Hope Republican, Volume 1, Number 28, Hope, Bartholomew County, 3 November 1892 — Page 6

H JOHN SHERMAN. IBE OLD VETERAN DISCUSSES . _ FINANCE. £ Democracy’s Shameful Wild Cat and Tied Dog Money Proposition Shown Up. Evil'Results that Would Follow the Repeal of the Ten Per Cent. Tax on State Bank Notes. > How the Unlimited Free Coin ago of Silver Would Wrong the People, Senator John Sherman made a great financial speech at Chicago on the 22d, at Central Music Hall. Tremendous applause greeted Senator Sherman as he stepped to the and it was over a minute before the demonstration of enthusiasm subsided sufficiently to enable him to speak. At frequent intervals in the course of his speech he was interrupted by tumultuous applause, the climax of enthusiasm being reached when he mentioned the name of Lincoln and of other great leaders of the party. Sherman said in part: “One of the issues between these two parties, which has been already named by your chairman, is whether the people of the United States are willing to abandon the National currency, which has been established by the Republican party in the form of United States bank notes and the silver and gold certificates, all of equal value, not only in the country of the United States, but all over the civilized world—whether we will abandon this form of currency and revive the old currency of our fathers, the ‘red dog’ shinplasters of thirty or forty years ago. “Another of the questions is whether we will authorize any holder of 371J grains of silver, worth in the ■Snarket about 65 cents, to go to the treasury of the United States, or to the mint, and there demand a dollar, or, if we cannot coin dollars fast enough, to demand your note —the mote of the ptu-ple of the United States—-for $1, when the purchasing power of the silver dollar is but 6a cents; or whether, on the other hand, we will buy that silver at its market price, coin it as needed by the people of the United States, and maintain it at the standard of gold in all the markets of the world. [Applause.] ■“Another question that is also to your interest is whether, in levying duties e:i imported goods, from ...on we derive the chief source of our revenue, we should be guided atone by the mere maintaining of revenue for the support of the Government, or whether, in addition to that, we should try to increase, im- ■ prove and magnify the industries of j ■our coun try and protect our people : .against undue competition abroad.’’ THE WILD-CAT MONEY PROPOSITION. ■“Now, my countrymen, these questions are to be submitted to you. Take the first question. The question is presented by the Democratic platform, referred to you by your honored chairman. It is contained in two lines: ‘We recommend that the prohibitory ten-per-cent, tax on State circulation be repealed-’ Well, aw, in the first outlook of that simple resolution it would seem a tax of JO per cent, on any kind of circulation would be a very heavy tax, and the plain farmer would say; ‘Why, that is too much taxes. Why not 2 ■per cent, or 1 per cent?' The answer is, my countrymen, that the tax was levied in the midst of war in j order to drive out of existence and I cut the throat of this system of State | bank paper money, which had ruined ' the country over and over again and | involved it in trouble. [Applause.] | Why, my countrymen, under the 1 Constitution the United States are prohibited from emitting bills of credit, and bills of credit are suppos- j -ed to be in form of money to bo cir- | culated as money. It forbids also ' that they should make anything but gold and silver a legal tender in payment of debts. Those who formed that provision believed they had cut out this whole system of local paper money by the roots. They declared that no State could emit bills of credit. or paper money, for that was the meaning of it. But it was said that the States might authorize corporations to do it. Why, ordinary logic of a plain man, without resorting to lawyers at all, would convince any one that if a State could not do it |t could not authorize the people of the State to do it. Therefore, it was believed that there could be no State fjank paper money. “The Constitution of the United states provides that Congress may regulate the value of money, may

coin money and regulate its value; that Congress may borrow money, and, as incident to that, may issue bills of credit, and finally, it may make them a legal tender for the payment of debts. Now, my countrymen, on account of the neglect of ; Congress to perform this same duty we had, in the twenty States that existed before the war, various forma of paper money. No man living, except those who lived in that time, can conceive of the condition of our paper money then. There was not a bank west of the city of New York but whose notes were a discount in that metropolis. Every man had to convert his money before he sent it away for the purchase of goods. I remember the time when the war commenced. After Abraham Lincoln—God bless him—[prolonged applause i, had called 75.000 troops into the field—and they came to the support of thegovernment by thousands and hundreds of thousands more and more, as lie called them again — when these brave men came there to Washington there was not a dollar in the treasury to pay them. The adininM ration of James Buchanan, the Inst of the Democrats, who had just gone out, left a treasury bankrupt, and Congress was compelled to issue treasury notes in order to pay them. The administration of James Buchanan, the last of the Democrats, who had just gone out, left a treasury bankrupt, and Congress was compelled to issue treasury notes in order to pay the soldiers. When this war commenced we had neither money, nor gold, nor silver, nor any other kinds. There was this paper money of the States. But the last act, the last wise act of the Democratic party was to establish what they call the independent treasury law, by which it was forbidden—the good sense of Van Buren had forbidden that it should be received by any officer of the government —any kind of State bank paper money. That was the wisest act the Democrats ever performed, and about the only act, because after that act was done the Democratic party really did what it ought to have done long before, it ceased to exist. A BIT OF FINANCIAL HISTORY. “ Now, my friends, when we met this difficulty at the beginning of the war, as I said, we had no money, the first thing we did was to issue $60,000,000 of demand notes. They were notes payable on demand. We is sued them and they were received and paid out to our credit and enabled us to carry on the war for six months,but they were soon exhausted, and we knew if we continued to issue this form of paper money that our government would break down and the rebellion would succeed. We knew that we could not pay this money on demand, and the result would be that they would go down more and more, precisely like the revolutionary scrip and other forms of paper money. Therefore it was decided, after careful consideration, that there be issued what is now called the greenbacks. We issued the United States notes, promising to pay five dollars some time, may be after this war is over and the Union is saved. [Great applause.] Now, that was a departure from the best principles of finance ; no man could justify notes of that character, unless they were maintained by gold or silver, except under the exigencies of war. But we provided when we issued them that they could be converted into bonds; wo received them in payment of bonds and in this way we established a national currency which enabled us to buy from our own people and carry on the war to the complete preservation of the Union and of our government. [Applause.] “Now, sirs, yre could not have circulated these greenbacks if we had allowed the old State bank circulation to have been in existence. It would have filled the channels of trade. By law of finance, as strong as the law of the Ten Commandments, the cheaper currency has driven out the better currency and the poor currency fills the channels of circulation although the treasury law torbbid their use by thegovernment or their receipt for any purpose whatever for taxes or anything else. We declared they should pay a tax of ten per cent on every note of that sort of circulation. We knew the result would drive those notes out of existence, and we intended to cut their throats. But we did not make this provision until we had found a better system, and that is authorizing the national banks, where any person who would deposit $100 of the United bonds might have the privilege of issuing $90 in circulation. We held those bands as security for the notes. So admirable and successful had been that plan that no man lives who ever lost a single dollar by national bank note. Now they tell us that they want more money. “Suppose the government of the United States should issue one hundred million dollars of Lutes—who would they pay those notes to? How can any of you get any of that money unless you do something or sell something to the government, unless you do some work or perform some labor? The poor man who wants

money would not pet bis share, but the people who hold the bonds of the government, the contractors who sold it supplies or rendered service the government would get the increase value of the money. In former times the greatest circulation of bank notes at one time was about two or three hundred million dollars. And yet to-day the last treasury statement give the amount at one billion, one hundred and thirty-two million dollars of paper money in active circulation. Why one would think that was enough. It is more than ever existed before in the history of our country. And when we remember thas 95 per cent. —and in the city of Chicago 97 per cent. —of all the payments are made in checks, certificates, drafts and commercial paper it shows that that money is only used in ordinary way by people for marketing and for the smaller transactions of life. Every dollar of this money is secured by the government of the United States either by gold and silver coin or bullion, or by the deposit of the United States bonds. Let a bank break; who cares? The money is good because the security is in the hands of the government. So with silver certificates. There is sometimes a question about it, but it is backed not only by the silver contained in the silver dollar, but it is backed also by the silver and gold behind each one. BAD MONEY NOT WANTED. “Now, my countrymen, here is this mass of money, the very life blood of our system -—that upon which the business of Chicago depends, that upon which every artisan and mechanic depends—all this is now founded upon the solid rock of gold and silver coin and bullion; every dollar is safe, and now this Democratic party, which for years has done nothing but oppose the action of the Republican party, comes in and demands a restoration of bad money. That is the condition before us. And will you, my countrymen, agree to it? [Cries of - No, no.’J “Mr. Springer, of Illinois, says the reason they put this little planlr into the Democratic platform *was that their brethren in the South wanted a chance to issue paper money of their own. Mr. Springer says some citizens of the Southern States expressed a desire for the repeal of the ten per cent, tax on the issues of the State banks in order to enable the States in which they live to inaugurate State banks. In other words, the Southern demand is made and the Democratic party knuckles down at once and cries yes, yes. [Laughter and applause.*] Tliey want to issue some paper money down there, organize some old fashioned wild cat banks and they want to get this tax out of the way. Why. my countrymen, Mr. Springer says he does not exactly believe in this kind ot money himself. Hesays he don’t see how it will circulate unless it is supported in some way. He would make some provision in Congress. But Congress has no power to change the laws of the States. If they had the power to start such banks then it must be a State law, and whether to provide security or not it is the law of the land, and Congress has no power, except by stepping in and taxing it out of existence. ‘No,’ says Mr. Springer, ‘it is unconstitutional, this law is.’ [Laughter.] “Well, everything is ‘unconstitutional’ with them that they don't like. [Laughter.] The trouble is that the Supreme Court has decided that very question, and has held that the tax on State banks is constitutional, and it is not for the judicial power to attempt to define the limits or objects of taxation or to regulate Congress in the exercise of this powerful taxation. [Applause.] So Mr. Springer had better look to his law books a little and find out about that first. “No, no, my countrymen, this is a dangerous proposition which threatens the business of every man in this country. It is proved that Grover Cleveland, ‘the stuffed prophet,’ in his speech of acceptance did not say anything about it; he did not say whether he stands on that platform at all. No, be does not say anything about the platform. He says a great deal about what he has "done and what he has said, and ho is a stuffed prophet of his own stuffing. [Prolonged laughter.] “Mr. Springer said: ‘It is sometimes said that we must provide other forms of banking, because the national banks will go out of existence.’ Well, that may be as the debt is paid off, as no bank can be organized or kept up except on the deposit ot United States bonds, that the banks would lose their circulation. It may be also that by the wisdom of both parties, by the desire of the people, some other form of security may be devised. I say it is very difficult now to pass upon that question. I do not think the people of the United States will ever consent to accept any security from any form of bank except the security which is the highest in our land—the oecurity of sixty-five millions of the freest people that God ever made.” [Long continued applause,] EVI1.8 OF FREE COINAGE, Senator Sherman then referred to

the free silver question. Ho said in part: “The silver that is in sight, our statistics show, amounts to four thousand millions of dollars, and we arc now producing in the mines ot the world 185.000,000 of dollars a year, and the wild, crazy prophecy is made that the people of the United States will enter into the market and pay $1 for every 67 cents’ worth of all these mines ot silver that may be imported or throw into our country. That is what free coinage of silver means. The inevitable effect of that would bo once to demonetize gold and compel its exportation and hoarding and reduce us to a single silver standard. The result would be that all the debts would be cut off one-third. And who are the creditors of this country? First of all, and dearest of all, are the 600,001) soldiers, their widows, their orphans, who hold their little pension certificate. By the free coinage of silver one-third of their pensions are to be stricken off at one fell swoop. Who are the depositors of the sixteen hundred of millions ot money deposited in our savings banks to-day to the credit of our poor people? Our building associations have eleven hundred millions of dollars invested in them. What man is so mean, so poor, so degraded that he will rob the poor in order to save a little in paying the honest debt? Nothing proposed has struck me as hard and severe, as this most infernal proposition to open our doors to the free purchase of silver. Silver miners have no right to demand of us or attempt to force the government to purchase their article at a price in advance ot that of what it is worth in the open market.” The Senator said Congress had gone to extreme lengths to satisfy the silver men, and instanced the bill for the purchase of four and a halt million ounces of silver a month. This was bought at market price, however, and the certificates issued upon it are as good as any other money. The Senator said if the international monetary conference fails to find a solution of the- vexed silver question, “ you business men have got to meet this proposition ; you have either then to stand upon a silver standard and banish our gold to foreign lands, or do the other thing, which 1 am in favor of, and that is to put enough silver in the silver dollar to make it equal in value to the gold dollar. ” The Senator also spoko at some length on the tariff and reciprocity questions, and in conclusion urged his hearers to vote for Harrison and Reid. EDITORIAL NOTES. Indianapolis Journal. Republican advices from all parts of the country indicate that general enthusiasm prevails all along the line, and, what is better, the party is united and vigorous and effective organization is being perfected. New York papers assert that Secretary Sheerin, of the Democratic national committee, started for Indianapolis on Friday with a bag of money for the campaign, estimated at $350,030. Those who have not been favored by the Taggart-Coy committee should seek that combination at once and demand boodle. The present election law provides that every person entitled to vote who is employed in any manufacturing, mining, mechanical or mercantile establishment, or by any railroad corporation shall be given four hours on election day in which to vote. This section is mandatory and there is a penalty for its violation. Indianapolis Typographical Union, No. 1, numbering over three hundred members, passed resolutions denouncing the action of Matthews and Henderson in appointing a “rat” Clerk of the Printing Board. Stamp anywhere in the square around the eagle and nowhere else, and you vote a straight ticket. Stevenson gave orders to “fire the union, root and branch, and employ only non-union men,” in his coal mines. Cleveland, Stevenson, Matthews and Henderson have no love for organized labor, as their acts clearly prove. Stamp anywhere in the square around the eagle and nowhere else, and you vote a straight ticket. Cleveland appointed Benedict, a “rat,” Government printer, over the protest of organized labor. If every Republican will vote the victory is won. Read the labor record of Cleveland, Steveusou, Matthews and Henderson. — If every Republican will vote the victory is won. Matthews and Henderson positively refused to appoint a member of organized labor to the position of Clerk of the Board of State Printing Commissioners.

***“ POLITICAL. HV? The People's Party and Democrats of Oregon have fused. Likewise the KopuW llcans and People's of Arkansas. Tammany held a monster Cleveland ratification meeting at New York, Tuesday night. Hill was the principal speaker. Mr. Snlvcly, the Democratic candidate for Governor, has brought suits against the Seattle Post-In tell igoncer and Seattle Press-Times for *100,000 damages eachlie charges them with libel. They pnblishcd articles In which Mr. Snivoly was accused of being a swindler. Dr. A.J. Overhalt and Silas Hauchotf* two of the electors of the Colorado-Weav-er ticket, have refused to permit their names to be used at the head of the Cleveland Democratic ticket. Their action is embarrassing to the Democrats, in viewot the fact that the Clovclandites had withdrawn their electors and substituted thegefor the Populist electors. Tie coming e'o;tlon gives promise of, bringing the State of Oregon into national prominence as in 187o. In obedience to instructions from the National Democratic committee, the Democrats have withdrawn one of their electors and substitute cd one of the People’s parly el ctors in hi» stead. Republican county clerks have grouped Pierce, the candidate in questiononly with the People's parly nominees, followed by the words “People's Democratic,” If Pierce fails of election tho Democrats will contest, and if lie succeeds tlie Republicans will contest on the ground that the election law provides that the names of nominees shall appear on the ballot in hut one place, whereas in Democratic and Populist counties it appears twice. CUBES OF FREE GOLD. Rich Strike In the Eclipse Mine Located la Bequa Gulch, Cripple Creek Camp. The past week has been a surprising obo In the Cripple Creek gold camp, and at least one big discovery has. barn made. The camp is all excitement over the wonderful strike made in the Eclipse min 6 Saturday. The Eclipse is located in Roqua gulch, and has been a regular shipper for the two months past, averaging al o it a car load each week. The returns from these shipments have averaged over *100 a ton, but there was nothing in the character of the ore to prepare the men who were taking it out for the wonderful stnif that was uncovered Saturday. At a depth of ninety-Uvo foot a vein of white talc and crystallized quartz was encountered, the vein being apparently about four foot In width. Tho ore is full of rusty gold, some of it being in largo cubes, which even old minors pronounce the most wonderful display of free gold they have ever soon. One of the biggest strikes in tho history of Crecdo camp lias been made in tho Holy Moses, the original mine of Creeds. Ills a four foot vein of good ore, with an eighteen inch streak running *1,000 a ton. The Moses will at once become ouo of the big shippers of the camp. Tl e Mollie Gibson mine, at Aspen, Is displaying her marvelous capacity again this month, and is marketing some of the richest ore ever taken from a silver mine in the world. It is as possible for tho mine to produce *300,000 per month as it is *1( 0.000. Tho owners, however, seem satisfied to pay a regular monthly dividend of $130,0J0. HUNDRED LIVES LOST. StoamsMp Ronmania Wrecked and Pa«--senders and Crew Go Down* The British steamship Ronmania Is reported wrecked at the month of the Arolho river, near Penuh->, Spain. It is said that 100 passengers and all of the crow were drowned. The report of tho loss of the Ronmania is confirmed. A later dispatch says tha 113 persons were drowned and only nin* wore saved. Tho Ronmania had fifty-five passengers aboard, together with a crow numbering sixty-seven. The nine persons saved from tho wreck weregiyeu shelter in a hospital in the neighborhood of Pcnicho. The Ronraanla's captain and pilot are among the lost. Large quantities of wreckage are washing ashore all along the neighboring coast. While a ferry boat was crossing River Douri, near Senface, Spain, it capsized and all the people on the decks were thrown Into the water. Many were saved, but eleven persons wont down before assistance could reach them. Among the drowned were seven schoolchildren. TheTolIlvar-Howard feud has been re nowed in Western Kentucky with fatal results. A general fight occurred at Hogtown, Rowan county, Monday night between the two factions. Colonel Tollivar w ai shot in the bowels, and Samuel Howard received four rifle balls in the body. Both of the men will die. Their relatives and friends are arming, and a' battle is expected. This fend has been slumbering for two yews, ever since Cj.pt. Hank Tolllvar married the widow of one of the Howards bo killed, and everybody thought the troubles had been ended by tho mar Jlago. Captain Tollivar has been in Virginia fora year. This feud has already resulted in more than fifty deaths, and the pro out trouble promises to add many to tho list. At Charlestown, Md., eight negroes, on trial for the murder of Dr. Hill, were declared guilty on the 26th. The verdict was received with applause. Potts alono was not convicted. There were fears that ha would be lynched, but the Judge appealed to tho crowd not to carry out their throat, as they would be amenable to tha law. . ,