The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-10-16

the surplus. II Mr. Fairchild had invested &c.,
OOO,00O IN United States bonds il would not
have appeared in the surplus, hut IL be loaned
1t to the pet banks 1t still appears part of the
frlghtful surplus, to get rid Of which the peo-
pie must destroy the protective tariff There 10
q very suggestive point bearing on that, to
which beg Mr. FairchildIs attention. Between
March 4, 1885, and june 30. 1856. year and
four mouths from President Clevelsnds inau-
guration, the surplus in the treasury increased
S95, 600, 600, and the public debt only re-
duced 50,000,0O0. OF this $4,000, 600 s44, 5OO,-
600 was a compulsory purchase for the sink
ing fund The further fact is revealed
that there was at that very date
$50 600 900 Of per cent bonds that could have
been called in at par, and that they were left in
the hands Of the private holders, drawing inter-
est. in order that the bucoear of the surplus
might be raised, and. as General Harrison says,
carefully nursed.' Cheers.
You will all recall that during the campaign
OF 1884, almost every Democratic Journal de-
clsred the Republicans had s400 600 GOO OF idle
money 10 the treasury. and one OF the obssOts
In turning the Republicans out was to set tree
that $4O0 o00 900. never heard one Of them
put the sum less. But when they got into power
they found no surplus at all; because the Reoue-
licans bad constantly applied whatever surplus
bonds and the reduction of the public
debt i think during the last two
years OF President Artnurs administration
nearly $500, ,000, 600 OF the debt were paid off.
Dut tuo poucy Ot EceiueDt NleFeltDQe bumlDlS-
tration was to accumulate a surplus, aud they
proceeded to have one, even when bonds were
call at par and millions were lying idle In the
Treasury. [Cries OF That's SO. ] And, at last,
when pressed to purchase. the Secretary of the
Treasury iotimated lack OF authority because
the law for purchasing bonds at aSpremium was
contained 10 a clause attached to appropria-
ton bill And, believe, the President aided
the Secretary Of the Treasury 10 discredtine
tho force and validity of this enactment, a.
a n N m q
just IS strong q piece OF law as II 1t were sep
arate statute. i suppose that the Pres
ident and Secretary forgot, when tfey
were questioning the strength OF this form OF
legislation, that the Presidents salary of $50 900
was en- oraced in q clause attached to ON appro-
priation bill daughter and cheers / do not
believe that the President has had any ecruples
about drawing salary which certainly belonged
to him, but the right to which rests precisely
upon the same foundation as the authority to
purchase bonds at a premium. IL the plea OK
lack OF authority were made seriously by the
Treasury Department IL must be termed sheer
ignorance. IL it were not made seriously IL de-
serves q sharper Characterization than courtesy
will permit me to apply. Cheers Aud now,
with surplus srtifcisly, and stndiousy and
persistently piled up. the Democratic sdminis-
tration asks that its future growth be averted
by destroying the protecting tariff, and a rev.
enue or free-trade tariff established in it's stead.
Does rot Secretary Fairchid know that re-
iuction of the rate OF duties will largely increase
the Importation and largely increase tho sur
plus2 If he does not know il, let him recur to
the cause that brought on the financial crisis or
of 1897 and the financial crisis of 1857; and If he
is not satisfied with these practical Illustrations
in his own country. let him go back l15 years TO
the reign of Queen Anne IN England. when
Dean Swift informed the Ministry that he might
double the duty and have the revenue, or halve
the duty and double the revenue. lCneers
Mr.. Fairchild proposes, hy way OF getting rid Of
. surplus, TO halve the duty and double the
revenue. Laughter and cheers
'.I believe. Mr.. chairman. that there never
was an administration of the Treasury Depart
ment that showed SO little practical comprehen-
sion Of the condition of the country; one that
has been so filed and perneated with that Of
fensive concet which always marks the theoret-
ical free-trader [Great cheering. / said be-
FORE and repeat now, that IL Republicsn SEQ
retary Of the Treasury had loaned soc. 100000 TO
pet banks ali over the country, without interest,
the Democratic party. If they controlled the
House or Representatives, would have moved to
impeach hipl: and believe it ICries OF That's
so1 do rot say the Republicans would so
treat Secretary Fairchild had they control OF
the House, because the Republicans are not
fond of violent methods but are accustomed to
procesd with caution and moderation in
public affairs They do rot wish to
impeach him before the Senate, but they I'm
peach him before the high court of the people
for bsvine done that which was plainly against
the public interest, and for having failed 70
respond to the precedents set by former Secre-
taries OF the Treasury In faithfully and con-
stantly applying the surplus to the reduction or
the public debt" lCheers.
Mr.. Blaine concluded with some references 70
the tariff aud it's relation industrIal interests
In the vicinity Of New Albany. In the evening
there was q torch-iight parade, and General
Hovey aud Corporal Tanner addressed large
audience at Mascot Hall. Mr.. Blaine and his
party will leave for Lafayette at 8 o'clock to-
morrow morning. over the Monon route, and be
will SPEAK at Tippecanoe atte-ground on
Wednesday afternoon.