People's Pilot, Volume 4, Number 49, Rensselaer, Jasper County, 30 May 1895 — SENSIBLE SAMUEL. [ARTICLE]

SENSIBLE SAMUEL.

A CHICAGO MILLIONAIRE HAS '•■>' ' LUCID MOMENTS. I , ~ During Which Time He Makes a Speeeh - and Tells Some Wholesome Truths — Allerton Is for Free Silver Coinage, 16 to L At a recent meeting of the Marquette club in Chicago Sam Allerton made a speech which might be considered very good Populist doctrine. In introducing Mr. Allerton, the Chicago Sentinel says: “This is the famous ‘Sam* Allerton, who ran on the Republican ticket for World’s Fair mayor against Carter Harrison, and who was supported by every kid-gloved aristocrat and millionaire, and by every daily paper except the Times, in the city, and then was scooped by Carter to the tune of 30,000 majority; Sam Allerton, the millionaire pork-packer, the director in a half dozen best banks of Chicago, the owner of stock in nearly every railroad that centers in the Windy City, the business friend and co-worker of Lyman J. Gage, the boss banker of the West, the ex-standard bearer of modern Shylocks and bosom friend of plutocracy—this Sam Allerton is reported by the Tribune as making use of the following language in his speech before the Marquette club; “What is our money now, but flat money? One per cent gold and 15 per cent flat money, and only so long as foreigners will lend us gold by buying our bonds, demanding each and every time a greater interest, can we continue to redeem our paper money in gold. The people are all right; they show their confidence; take silver, greenbacks, national currency; they will buy Anything to-day we have to sell or exchange; yet the high men in official positions think they are at a discount of three-fourths of 1 per cent. “They say that this currency would have no elasticity, could not be expanded and contracted. This is true, and that is why we need just such a currency. Contraction and expansion are what the gambler likes, and we should avoid these great contractions and expansions, which are the elements of a panic. It is not rich men who build up the country, but the enterprising men who expect to borrow and do something to better their condition, and this system of contraction and expansion produces a panic that breaks this class of men and makes the rich richer and the poor poorer. Money is only the motive power to exchange our labor, products and property. Gold and silver are relics of barbarism, the lack of confidence among men. Gold and silver should be products in our country like corn and whea’c. “The honest, conservative man will say: What will you redeem this currency with? My answer it: Does progress in advancing manhood, confidence in each other and in the integrity of this great nation of liberty-lov-ing people, need redemption? Our trouble has been and is now that we are on a false basis, trying to redeem $1,600,000,000 currency with $100,000,000 of gold. This false position makes the government weak and the money changers are in a position to dictate terms to this great nation.” And the Tribune says the 250 members of this very exclusive, la-de-da Marquette club who were present “applauded many of his statements.” There is nothing new in Mr. Allerton’s declarations, but they are a little Populistic to be swished around the wine glasses in a bibulous, bon-ton, millionaire club. When Thaddeus Stevens was contending for the passage of the bill to issue greenbacks to pay the expenses of the war instead of going on the market and buying bonds he took practically the same ground—that the currency rested on all the wealth of the nation. He said:

“This is the capital, $16,000,000,000 in amount, on which your treasury notes and bonds rest. This claim of the government, in the hands of congress, is direct and specific on the banks throughout the United States, including the,, gold and silver in their vaults on commerce; on all kinds of production and business; on railroads, steamboats, and their passengers; on gas companies-; on manufacturing companies of ail kinds—in short, all real and personal estate of every kind is held subject to the payment of the. treasury notes and bonds issued by the government. Congress is clothed with this mighty power to sustain the nation at this time.” The difference, however, between Mr. Stevens and Mr. Allerton is, Mr. Stevens wanted the government to- issue paper money, while Mr. Allerton wants the bankers to have that privilege. But the light is dawning. The people begin to see that neither gold or silver can be relied upon as a stable currency, and the main question to settle is, shall the banks or the government issue the money?