The age-herald., 1901-10-17
BRIGHT OUTLOOK
 FOR DEMOCRACY Chalifouxof Lowell and Birmlng- ham Discusses Business TOO MUCH WATERED STOCK Democratic Nominee for Treasurer of Massachusetts Does Not Expect To Be Eleeted-PredIcts Dem.
 ooratIo Victory in 1so4.
TOO MUCH WATERED STOCK

Joseph l.. Chalifoux of Lowell, Mass, senior member of the Birmingham firm of J. L. Chalfoux Co.,, arrived in the city yesterday, and will be the guest of his brother, Oliver Chalifoux, on the South Highlands, for a week or ten days.
 MT. Chalifoux is the nominee for treas urer of Massachusetts on the Democratic ticket, headed by Josiah Quincy
 we may not win in the state election" said MT. Chalifoux, "but there is this country, the Democratic party In Massa- chusetts was never so harmonious In re- cent years as 1t Is today.'
 You know" continued Mir. Chaiifoux, "the assessors or registrars in Massa- chusetts recently struck about 3O,000 Dem ocrats from the voting lists. This reduc- tion in our strength will probably de- feat us. but we are working for the na- tionai campaign of 1904"
 Asked if Olney would be candidate for the Democratic nomination in 1904, MT. Chalifoux said he would not like to make @ prediction. He thought Olney would make an ideal standard-bearer, and so would Quincy
 Quincy is statesman and an organ izer, one of the best organizers In this country" said MT. Chalifoux, ''but we are not picking out candidates now for 1904 The great thing today is to get to- gether, and the Democracy of Massachu- setts is certainly solid this year"
 MT. Chalifoux is a student of economic questions, and few men of affairs are so well informed on financial questions as he. He is firmly convinced that the Re- publican party will cut it's throat before 1904, and that the Democracy, if 1t will only keep cool and act on lines of con- mon sense, will get into power.
 Uncle Sam is propping up the finances of the country" said MT. ChaIi- foux He has in fact been the tool of the trusts for some time past.
 This country has seemingly flourished on a watered stock basis" said MT. Chalifoux. We have had an expansion of credit currency. We have had pros perity for some time and we will have it for a little while longer perhaps, but this artificial condition must come to an end before 1904. The trusts have borrowed seven billion dollars on one billion of cash assets. This puts us on a cheaper basis than a 50-cent dollar wou.1 have done. The truth is. we are now on a ten cent dollar basis. all because the trusts are in the saddle and are kept there by Uncle Sam, who is controlled by the managers of the Republican party.
 ''The day of reckoning is coming. The trusts will have to go to pieces or else be reorganized on sound business princi- ples, and the Democratic leaders should be prepared to discuss the mhney ques- ton and the trusts intelligently. What we need Is legitimate banking, and not this artificial banking obtaining under Republican protection"
 MT. Chalifoux spent the summer and early fall in Europe. He took his wife and two daughters abroad and left them in Europe where his daughters will be at school for a year or two.
 MT. Chalifoux studied European condi- tions and the conclusions reached were that Germany and England were in a deplorable fix financially and industrially. France was in a fairly good condition. because 1t was not cursed by the water stock trusts as the United States and Germany and England were. Italy was less prosperous than France, but it's business was normal.