Los Angeles daily herald., 1888-10-16

ton upon Mr.. Fairchild. for he has no
answered why, if the banks could make
from two to two and a-half per cent
upon the purchase of United States
fours, the Treasury Department could
not make as much (cheers), when by
doing what the banks do he could have
wiped out sixty millions of the public
debt. [Cheers.] 1 press this question
because it is pertinent question.
HARRISON TAFFIED.
General Harrison made well-ground-
ed accusation and used happy phrase
when he accused the National admins
tration of nursing the surplus" If Mr..
Fairchild had invested $50, 900 in United
States bonds it would not have appeared
in the surplus, but as he loaned it to his
pet banks it still appears as part of the
rightful surplus, 10 get rid of which the
people must destroy the protective
tariff, There is a very suggestive
point bearing on that to which /
beg Mr.. Fairchild's attention. Between
March, 1885, and June 80, 1886, year
and four months from President Cleve-
lands Inauguration, the surplus in the
treasury increased $95 5,000, 600, and the
public debt was only reduced $50,000,
600. Of this $50, 100000, $44, 800, 900 was
compulsory purchase for the sinking
fund. The further fact is revealed that
there was at that very date $50 ,000, 900 of
three per cent bonds that could have
been called in at par, and they were left
in the hands of private holders, drawing
interest, in order that the bugbear of the
surplus might be raised, and, as General
Harrison says, carefully nursed."
''No SURPLUS AT ALL"
Mr.. Blaine said that when the Demo
cratic party came into power four years
ago it had found no surplus at all, though
during the campaign of 1884 the Demo-
cratic speakers had placed the alleged
surplus at $400, 100000. Thepolicy OF
President Cleveland's administration
was to accumulate surplus which could
have been avoided by paying off the
bonds as they became due.
Mr.. Blaine then said: l believe, Mr.
that there never was an ad
of the Treasury Depart
ment that showed so little practical
of the condition of the
country; one that has been so filled and
permeated with that offensive conceit
which always marks theoretical free
trade. [Great.applause.] l said before,
and repeat now, that if Republi-
can Secretary of the Treasury had loaned
sixty million to pet banks all over the
country, without interest, the Democratic
party, if they controlled the House OF
Representatives, would have moved to
impeach him, and believe it. Cries of
that's sol. do not say that the Repub-
licans would SO treat Secretary Fairchild
had they control of the House, because
the Republicans are not fond OF violent
but are accustomed to proceed
ing with caution and moderation
in public affairs. They don't wish
to impeach him before Congress, but
they impeach him before the high court
Of the people for having done that which
was plainly against the public interest,
and for having failed to respond to the
precedent sat by the former Secretary of
The Treasury in faithfully and constantly
applying the surplus to the reduction OF
the public debt. [Cheers.]
Mr.. Blaine concluded with some refer
ence to the tariff and It's relations to in
dustrial interests in the vicinity of New
Albany. In the evening there was
torchlight parade, and General Hovey
and Corporal Tanner addressed a.large
audience at Mascot Hall.
Mr.. Blaine and his party leave for
Lafayette at O'Clock tomorrow morn
ng. He speaks at the Tippecanoe battle
ground Wednesday afternoon.