The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-10-14
THE BUSINESS MEN.
New YOrk's Merchants and
Financlers' Blow Our
FER CLEVELAND AND THURMAN
The MaEterly Speeches of Secretary
Fairchild ald Speaker Carlisle
The PROFESSIONS.
FER CLEVELAND ANDrHURMAl
The Business Mems anrrah

was ioFOi nolC 1OI b'c VIZ uSIuODStIdtlOD
of Cleveland and Thurman downtown
business men this afternoon, and the
meeting before the Suh-Treasury in
Wall Street and the subsequent process
sion up town was fully equal to the
hopes of the managers.
SECRETARY FAIRCHILD's SPEECH.
Secretary of the Treasury Faircnild
was the first speaker. After asserting
that what was good in a business way
for New York was good for all parts of
Union, and what was bad for New
York was bad for all, Secretary Fair
child said: by force of untoward
circumstances the Office which |
happen to fill is one of the most
important factors in the coun-
try's business. 1t is not right
that this should be the case and be-
lieve another term of Democratic ad-
ministration with Congress pledged to
support it in wise measures would re-
suit IN such reforms as substantially to
eliminate the Treasury Department
from your affairs, thus ending the alb
normal condition which has within its
possibility great injury to legitimate
business and great wrongs wherever the
head OF that department may be unwise
or unfaithful." E
Discussing the condition of the gov
ernment's finances, Fairchild said: In
some quarters fear has been expressed
lest trouble should be caused when gov
eminent mig ht suddenly withdraw its
depo hts. | can imagine no state of
affairs under which il would be neces-
sary to do this suddenly. The amount
thus deposited is now about $57 600 600.
Look al the last statement of assets and
liabilities and see if the Secretary of the
Treasury ever need suddenly C Ill for this
money, or call for it in a way to cause
embarrassment to general business.
The postofice departments account of
disbursing officer balances, treasurer's
transfer checks, drafts outstanding,
interest due and unpaid, matured
debt, accrued interest and like liabili-
ties, amounted to about $54 ZOO, 600.
This sum always remains nearly con-
slant, hence, about that amount must |
always be kept on deposit to daily |
liabilities and then after the money has
been set apart for all these liabilities
and for every other liability of what
ever name or nature against which
most forced construction of the law
could require cash to be provided,
there remained a balance OF sec 444 $40,
and in addition to that $24,S45, S20
Of subsidiary silver or in all,
S121, 290 $3.50, mind you, do not defend
The deposit of large sums of government
money in the banks, it EXCEPTIONALLY
ningles private with public business.
No one can disapprove of this more than
do, but your wrong condition of pub ,
ic revenue the only choice, is the choice
ra ton has chosen the lesser evils, I
,laim on the whole that this perplex-
ng business has been well and pru-
lently managed.
The Secretary then explained his
course in buying bonds, and said up E
o the first of this October, all of the 8 I
,er cent. bonds are outstanding at the c
of this administration, $780,
80, 1000 have been retired, and in addi- I
ion $S1, 293, 240 of 4 and ~ per cent. s
,onds or in all there have been applied /
o the retirement and purchase i
# bonds with premiums $500, i
"a, 518 and the total interest
fearing debt appearing in the Septem- b
'er debt statement is under one thou s
and million marks, the first time in a Fl
generation that it has not taken ten t.
gures to express it. And this General t.
Harrison calls nursing the surplus il
f all the Republican secretaries had a
cen as wise as was Secretary Window, q
II our bonds would now be subject to &
all, and the whole national debt could L
g extinguished in about eight years." Il
The Secretary further explained his G.
heory as to the conditions of supply il
nd demand, buying bonds. II
He then quoted from his last report s.
} Congress in regard to the purchase t.
I bonds in which he said: deposits in n
re National bank depositariesssas a IL
leans of keeping the circulating p
ledium available for business puro
oses is resource at best very limited ii
nder the present laws, and ought not S:
} be used except in exceptional cir 81
INSTANCES such as have exist I'd OF late OIL
nd because there is no better thing to "
D." In reference to this, he further II
i'd: "Since preparing the foregoing, OF
laine has thought fit to try his we'll bl
1own skill in deceiving the public on CT
lis question of deposits in the til
stional banks. He saws money v
per cent. deposit of $50 OOO, 900 ST.
atuity to the National banks hold BY
e money OF $1,000 600. That is re
IT true. The profit to the bank could sa
1t exceed $500, 900 of $50, 600 600 govern. in
ent deposits with money at 5 per
Mt. He says he reads Colonel Brice pc
IS a million of surplus in his bank. siC
ntil within week, did not know at
neither this was true or not, for -.
It'll then 1 did not know Colonel III
ice had a bank. l never before
ard of his connection with bank, ho
It it was possible this was W
lie. For any bank which ap ye
led at the proper time and tn
Tered security, would receive deposit pc
that amount; S1,100,0O0 was the sh
aximnm allowed any one bank. If it Ei
d been true it was well. for the money to
IS safe, as is the future and honor of wi
q Democratic party in Col. Brices so
nds. Sc,
After the postponement of this meet
, last Saturday met Col. Brice for w
e first time and asked him about this mi
Itement of Blaine's. Col. Brice told
. be owned majority of the stock in
3 Ohio Bank, but that the bank had
yer owed the government dollar; TIL
It he also had some stock in
, Chase National Bank of New York,
which, if politics are to be con-