, 1888-10-14

the country was prosperous nevertheless,
and IN spite of the fact of being embar-
raised by the Republican revenue system,
which resulted in heavy wei taxation.
he Democratic party would not consent
to reduce the revenue by increasing taxes
on necessaries, as proposed by the senate
tariff bill. This bill, he said, claimed a
reduction of about thirty-six millions. On
this nearly twenty-eight millions of reduc-
ton Is claimed on sugar, leaving only
eight millions on all other articles, of
which nearly the whole amount is
claimed to result not from reduction but
from increase of duties. This increase,
though being prohibitory. might reduce
the revenue, but would not reduce the
cost of articles consumed by the people.
On the contrary, it would increase it.
What is needed now is a judicious and
substantial reduction of revenue, not BY
increase of taxation, but by a reduction of
taxation on the necessaries of life, and
upon materials used in our industries.
Secretary Fairchild then quoted from
his last report to congress in regard to the
purchase of bonds, in which he said:
Deposits in the national bank deposi-
tories as a means of keeping the %circulat-
ing media available for business purposes
Is a resource at the best very limited under
the present laws and ought not to be used
except in exceptional circumstances such
as have existed of late and because there
IS no better thing to do. In reference to
this he said: Since preparing the forego-
ing [ have seen in the newspapers that
Blaine has thought fit to try his well
known skill in deceiving the public upon
this question of deposits in the national
banks.
Mr.. Blaine says with the money at 5
per cent a deposit of $50. 600, 900 will be a
gratuity to the national banks holding tie
money of 1855 a year. That is not true.
The profit to the banks could not exceed
$400. 600 on 500, 900, 900 of the govern
ment's deposits with the money at 5 per
per cent. He says he reads that Col.
Brice has a million of surplus in his bank.
Until a week | did not know whether this
was true or not, for until then l did not
know whether or O Col. Brice had a
bank or was interested in a bank. | had
never before heard of him in connection
with a bank, but it was possible this was
true, for any bank which applied at a
proper time and offered security would
have got a deposit of that amount. One
million one hundred thousand dollars was
the maximum allowed any one bank, and
if it had been true it was well, for the
money was az safe as the future aud
honor of the Democratic party in Col.
Brice's hands.
After the postponement of this meeting
last Saturday, l met Col. Brice for the
first time, and asked him about this
statement of Blaine's. Col. Brice told
me that he owned the majority of the
stock of a bank in Ohio, but that that
bank never had a government deposit.
That he also had some stock in Chase's
National bank of New York, of which,
if politics are to be considered, it is proper
to say that Cannon, the last comptroller
of currency, is president, and that a ma
iority of the directors are Republicans. 1
find this bank did have a deposit of ST.
100. 900, which it has repaid to the gov
eminent recently, not finding a profit of
$50, 900 a year, as Blaine states, or proba-
bly, any profit in the business, else it
would not have chosen to discontinue it.