The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-10-14
DEM0CRACYS FIELD DAY.
A PARADE OF 10000 BUSINESS
MEN AT NEW YORK.

the Bond Buying and the Latter with
the Surplus and Bank Deposits
Each Makes a Hit.
NEW YORK, Oct. f3 - Everything
was favorable for the big demonstration
for Cleveland and Thurman Of the down
town business men 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 tie
managers. The meeting on the sub-treas-
ury steps was presided over by Joseph J.
O'Donoghue. When Secretary Fair
child arose he was welcomed with roar Of
applause. When the secretary had finished,
Speaker Carlisle was introduced. He was
also warmly greeted. The crowd of LISTEN
ers contained probably 5000 persons, inde-
pendent of the business mems procession.
The number of persons in line Is estimated
at 10000 A substantial platform on the
sub-treasury steps contained invited guests,
and 1t was gorgeously decorated with flags
and streamers A large portrait of Presi-
dent Cleveland and another of Allen q.
Thurman were suspended on two large pils
lars of the building facing tho people.
RESOLUTIONS OF ENDORSEMENT.
Before Secretary Fairchild was intro
duced resolutions were offered and adopted
by the meeting with cheers. They express
unqualified approval of President Clevs-
lands administration and his tariff MESA o.
They warn the people against the pretense
that President Cleveland has In
augurated campaign of FREQ
trade policy; favor reduction OF
the surplus judiciously; denounce as ma
licious and absurd the pretense that the
Mills bill is injurious to the workingmen OF
America; denounce the clause in the repub-
lican platform for free whisky and the
policy of the Republican party in the mat
ter OF commerce; indorse the policy OF the
present administration as based on sound
financial and economical principles, and
finish by a statement that the best interests
of the country require and demand the
election of President Cleveland.
SPEAKER CARLrsLE's SPEECH.
Speaker Carlisle's speech was punctuated
by frequent outbursts of applause on the
part Of { crowd. He terminated some
what unexpectedly, but he was neverthes
less cheered to the echo.
SECRETARY FAIRCHILD's SPEECH.
In opening his address, Secretary Fair
child said:
BUSINESS MEN OF New YoRn-when have
the honor Of thus addressing you feel that
am speaking 10 the whole country, for you rep-
resent and are in touch with the business and
business men OF every part of the upion-
Whatever Is well for the men OF Maine, of Cali
fornia, OF Minnesota, of Texas and of the Caro-
linas is well for you and what is bad for you Ia
bad for them. A dreadful scourge ffiicts Florida
and not only do your hearts bleed for the suffer-
lug OF her people, not only are your sym pathies
touched and you prompted to send generous
contributions TO their relief, but also your hard
matter Of fact money interests are seriously
affected. know that we are often told that
your welfare is not the welfare Of some parts OF
the country, but have never been able 70 find
a reason TO support this statement. Where is
the dividing liner Where does your interest
cease, and that other alleged interest beginf
GOOD FOR ALL.
Good, economical government, prosperous
business, safe currency and low taxation are
well for the whole country, and are well for
Of IL cannot suffer in any of these respects with
out instant commune ton Of the Ill to every
part, as surely as pressure at one point is felt in
all parts OF q body of water; therefore, when
you men of New York patriotically
you believe to be. good government,
the vast nation meets with you. and the average
OF its complicated interests is here to be
affected well or i'll by the success or failure Of
your efforts. BY force of untoward circum-
stances the office which happen to fill is one
of the most important factors in the country's
business IL IS not right that this
should be tho case and be-
Iieve that another term of democratic
administration with congress pledged to sup
port IL In wise measures would result in such re-
forms as substantially to eliminate the treas
ury department from your affairs, thus curing
an abnormal condition which has within its pos
sibilites great injury TO legitimate business and
great wrongs whenever the head of that Depart
inent may be unwise or unfaithRul. 1t Is not at
ali necessary that this condition should exist u
is the mission and duty OF the Democratic party
TO put an end TO It,
Secretary Fairchild devoted the remain
der of bis speech 10 a detailed history Of the
transactions Of the treasury departments
under the present administration In relation
to the redemption of per cents. the pur-
chase Of bonds before maturity, and the
deposit of public funds in depository banks,
taking occasion in this latter connection to
reply TO some of the recent structures OF Mr..
Blaine upon the financial policy Of the ad-
ministration.
THE SURPLUS.
Following are further extracts from SEQ
retary Fairchild's remarks:
On March 81, 1885, there was surplus in the
treasury of x22b09, 025 76. This surplns In
creased until on Jan. 81, 1885, it was SIS, ,669.-
662 "a The ownership Of silver dollars by tho
government also increased from Sf3. 2o5 to
1913, ,059, $50. Thus the surplus formed reser-
voir which caught and held that kind of money
which the people did not wish TO hold themselves
This temporary accumulation IN the treasury
then. the secretary believed, would keep these
silver dollars. which the people still held, as
valuable as they were when paid TO them by
the government. The result justified his belief,
Az this time commence mad Dcen Ihlrty Wcu to
stored, and bond calls began again and wero
made In such amounts as TO prevent any further
accumulation Of the surplus until August. 1888,
when l. then being Acting Secretary OF the
Treasury. deemed II prudent and wise 70 in
crease the amount Of each call. the result OK
which was reduction Of d surplus on Feb. p,
1857, TO $40 975 % or 5000 OOO less than the
administration found IL on coming into power
two years before.
CALLING IN THE 3s.
When ! began calling bonds there were $fa,
40050 of 81 subject TO call. The last OF these
bonds was called on July /, 1887, and at the end
OF that month we had surplus OF S45, ,633,594 Is.
10 which the revenues were daily adding, and
there we're no bonds which could be called or
bought except on such terms as the holders
thereof might demand. Money soon became in
sharp demand. The bank reserves were lows
tiinid capital was seeking safety; business men
became alarmed and were pressing in
their appeals TO the treasury department.
to save the country from hnaucial disaster.
therefore all tho remaining bonds needed for
the sinking fund during the fiscal year ended
June 80, 1888. were purchased between July 81
and oct. 1, 1887, at total premium of
81. s52015 IS, and thus the sni plus was kent
from increasing during those years.
ONLY ONE WAY OPEN
After the sinking fund requirements had been
met there was unuisputedly no lawful method
left TO avoid surplus accumulation. An in
crease OF the government deposits in the
national bank repositories was the ouly cer-
tainy lawful means lett TO save the country
from the evils which the rapid withdrawal az
the circulating medium IRON, tba cha..