The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-14
FAIRCHILD.
Speech of the Treasury Secretary.
He Explains the Financial Policy Of
the Government
And Explodes Mass of Republi-
can Campaign Lies.
He Mercilessly Dissects the ALTER
alive Benjamin Harrison.
He Tells All About the Surplus, Bank
Repositories ard Contradicts a
Republican SANDER on
Chairman Brice.

New York, Oct. 13.-Everything was
favorable for the big demonstration of
Cleveland and Thurman, downtown
business this afternoon, and the meeting
before the sub-treasury in Wall street and
the subsequent procession up town were
fully equal to the hopes of the managers.
The meeting was presided over by Joseph
j. O'Donohue. When Secretary Fairchild
arose he was welcomed with roar of APP
plause. When he had finished Mr.. Car
Isle was introduced. He was also warmly
greeted. The crowd of listeners contained
probably 1900 persons, independent of
the business men'sprocession. The num-
Der Of persons in line is estimated at
10000. A substantial platform on the
sub-treasury steps contained the invited
guests and it was gorgeously decorated
with flags and streamers. A large portrait
Of President Cleveland, another OF Allen
G. Thurman were suspended on the two
large pillars of the building facing the peo-
pie.
The following was
SECRETARY FAIRCnUD's ADDRESS:
Business Men OF New York-When
j have the honor Of thus address,
ing you, feel that am speaking to the
whole country, for you represent and are
In touch with the business and business
men Of every part OF the Union. Whatever
is well for the men OF Maine, Of California,
OF Minnesota, Of Texas, and of the Caroli-
L. To- 4I.s Z, L.I
You is bad for them. A dreadful scourge
allicls Florida, and not only do your hearts
bleed for the suilcrings OF the people, not
only are your sympathies touched, and
you prompted TO send generous contribu-
lions 10 their relief, but also your hard
matter OF fact money interests are seriously
affected. | know that W. are often told
that your welfare is not the welfare OF
some parts OF the country. but | have
never been able 20 find reason TO support
this statement. Where * tho dividing
liner Where does your interests
cease and that other alleged in
ss,rcst bcgnP Good, economical gov
eminent, prosperous business, safe
currency, aud low taS1tion, are well for
the whole country, are well for each and
every part OF the country. One part OF IL
cannot suffer in any Of these respects with
out instant communication oi the III To
every part, as surely a pressure at one
point il felt IN all paris OF body OF water.
therefore, when you men Oi New York
patriotitally assemble here to promote
what you believe 20 be good government,
vast nation meets with YOU. and the
average Of it, complicated interests is here,
20 be affected well or III by the success or
failure Of your efforts. BY the force Of
untoward circumstances the office which |
happen 10 hll is one Of the most important
factors In the county's business. II Is
not right THAT this should be tho case and
! believe that another term OF Democratic
administration, with a Congress pledged
30 support Il la wise measures, would re-
suit IN such reforms as substantially TO
eliminate the treasury department from
your affairs, thus securing an abnormal
condition which has within its posabili-
ties great injury 10 legitimate business aud
great wrongs, whenever the head Of that
department may be- unWisc or unlaithlul,
and il is not at all necessary thnt i1is con.
dillon should exist, IL Is the mission and
duty Of the Democratic party 10 put an
end 10 il.
rnE GOVERNMENTS FINANCES.
Discussing the condition " the govern.
some quarters fear has been expressed lest
trouble should be caused when the gov
eminent might suddenly Withdraw lbs de-
posts ! can imagine no state ui Affairs
under which Il would be necessary 10 DO
this suddenly. The amount thus dopus-
tied Is now about Sj1OuOOlD Look NJ the
last statement Of the liabilities aud see II a
!. Sccrc,ary Of the Treasury CyCruecd iOsud-
Irnly call Tor this money, or cnll Tor Il in
way to cause embarrassment 20 general
business. Iosiolice department account,
disbursing officers balances, trr1surcrs'
transfer checks, drafts outstanding, IN
tcrrst due and unpaid, mliurld debt ac-
crupd interest and like liabilities.
amounted Ia about ji.OOJODO This sum
always pmaius nearly constant, hence
about that amount must always Dee Kept on
dcrusil somewhere lomcct daily Liabilities.
aud then after money bad been set apart
for al II these liabilities and for every
other liability ofwhltcyCr name or nature,
against which the most forced construc-
ton oi law could require cash to
be proved, there remained the balance
81 sl.Hl,Sli.Si, aud IN addition 81 that
S2i, slj, b2Og2 1T subsidiary silver, or IN lll
balance ul sl2l 300 GGbUi. II must hc
remembered that thee deposits are not
like ordinary deposits, but that bonds are
given 20 the government o. securities
which. when o bank rcpays ils deposit, Il
can at once eel 10 the government on such
terms us will give ihU bank from Is TO 30
per cent. more lolnuh'1 money than the
government deposits gave IT, Can any in
tgi.gcnt man acquainted With aiilin fay,
after consideration ni Ill these facts, that
n secretary was mot grossly incompetent
who could not manage 10 withdraw the
whole or any amount 0l The money now
on deposit without causing the Least gun-
ofal business trouble Mind YOU. do not
defend the deposit Of large sums OF govern.
money Ia banks, 10 objnc'i1nably minglgs
private with public business 40 one can
dislpproyc II this more than ! debut Ia
cur wrong condition Of public revenue the
only choice j. choice Of evils. maintain
that the administration has chosen the
lesser evils / claim that on the whole
this pcrplcNing business has been well and
- prudontly managed. Men Of business,
what say y0u2 You know the results Of
this sysicin Of increasing deposits contin.
ucd until shortly after the meeting Of Con-
grrss In December last. aud then was ab
soluicly stopped. ! waited the pleasure
Of the Congress either 90 reduce the rcvc.
nues, VI clearly ~ authorize the purchase