St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-10-04
NO. 278.

which he finds such great danger to the re-
public. He has sought or his secretary OF
the treasury has sought, to ameliorate the
danger by giving more than sixty millions OF
il as loan, without interest, to some national
banks scattered over this country. This,
bear in mind-your money and mine. the
money of every citizen of the United States
10 the amount of more than S60,0J0, OOO-iS
loaned. without penny of interest, to GER
tain national banks of this country; and, as
contend, although have not time at present
to go into that without shadow of substan-
rial right under the law. That sixty mill
ions is secured TO the government by
the men who borrow it depositing bonds Of
OF the United States. They are allowed TO
collect the interest on the coupons of those
ponds and to pay this money without paying
penny of interest on it. Allowing it to be
worth per cent land | do not think you
can, get much Of it for less from those
bankers) there is 100000, gratuity
given away by the secretary of the treasury.
Did you, my friend, get any of it? Did any
OF you? Suppose that you had $4,000 Of
government bonds and that you wrote to
the secretary of the treasury that you would
like to have him loan you $4,000 without
Interest, to have him take your bonds and
keep them for you, and to send the coupons
back when due. do not know of any more
profitable business in this world for a man
than that of having the government loan
MN money on which he pays no interest,
while he collects all the interest he can get
his pocket. Why
ANY FELL ow CAN GET RICH
IN that way. General merriment.] I read
this morning that the chairman of the DEM
oeratic National committee, Mr.. Calvin
Brlce, very bright, sharp and quick man,
has million of that money in his bank.
Well, that is worth $4,000 year. Why, if
anything would tempt a man to be chairman
OF the Democratic National committee, I
think that $50, 900 year would be no small
TEN DtltlOn. IInUphtpr N hen there
danger last year and the year before of a
strligency in the money market and too
little circulation, there was a movement
made in congress to allow the existing ma
uonal banks to circulate. Oh the bonds they
deposited, up TO par, instead of their being
confined to 80, as they now are, by law. On
every $40, 900 of government bonds, as you
all know. the bank circulates only $4,000 OF
DIS. But the Democrats pounded ii down and
defeatud it, and yet, in this distribution Of
the sixty odd millions of dollars, Secretary
Fairchild and President Cleveland Doth
answerabe alike - President cleveland
national banks ninety. That is, if you
would bring $4,000 of government bonds
to the treasury the bank would get S11 900
in money. Now, have known something
about the government of the United States,
have had some little to do with il: and say
that, if at any time within the last twenty
years, that which has now been done, had
been done by Republican secretary OF the
treasury. the Democrats of the house would
have tried to impeach him for it. l repeat it.
do not say that would
VOTE TO IMPEACH Mr.. FAIRCHILD.
that is another question:; but say that il
any secretary. since Salmon p. Chase was
first appointed by Lincoln, had done that
with sixty odd millions of the public money,
the Democratic house Off the Democrats had
a majority there at the time) would have
moved his impeachment. If that money had
been used to reduce the public debt by buy
tI,aks d. 8 81 4
and every citizen of the United States now
living or yet to live, would have had the adj
vantage of it. 1 have found, by rough calcu-
lation, that if the claims of those 206 pen
sioners had not been stopped by President
Cleveland's yetoes; if that iDestimable con-
cession to those poor, sick, and sometimes
starving families of soldiers who barred their
breasts for your country and mine had been
given; and if each CT those pensions
had run twenty-five years, the
out that period would not have amounted to
one-sixth part of the money which the
favorites of the treasury are making in the
interest on the money that is loaned QUITO
them by the treasury. [Applduse.l do not
wish to characterize this act any further; its
description is its characterization. IFwish to
do no more than state the facts, and l cbaI-
lenge any man to deny their correctness to
the letter. The president of the United
States has now to answer before. the people.
and the people of Michigan and the people
of Maine, who are going to pull together in
this great national contest, have to decide
whether the surplue money of the United
States had not better go for the relief of the
poor, the loyal the suffering and the starving
among the Union soldiers than TO The rich
Democratic bankers in Wall street, who feed
and fatten upon your money and mine"
lApplause.]
Speeches were also made by Gen.
Adam E. King. of Maryland, and W. c.
DOane. of Pennsylvania.