, 1888-10-18

first speaker. After asserting that what
was good in business way for New York
was good for all parts of the union and
what was bad for New York was bad for
all.
FAIRcHILD's SPEECH.
By the force of circumstances, the Office
which | happen to till is one of the most
Important factors in the country's bust
ness. 1t is not right that this should be
the case and believe that another term
of democratic administration. with con-
gress pledged to support it in wise meas
ures. would result in such reforms as to
substantially eliminate the treasury de-
partment from your affairs, thus ending
the abnormal condition which has within
it the possibility of great injury to the
legitimate business and great wrongs
whenever the head of that department may
be unwise or unfaithful. Discussing the
conditions of the government finances. Sec
retary Fairchild said: In some quarters
a fear has been expressed lest trouble
should be caused when the government
might suddenly Withdraw its deposits. |
can imagine no state of affairs under which
it would be necessary to do this suddenly.
The amount thus deposited is now about
S57, 900, 900. Look at the last statement
of assets and liabilities, and see If the sec.
retary of the treasury ever need suddenly
call for it in way to cause embarrass-
ment to the general business. The post.
office department account, disbursin9 offi.
GERS balances, treasures's transfer checks,
drafts outstanding, interest due and un.
paid, natured debt, accrued interest and
| like liabilities amount to about $54,OOO,'
| O00 This sum always remains nearly
constant hence about that amount must
always be kept ON deposit for daily liabil.
| tiles, and then after the money has been
set apart for all these liabilities and for
eyerv other liability of whatever name or
nature, against which the most forced con-
struction of law could require cash to be
provided, there remains balance OF $780,
444. .845; and in addition to that $24. s45,-
J 500 of subsid diary silver, or in all Sl2l,-
900, $50. have seen in the newspapers
that Blaine has thought 6t to try his we'll
the question of deposits in the national
banks. He says with money OF per cent
the deposits of $50, 900 900 would be gra-
tnitous TO the national banks holding
money amounting to $3,000,OO0 year.
That is not true. The profit to the banks
could not exceed S400, 900 on $50, 900, 900
of government deposits with money at
per cent. Blaine says that Colonel Brice
had 81, 900 900 of surplus in his bank.
Until within week did not know II this
were true or not for until then Isdid not
know whether or not Col. Brice had a bank
or was interested in a bank. never
before heard of him in connection with
the bank. But It is possible this is true,
for any bank which applied ut the proper
time and offered security would have got
a deposit of that amount; 81 100 600 Is
the maximum allowed one bank. IL 1t
were true, it is we'll for the money Is safe,
as is the future and honor of the demo-
cratic party in Colonel Brice's hands.
last Saturday met Colonel Brice for the
frst time, and asked him about this
statement of Blaine's. Colonel Brice told
me that he owned the majority of the
stock of bank in Ohio, but that the bank
never had got government dollar; that
he also had some stock in the Chase Ma