of listeners contained probably
| $1,000 persons, Independent of the business
mems procession. The number of persons
| in line is estimated at 10000. The substan-
| tial platform on the sub-treasury steps con-
tanned invited guests, and it was gorgeously
| decorated with flags and streamers. A large
| portrait of President Cleveland and another
| of Allen G.. Thurman were suspended on two
large pillars of the building, facing the peo-