The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-14

day met Col. Brice for the first time and
asked him about this statement OF Mr.
Blaine's. Col. Brice told me that he owned
q majority OF stock Of bank in Ohio, but
that the bank never had a government
deposit; that he also had some stock in the
Chase National bank OF New York, of
which, II politics are TO be considered, it
is proper to say that Mr.. Cannon the last
Republican Comptroller OF the currency is
president, and that majority Of the di-
rectors are Republicans | find that this
bank had a deposit OF 81, 100, 900 which it
has repaid to the government recently,
not finding profit OF $50, 600 year, as
Mr.. Blaine states, or probably any profit
III the business, else II would not have
chosen to discontinue il.
BLAINE CRUSHED.
So much for the politics; now for the
profits Mr.. Blaine says that deposit of
$1,000, 600 is worth to the depositors 500
600 year. Let us see how this is. A
deposit of 81 100000 would require $780,
600 per cent. bonds as the security,
which, at Sl.25, would have cost 81, 1885,
600. This money, loaned at b per cent,
would have given the bank $50, $50 il the
bank had not become n depository, but
being depository, II must keep 20 per
cent. OF deposits us Il reserve, SO il can
loan but $3.50, 600 which produces S37, 500
interest. Now, add the interest on these
bonds, which Mr.. Blaine, with horror
says that the banks are allowed To collect
per cent. on 100000, is $780,
400, and you have $4,000 received
by the depository, but from this
should he deducted II per cent, the yearly
proportion of the % per cent. premium
which the holder OF the bonds must lose
when the bonds are paid at maturity
twenty years from day Of date OF purchase,
and there is left So, j25, the difference
between which and $50, SIS is -, $50, not
$50, 600 us stated by Mr.. Blaine, us the re-.
ward TO the bank for serving rs the
medium TO put Sl,0OO,O0O where
II would be useful in business ut time of
dire necessity. 80 much for Mr.. Blaincs
allegation as TO profits. He contends that
these deposits have been made without
q shadow OF substantial right in law" al
though he said that he had not time 10 90
into that subject. | reply that the de-
pOsits have been made under the same
law as the millions of dollars deposited by
all the Republican secretaries OF the treas
ury, when IL was more profitable than
now, bonds nj a low price being then
plentiful. Three Of these repositories are
In the State OF Maine, and are the same
repositories which this administration
found when coming into power.
ALLISON REFuTgD.
Senator Allison, in his speech tho other
day, when he tried 10 justify the increase
Of duty which the Senate bill makes in
almost all the tariff schedules, used the
following language: For the life OF me
] cannot understand why 1t is that the
$1,000, 900 is not used 10 redeem the a per
cent bonds that are presently To be- paid
OIL by the government. There has not
been time IN the history Of this surplus
when the government could not have pur.
chased these bonds so as 10 have made
more than per cent. per annum interest
on the money invested. This govern
mcnt Is, therefore, losing per cent. per
annum at least on every dollar OF the
SO6,O)O,ODO that il In the treasury and the
banks. Can any one say that this $4,000
0lO could not be- presently employed
by the saving OF per cent. per annum
Tor three years or u per cent. OF the
amo Inl?' The treasury department has
Tor six months been buying all oi thc "a
per cent. bonds which IL could get. Today
The price which the government pays Is
lOSl, and the saving 10 thc government ia
interest il only bj.lOO per cent. per an
mum. II Mr. Allison will Oilcf a per cent.
bonds at price that will leave the govern
mrnt pr cent per unnum | can assure
him that be- will liud no difficulty M Frll.
ing them 10 tie government. Something
Is sli In thv Republican platform about
hostility on the plrt oi the admins ration
10 silver. whatever that means ict ms
see how that b.. On March 80, 1885. thc
government owned siJ, SIS. 30 silver dob.
Iars. on October ~. 1883. ii owned -lb,-
1850. between these two dates 1903,
600 silver dollars were coined, therefore.
since this administration came into power,
three ytln, five months and ten
days, Isl. 1855 ol these dollars
have been put in circulation
AGAINST l52. iji. 1873 In thr seven y,ur- pre-
crding March %, 1876. 80 the incoming
Of this administration great fear and dis.
trus, prevailed on account oi the silver
dollars then in existence. Now they are
eagerly tasun.
ruE SURPLUS.
II isulso sail that thrmplug revenue ior
this present fiscal year will not De- large.
some Of the Republican senators und
members ut Consps estimate un ihu basis
Of appropriations .ai the cNtuagIut prn.
portion 0l which ;hry ~ glrC.u.ly pD.uu
that IL will Boz only hpIWcru
SlLODOOl and s,i.WDVl. hu' this
estimate ~ hl,l upon lhu assumption
that query dollar VI the money ape
prupimri will be- spent. This
Is impossible. For instance, not $1,000.
UDl ii the So, ull.UO appropriated iur
river and hurbIr can bc spyui this year.
only q small pIf' ol che giu, navy aud
public building appropriations can be-
spent this yyir. and the umc may ho siii
ol other appropriations 40 least $780,
Ol1. 900 ul iHy.H'sHi money mG.i gp t1 the
b0uiIDIrr this year, boz exchange i0r the
bonds ou their own terms, ur mIw money
mus. hr dDpl iiCi Boo ihr banks. cor ihu rlf-
cuIltins medium will pile up bon tHo trru.
ury ln usalUs, dead mus,, representative
OF nothing but tlo Wan,un tyranny ut the
government Doe uosd.Dsly lgNyug taxes
upon iIU people.
o.. Iobbrd the sheriff
nHNH.s "a I.f "a A a.fUsfI.u lHa