The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1888-10-14
A WARM CAMPAIGN
Meeting Of Free Trade Busi-
ness Men.
FArRcHILD AND CARLISLE
Blaine Speaks at Evansville. Csiti-
cising the Mills Bfii-Gov. HiIl
Cleses His Indiana CznvAss-Gen.
Harrison Receives . yfsit From
werkingmen-Thu Letter.

NoFf ss-s wy tf-Dl~iNte% tuezf tk1sS after
noon and the meeting before the sub
treasury in Wall street, and the subse-
quent procession uptown was fully
equal to the hopes OF the managers.
Secretary of the Treasury Fairchiid
vsas the first speaker.
After asserting that what was good
in business way for New York was
good for all parts of the Union. and
what was bad for New York was bad
for all, Secretary Fairchild said: .sBy
force Of untoward circumstances. the
Office which happen 10 fill is one Of
Tie most important factors In the
eoantry's business. 1t Is not right
that shis should be the case, an. / be-
iieye another term of Democratic ad-
ministration, with congress pledged
10 support il in wise measures, would
result in such reforms as would sub
stantially eliminate the treasury de-
partmenf from your affairs, thus end
ing the abnormal condition which has
within its possibility great injury to
legitimate business and great wrongs
whenever the head OF that department.
may be unwise or unfaithful.e
Discussing the condition Of the gov
ernment's finances, Fairchild said !:
Z In some quarters fear has been ex-
pressed lest trouble should be caused
. when the government might suddenly
withdraw its deposit. / can imagine
no state OF affairs under which it
would be necessary to do this sud-
denly. The amount Of this deposit is
now about $57 900. coo. Look at the
last statement OF assets and liabilities
and see il the secretary of the treasury
Will ever need 10 suddenly call for this
money or call for il in q way to cause
embarras sment 70 general business.
The poStoftice department account,
the disburslng officers balances, the
tressurer's transfer checks and drafts
outstanding, interest due and unpaid,
the niatured debt. accrued interest
and like liabilities amounted to
atout $5i, CO., 800. This sum always
remains nearly constant, hence about
that amount must always be kept on
deposit 10 meet daily liabilities, and
then, after the money has been set
apart for all these liabilities aud for
every other liability OF whatever ma
ture against which the most forced
GBLtNtiu Va law So4tl sC4AA1C
cash to be provided, there remained a
balance of 500. .44i .sl5 and in addition
to that $24 ,si5. so OF subsidiary silver,
not defend the deposit OF large sums
of government money in banks. Ii
obiectionabiy mingies private with
public business. No one can disap-
prove of this more than / do, but in
the wrong condition of the public
revenue the only choice is choice OF
evils. l maintain that the admins
I tration has chosen the lesser evil.
\ claim that on the whole this perplex-
/ ing business has been prudentially
/ managed.
/ The secretary then explained his
[ method of buying bonds, and said /:
up to the first OF this October all oil
/ the per cent. bonds outstanding at
( the beginning of this administration,
/ $3.50, 40 500, had been retired, and in
addition Ssl 1920 of 4 and "A per
cent bonds, or in all there had been
/ applied to the retirement and pur-
1 chase bond, with premium of $50
92I sis, and the total interest-hearing
/ debt appearing in the September debt
/ statement is under the one thousand
/ million mark, the first time in gem
Grafton that it had not taken 10 figures
10 express it, and this Gen. Harrison
calls nursing the surplus. III all
the Republican secretaries had been
rs wise as gas Secretary Window, all
oar bonds would now be subject tO
/ call, and the whole national debt
could be extinguished in about eight
| years" The secretary further ex-
/ planned his theory Us tO the conditions,
supply and demand in buying boIi1s.
DEPOSITS IN NATIONAL BANKS.
/ He then quoted from his last report
10 congress in regard to the purchase
OF bonds, in which he said: Deposits
I in national bank deposiiaries, as
means OF keeping the circulating
| maGium available for business pur-
/ poses, is a resource at the best very
| limited under the present law, and
ought not be us 81 exCeptin except onal
| circumstances, such ~ have existed ol
/ late, and because there i no better
| thing to do" In reference Ia this he
said: since preparing the foregoing
| have seen in the newspaper, that
| Blaine has thought IT to try his we'll
knoNn skill in ueceiving the PabhC
upon this question OF depo its in ma
tonal banks. He says that with
n oney at 5 per cent. a deposit oi
/ 81 90. 600 would be grataity
10 the national banks holding the
money, of 100000 a year.
That is not true. The profits
to the banks could not exceed 500 .Vs
on 500 0Do 0o0 OF government deposit
| with money at 5 per cent He ~ays be
reads that Col. BrIoe has n mi!lion OF
| the surplus Ia his bank. Until within
a week | cid not know whether this
4 vas true or not. for until then | did
I not know whether or not Col. BFiee
/ had a bank or was interested ia bank.
4 never before heard oi him in eonHec-
l ton with a hank, but II was possible
/ this was true. tor any bank witch ap
Piled at tlse proper time and Offered
/ security, woald have got a deposit 81
that amount, 81, ,lOe,ooJ was the maxi
I num allowed any bank. II II
had hcen true II was well. fof
/ the money was a. safe as Is the
future and honor OF tie Demo rat e
party in Cob BFic : hand. After tns
( fosfponencut Of this NEE ing Ia
saturday / met Col. Briee tor tue iirsi
lime. and asked hiia abo : this state
meut of B.aine's. Col. bgice told ins
9 he owned ulGlffF4tf Ni sht ~teth 90 =
hank In Ohio. A,.i that he bank never
/ haa government dollar; that he al q
/ haa some stock in the CHa-e National
I bank ot New oFk oi which, il poi
ties are 10 he con idered. i y p opel
4, saw Cannon. the last Republican
comptroller Of The currency, ls Prrst
( dent. anl that 4 majority OF She elrec
ters are Republicans, J tlud thls pant
ati have a deposit ut 81 leo uea whtca
Ii has repaid 70 the government r.
Gently. not GnLing a pr0at - SatiAssi
wear, as Mr. 81 inc states. or psooatss y
any fra1t ia the business, ei Is W2aie
not have chosen t9 III con 1na~ a.
lie was followed by speaker tafils.e E
NR. CARLISLE spbEIss.
Mr. Carlisle declared one a tn
I most heneLelf re uiis ei the rs
presi 3elltisl eiectiea va tsc esfai'si- T.
meat q har1ilEiatls Fe Atsoas oss~sS
the people aad al Ps.ts Uf the caat
irS, esfeciaslx beta esn Lac NuTih sas
the Soath. The North neves faa =
e.s.ad = market Ia the Soath - nos
sud fAs - ~ Ia never tse tae 80
al 20 mH h Northern capital as nssE