Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-10-15
Mr.. Fairchila Explatns md Defends Nc
ut the New York Messiny.

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at the New York Messiny.
Secretary Fairchild and speaker Carlisle talked
business to business men In New York Saturday
afternoon, as stated In TEE STAR. Many thousand
people assembled In front OF the subtreasury and
IL Is estimated that twenty thousand men took
part In the parade. Mr.. Fairchild talked about
the national finances and economical He traced
out the various stages In the history Of the Treas
ury during the past four yearA He said:
The present Administration upon coming into
power found many difncult problems TO deal with.
The general alarm as TO the future OF our circu-
lating medium was, as would now appear, prema-
ture, out 1t was very real and threatened disaster
His predecessor met 1t by various devices which
averLed the danger and allayed fear. Among these
devices was the suspension OF bond calls until
such state OF things was reached that every
Kind OF our money was received with confidence
oy our people In every part OF the Union
He then proceeded to state the conditions under
OF Government repositories and the amount OF de-
poslts Increased and bonds purchased at pre-
niiym When they could not be called. He made
repiy 10 the CRITICISMS OF the republican platform
deposits
AFTER the sinking fund requirements had been
met, he said, "tnere was no undisDutably Lawful
method left TO avert surplus accumulation. An
increase OF Government deposits In national bank
lelt 70 save TIE country from the evils which
RAPID withdrawal or the circulating medium from
.ne channels OF business might cause. The banks
particularly In this city, were reluctant 10 take
deposits ana for Time feared tn It this resource
might Ial, but gradually more and more banks
applied, until about sc, 100000 above what would
have been the normal deposits under proper con-
aLtiohs was thus placed and made available for
tue country's business. I need not add that there
was ausolutely no fayoritism In this matter be-
leve That had we anticipated spend $40, OOO, 900
10 the purchase Of bonds between OcloUe: aud
December 81, 1887. the price OF the bonds would
nave advanced much more than II did aud that
the net result now would be much greater out
lay IN premiums than the interest which would
nave peen saved had the bonds been bought"
THE DECREASING DEPOSITS.
The Treasurer's statement OF assets and iabili
ties at the end OF last month, he said shows that
the amount OF deposits at that time was 600 900
less than the maximum Of the preceding nine
nonths at this date The amount OF deposit Is still
less. This decrease was owing to the voluntary
ACTON OF the repositories, some OF which have Of
Their own accord paid back all OF their deposits
ana Ceased 10 be repositories. In some quarters
CAUSED when the Government might suddenly
Withdraw its deposits. He could i'm CINE no state
Oh an airs under which 1t would be necessary to do
this suddenly. The amount tnus depOsited is now
about 81 100000
Mr. Faircnild quoted a long passage from his
he deprecates deposits in national bank deposi.
torie, and recommends their use only under ex-
ceptionai circumstances 'Since preparing the
That Mr.. Blaine has thought NJ to try his WELL
known skill IN deceivlng the pubic upon this
question or deposits In national banks" Mr. Fair
child here quoted Mr.. Blaines assertion that Win
money at per cent deposit or $50, 0OO, 900 would
De gralulIy TO the national banks holding the
"Tnis IS not Tue" he said. "there are number
OF banks Win deposits OF million and over.
nave In mind u haf dozen where know the off,
Gers 10 De prominent aud Jealous republicans, and
Can think oi but one where the of1cers are dem
OcratS OF prominence. SO much for the pOllIlc,:
now Tor Inc pro1ls. Mr.. Blame says that deposit
Oh y, ooO0OO Is worth 10 the depository $4,000
year. Let Us see. deposit OF 100000 would
require $4,000 OF 4 per cent bonds as the
security, wncn at l25 would have 81, 1877 500
Inls money, loaned at per cent, would nave
given Inc bank $o6,S75 II the bank had not become
depository, buL being depository, 1t must Keep
loan mi % .e Wh,ca as rese1 scr SO IL can
Now ADJ Lne Interest on the United states bonus,
which Mr.. B.aine, with horror, says that the
6anks are allowed to COLLECTS per cent on
100000 Is $36, 400 and you have $73,9OO received
oy Tue depository. But from this suould be de-
Quoted IL per cent, the yearly proportion OF the
bonds must lose when the bonds are paid at
maturity, twenty years from date OF purchase, and
There Is leIl $62 $50, the difference between which
Blaine"
He criticised severely the senate tarin bill
MR.. CARLISLEs ADDRESS.
Mr.. Carlisle was the next speaker. He spoke on
the tariff. Speaking OF the senate bill, he said:
"The trainers OF the bill claim that 1t makes a re-
duction OF $35 500 437 in the revenue derived from
taIln taxes and II may interest you " know how
t4is result Is reached. Whenever a duty is re-
duced IL Is Claimed that the rev. nue. Is reduced.
ana whenever duty is Increased IL IS also Tuned
that the revenue Is reduced. For instance IL Is
Claimed that reduction OF revenue to the
amount OF 81 ,o6l, 769 Will result from the increase
OIL duties made BY the bill In the schedules 10
which l have referred, and that a reduction OF
$141 ,9o4 Will result on account or reduced duties
on enemlcal products eartnenware and glassware
Inc ony other reduction Claimed Is ST. 759 1888 on
sugar, and this Is SAID to result Irum reduced
duties.
From this statement 1t will be seen that Of the
TOTAL amount OF reduction claimed-that Is
$50 500, 437-the sum OF 81, 759 1888 the single
article VI sugar leaving only -, 653 on ali
other articles and or this 81 SOL 73e Or near.y the
Whole amount, Is claimed On acc Junt OF increases
Oh duties. IL Is scarcely necessary for me TO say
10 tns Intelligent audience that increase OF duties
While they may diminish the revenue ny prOnlulu-
Ing lmportaLions, Cannot possibly reduce the taxes
or the Charges upon the people. What is neeued
now Is 1udlciou, and substantial reduction OF the
revenue, not Dy an Increase OF taxation, but by a
reduction OF taxation upon the neceoSaries OF life
and upon the materials US d In our inuuStrleSn
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A Sensation AZ Jacksonville.
ALL THE PHYSICIANS OF THE MEDICAL BUREAU RE-