Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-10-14
BUSINESSMEN.
CARLISLE AND FArscHrLp address
THEN IN Hxw YORK.
The Secretary Of the Treasury Gives aPiain
and Practiesi Account Of His
Stewardship.
rnr ,e,nrmnh 70 tho p.spsteh.l

tBy telegraph 10 tho pispa'ch.l
NTw YoRx, October i3.-Everything
was favorable for the big demonstration
for Cleveland and Thurman OF the
downtown businessmen this afternoon
before the Sub Treasury in Wall street.
The meeting on the Sub-Treasury steps
we Dreaded over by Joseph J. O'Dono-
hue. When Secretary Fairchild arose
be was welcomed with a roar OF applause.
When the Secretary had finished Mr..
Carlisle was introduced. He was also
warmly greeted. The crowd Of listen
ers contained probably 1900 persons
independent Of the business pro
cogsiOn. The number OF persons IN line
is estimated at 10000. A substantial
platform on the Sub Treasury steps con
tanned the invited guests, and IT was
GENEROUSLY decorated with flags ana
s,rcamers A large portrait OF Fresi-
dent Cleveland and another of Allen u.
Thurman were Suspended on two large
pillars OF tho binding facing the people;
Before Mr. Fairchild WAS introduced
resolutions we're offered and adopted ny
the meeting with cheers. They express
unqualified approval OF President Cleve-
lands Administration ard his tamil mes
sage they warn the people against the
rretence that President Cleveland has
inaneurated campaign OF free trade
against protection; they favor n reduc-
tion Of the surplus judlciously they de-
monaco ne malicious and absurd the pre-
tepees that the Kills bill "a injurious TO
tho welfare Of the wOrkInRmen OF
America the denounce the clauso IN the
Republiesu platform for free wbiskey
and the policy Of the Republicans III
tbc matter al commerce they endorse
TIE policy Of tin present Administration
o. based on sound financial md economi-
col principles, and finish by statement
that tie bcst interests Of the country
require and demand the election Of
President Cleveland.
In opening his address Secretary
Fnuchld enid : Business men OF New
York. When have the honor OF thus
addressing you / feel that ! Am speaking
g. TIE whole country, for you represent
tue men oil every part OF the Union.
Nbntever ia well for the men Of Maine,
Of California, Of Minnesota, OF 1exas,
md Of The Caro.inas ~ well for you, and
what Is bed FOR you il bad for them. a
dreadful pcourge afiicts Ilorlda, and not
oply do vour hearts bleed for the suffer
jpga If her people not only arc your
eyupsthirs touched and Won prompted
- send generous contributions to their
roict. but also your hard, matter-oi-fact
money interests are seriously afflicted.
/ know that we are often told that your
welfare "a not tho welfare Of some parts
a. tnc country, but ( have never been
able 10 find tie reason 10 support tins
,t4tomcpt. Where is the divided llno ,
Where docs your interest cease and that
other ALLEGED interest begin GOOD,
economical t0Vornmcnt prosperous busi-
n,fs. snfo currency. and low taxation nre
vel for the Whole country are well Tor
each and every pant OF the country. One
Imrt of ID csuuot suffer IN any OF these
respects without instant communication
81 IN 10 cycy part os surely ns pressure
AZ one point Is ielt IN all parts Of body
of water: therefore, whom you men
Of N,w York periodically assemble
herc TO promote what you believe
to bo good government, the vast
nation meets with Won, and the
s.erng, o. it5 complicated interests
j. here 90 Dee affected well on ill 10y the
mrcess or fniIuro of your Efforts. ny
force cd unioVard circumstances the
Office which happen to fill 10 one OF
tie most Important factors IN the coun-
try'f luanofs. IL is not night that tins
should he tide Casc, and | believe tbat
another form Of Democratic admins
tratOn. with Congress pledged to sup
nor aias measures. would result IN such
reforms az substantially 10 eliminate
every department from your affairs, thus
curing am abnormal condition which has
within MS possibilities great injury to
leQslate business and great wrongs when
ever the head of that department may
be- unWisc or uniathiul. IL ~ not mt all
ucccsssry that tins condition should
exist. II rs the mission and duty of the
Democratic party tO put an end TO 1t.
Nr. Iarchild devoted the remainder OF
ms speech 90 detailed history of the
Transactions of tho Treasury Department
under the present Administration IN re
laton 10 the redemption of 3 per cents,
the purchase of bonds before maturity,
md the deposit of the public funds in
the dcpoHtory hunA,, taking OCCASION IN
this latter connection 10 reply to some
al the recent structures OF Mr.. Blame
upon the financial policy Of the Admins
!raiion.
Tho following are extracts from Fair
cmld's remarks
On March 3l. 1885, there was sur
plus IN the Treasury of S22,239. O25. 10.
Tins surplus Increased until on January
81, 1856. il was ST., 6S9, SG2.2L The
ownership Of silver dollars by the Gov
ernmont also Increased from Si2, 1878, 256
20 So, so, sSO. Thus the surplus for re-
fer,e caught and held that kind Of
money which the people did not wish 10
hold themselves. This temporary ac-
Cnnulation IN the Treasury. the Secre-
tary believed, would keep these silver
dollara which the people still held as
valuable M they were when paid 70 them
bv tho Government. The result justified
his belief. At this time confidence had
then fairly we'll been restored, and bond
calls began agnin, and were made IN such
amounts ~ 10 prevent any further accu-
mutation Of the surplus until August,
1885, when ], then bong Acting Secre-
tary of the Treasury. deemed it prudent
and wise 90 increase the amount of each
call, tho result of which WAS reduction
OF tho Surplus on February y,
1887, 10 Sly.l4S, S75. 90, or 5000
900 less than the Administration
found it on assuming power two years
before. When we began calling bonds
there we're Sl94, l9O,Jt0 of the 4 per
cents subject 30 call. The last OF these
bonds WAS called on July J, 1887, and at
the end OF shat month We had a surplus
o. $40, COS, b9Al5. to which the revenues
were daily adding, and there were no
bonds which could be called or bought
except on such terms as the holders
thereof might demand. Money soon
becsme in snarp demand, bank reserves
were low, timid capital was seeking
safety, business men became alarmed
aud we're pressing IN their appeals to the
Treasury Department 10 save the coun-
try froiu financial disaster. Therefore all
the remaining bonds needed for the
sinking fund during the fiscal year