The river press. [volume] (Fort Benton, Mont.) 1880-current, 1888-10-17
SQUARE TALK.
Secretary Fairchild Makes a Telling Speech
for Cleveland and Democracy.

Il
the Cleveland and Thurman down town ,
business men this afternoon and the
meeting before the subtreasury on Wall
street and the subsequent procession up
town was fully equal to the hopes of the
managers. The listeners numbered TO-,
900, exclusive Of the business mems pro-
cession The number of men in line was
over 10000. Secretary of the treasury
Fairchild was the first speaker. After as
serting 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 Fairchlld /
said: By the force of untoWard circum-
stances, the office which [ happen to till
is one of the most important factors IN
the country's business. It is not right
that this should be the case and believe
that another term of the democratic adj
ministration, with congress pledged to
support it in wise measures, would result
in such reforms as would effectually elm
mate the treasury department from your
affairs, thus ending an abnormal condl-
! tion which has within its possibilities
great injury to legitimate business, and
great wrongs, whenever the head OF that
department may be unWise or unfalthtul.
Discussing the condition of the govern
ment's finances, Fairchild said: In some
quarters fears have been expressed lest
trouble should be caused when the gov
ernment might suddenly withdraw its de-
posits from the national banks. | can
Imagine no state Of affairs under which it
would be necessary to do this suddenly.
The amount thus deposited is now about
S57, 100000. Look at the last statement
of assets and liabilities and see if the sec
retary of the treasury ever need suddenly
call for the money, or call for it in any
: way to cause embarrassment to general
business. The postoffice department ac-
count, disbursing officers balances, treas
: urer's transfer checks, drafts outstanding
interest due and unpaid, matured debt
accrued
INTEREST AND LIKE LIABILITIES
t amounted to about S54, 100000. This sun
7 always remains nearly constant. Hence
, about that amount must always be KEEP
on deposit to defray daily liabilities, an(
then after money has been set apart fo
: all these liabilities, and for every other Ii
ability of whatever name or nature
> against which the most forced construc
tion of the law could require cash to b.
. provided, there remained a'balance of $96
Az, ,845; and in addition to that $24,845
> $50 of subsidiary silver, or in all S121 ,290,
I GEO. Mind you, / do not defend the de
= posit of large sums by the government il
! banks. Tt objectionally mingles privat
, with public business. No one can disaI
y prove of this more than [ do; but IN you
y wrong condition of public revenue, tn
: only chance is choice Of evils [ mair
> tain this administration has chosen til
. lesser evils. I claim on the whole tha
y this perplexing business has been we
and prudently managed. The secretar
then explained his course in buying bond
and said: Up to the first of this Octobe
d all of the 3 per cent. bonds outstanding {
the beginning of this administrator
$199, ,190,500 had been retired, and in add
ton S81 ,2293, ,240 of and AZ per cen
bonds. or in all there has been applied
the purchase and retirement of bono
with premiums $780, OO24, ,518, and the tot
= interest bearing debt appearing in tx
September debt statement is under tt
> one thousand million mark, the first tin
in a generation that it has not taken te
= figures to express it; and this Cener
Harrison calls nursing the surplus"
all republican secretaries had been !;
= wise as Secretary Window, all our bono
!, would now be subject to call, and tx
I !, whole national debt could be extinguisl
} ed in about eight years The secretal
! then explained his theory as to the cond
! tions of supply and demand in buyir
:. bonds
= He then quoted from his last report
congress in regard to the purchase
= bonds, in which he said: The deposits
= national bank repositories, as a means
: keeping the circulating medium avai
n able
= FOR BUSINESS PURPOSE
- is a resource at best very limited und'
the present laws, and ought not to
e used except IN exceptional circumstance
such have existed of late, and becaul
there is no better thing to do. In refe
ence to this he said: Since preparing tt
foregoing have seen in the newspape
Of that Blaine has thought fit to try his we
" known skill in deceiving the public upc
1t this question of deposits in national bank
le He says with money at 5 per cent. d
20 posit Of s60OOO,000 would be gratuity
ii the national banks holding the money
70 100000 year. That is not true. IL
le profit to the banks could not exceed $40(