, 1888-10-14
Fairchild and Carlisle in New
York City.
They Address a Gathering
$4,000 Strong.
Plain Figures Presented Which
Cannot Lie
Mr.. Blaine's Misstatements Cor.
rected.

NEW York, Oct. 13.-Eyerything was
favorable for the big demonstration of
Cleveland and Thurman by down town
business men this afternoon and the meet
ing before the sub-treasury in Wall street,
and the subsequent procession up town
was fully equal to the hopes of the mana
gers. Secretary of the Treasury Fair
child was the first speaker. After assert
ing that what was good in a 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 Fairchild
said: by force of untoward circum-
stances the Office which [ happen to fill is
one of the most important factors in the
country's business. It's not right that
this should be the case, and l believe that
another term of Democratic administra-
ton, with congress pledged to support it
IN a wise measure, would result in such
reforms as substantially to eliminate the
treasury department from your. affairs,
thus ending the abnormal condition which
has within it the possibility of great inju-
ry to legitimate business and great wrongs
wherever the head of that department
may be unwise or unfaithful."
Discussing the condition of the gov
CIuulCuC . uudlCSo, dllCHllu odlu.
In some quarters the fear has been
expressed lest trouble should be caused
when the government might suddenly
withdraw its deposits. l can imagine no
state of affairs under which ii would be
necessary to do this suddenly. The
amount thus deposited is now about
$57, 000, 900. Look at the last statement
of the assets and liabilities and see if the
secretary of the treasury ever need to
suddenly call for this money or call for it
in a way to cause embarrassment to gen
eral business.
The post Office departments account,
the disbursing officers balance, the treas
urer's transfer checks, drafts outstanding,
interest due and unpaid, matured debt,
accrued interest and like liabilities, amount
to about S54, 900, 900. This sum always
remains nearly constant. Hence about
that amount must always be kept on de-
post for daily liabilities and then after
money has been set apart for all these liza
bilities and for every other liability of
whatever name or nature, against which
the most forced construction of the law
could require cash to be provided, there
remains a balance of 500, 444, S45, and in
addition to that S24, S45, $40 of subsidiary
silver, or, in all. $12l, 290, $50. Mind
you, | do not defend the deposit of large
sums of government money in the banks.
1t EXCEPTIONALLY mingles private with pull
lie business. No one can disapprove of this
more than | do, but with your wrong con-
dition of the public revenue, the only
choice is the choice of two evils. [ main
tain that the administration has chosen
the lesser evil. 1 claim, on the whole.
that this p~erplexing business has been well
and prudently managed.
The secretary then explained his course
in buying bonds and said:
Up to the LIST of this October all of the
3 per cent bonds outstanding at the be-
ginning of this administrator $l99, l90,-
500 has been retired, and in addition,
$S1, 1913, $40 of and Al per cent bonds,
or in all there has been applied to the re-
tirement and purchase of bonds with pre-
miums 1890, 924, SIS, and the total in
terest bearing debt appearing in the Sep
TENDER debt statement is under one thou
sand million. Mark, the first time in q
generation that has taken ten figures to
express it. And this Gen. Harrison calls
nursing the surplus" If all Republican
secretaries had been as wise as was Sec
rotary Window, all our bonds would have
been subject to call and the whole nation
al debt could be e%xtinguished in about
eight years.
The secretary further explained his
theory as to the conditions of supply and
demand in buying bonds.
Speaker Carlisle.
Secretary Fairchild was followed by
Speaker Carlisle, whose listeners mum
bered $4,000 independent of the business
mems procession, the number in line being
estimated at $1,000. He declared that
one of the most beneficial results of the
last presidential election was the establish.
ment Of harmonious relations between the
people of all parts of the country, especi-
ally between the North and South. The
North never had 80 good a market in the
South as now, and the South has never
had the use of so much northern capita
as now. Four more years of Cleveland's
policy would make it impossible for any
political party to secure power by appeal
ing to race prejudice. He considered this
alone sufficient reason for Cleveland's re-
election. He charged the Republican
leaders with a determined effort to revive
race prejudices in the South and with
the effort to alarm capital it discouraged
investments in order to make it appear
that the country was not prosperous uu
der Democratic administration.
In this they were partly successful. But