New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-03
JOHN SHERMAN ON THE BANK LOANS.

MEASUREMENTS OF SECRETARY FAIRCHILD AND
THE DEMOCRATIC PRESS CoNTRADICTED.
Peru, Ind, Now John Sherman made his second
speech Of this campaign In Indiana at this place this
afternoon steady rain, beginning in the early
morning, made the prospect Of good meeting rather
dismal, but the people through the rain and mud
until the crowd numbered in the neighborhoOd Of
10000. The meeting held in the rink, which was
soon packed to suGocation. Senator Sherman, in the
course of his speech alluded to the loans made by the
Administration National banks On this point he
said
They took 500 900 900 OF your money OF the Treas
OF the United States and scattered It around among
various banks without interest and with the promise
1t should be drawn against What did they
gvel They said the Republicans did It, too That John
Sherman did it, and they made kind Of devil with
horns (iaughter) never did that thing at all, never
did any Republican Secretary OF Treasury
It, (Appause.) What did this: When the Ma
tonal banks organized said would make them
public repositories commercial agents for people,
collect the internal tax and aid the Govern
ment In the sale Of bonds Whenever any citizen OF
Indiana wanted pay whiskey beer any
other imposed under the internal revenue law,
when any desired purchase bonds might 60
to any National bank and ges a certificate
Of deposit and send 1t to the Treas
ury Department. and the Government would
take that as money and leave the money in the
hands OF the bank that restricted by
the Individual until It wanted in the public
For years there In this way from 81 900 900 t.
SIS 900 deposited by the Secretary Of the Treas
ury but by private citizens matter Of convenience
This deposit exceeded Sl5 o0000 They say,
that John Sherman had time Sl61 600 900 in the
Nationa. banks. Let about that. When were
rcfunclng public debt, when 1 called upon
Secretary to sell 5000 600 600 OF per bonds with
which pay for 5000 900 OF per cent bonds then
made these banks depositots ana said that II any
citizen wanted buy any Of our per cents he might
depc siS the money with the banks. Then left that
monty In the bank for ninety days. And Why's Be-
cause, under law could apply that money
the pay mcnt Of the per bonds until given
ninety days notice the holders and prevent
withdrawal the money from circulation left
the lanks In that time sold s6C0 600
OF four per bonds and paid 5000 600 Of six
per cent bonds thus saving you sl2 100000 OF interest
per aunum. While this going on, this money
left with the banks, that it would not be Withdrawn
from circulation but the very the ninety days
were out that money Withdrawn from those banks
to pay for tho per bonds and the transaction
was ended
have shown you that this precnce Of the Democracy
was absolutely unfoundcd while, the other hand
matters were conducted with such marvellous success
Republican Administrations TO excite the wonder and
surprise OF Gladstone and bismarck and the promise OF
the United States to pay slc00 Is worth more In the
market than the promise OF the Emperor OF Germany
the Car OF Russia Of the Government Of Great Brit
ain itself (Appausc.)