The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1876-02-25
Indiana independents in Com
vcntion Assembled.

More than six hundred delegates
gathered in the Acndciny of Music 10
participate in the grecnback convcn-
tion.
4 Tho convention was called To- order by
Mr.. T.. a. Ollcman.
\ Il. NJ. Ilallcit. OF Putnam. charma u
Of the committee on Organization, sub
miitch "A report recommending the Hon.
lAnson Molrott, of White. for perma-
nent chairman. a unanimous and Gu
thu>iasiic aye approved the report,
and
! Mr.. woIcorT WAS INTRODUCED
by Mr.. Olleman. amid loud aud general
applause. lie said:
! Gentlemen 80 hsvr the honor aud re-
sponsibiliiy of presiding over this meet
ing OF earnest men. This is thc first
state convention that has been held in
This whole United States. the distinct
purpose OF which is the working out Of
system OF financial reform. Through
many wears this country and other
countries have suffered periodically
from something wrong and ipsufIicicnt
Ia the money sysieuu, Of the world. In
times OF complete and perfect protection
we have had great disasters. There
! have come sudden commercial rcyolu-
ltions and panics. which have prostratcd
business. thrown lahnr out Of employ
rlcnl. and oil through some unnatural
und insufficient cause in tho money sys-
TENS OF the country. For instance we
viii take The case of Great Britain,
which il the seat Of financial variation,
land vet IL il The great sent OF capital.
Those who arc accustomed 10 read tho
history OF the financial changes in the
world " III notice variations Of interest
ia The bnnk from eight 10 nine per cent.
and find HAT those variations took place
ia thc period OF = few days ora few
months, coin being She basis. aud an in
adr qu!ic basis I he arbitrary system is
ll,ul ~ lurrr. and destruction cunYs to
all niaiciisl interest. Our seer, tar,. in
a IcI ori uf : speech ia respect 10 the
depression ia onr business xfiairs and
depreciation ct property. eavs other
lcountrirs are suffering "a badly a. we
-arr. lie attributes our suffering 10 pa
per s,.i-m. OILERS have acvin system
aud suffer - much ~ We. There j.
something wrong M The general money
-v~icm. Il j. tir inadequate supply OF
AUNiN W Nl'fff Ntlf AfFilltiifN w fflii g
land business of The world u is n iiuc
ttai money is required for production
a. Tor exchange. and the noncnt money
cra-r. tn ciIculatc production ceases.
lic pdvocair. OF contracted currency
.ay that money j. only necessary 60 SCI
llc balances. u ia great error. With
toui uuncv to produce there is no bal
aarc .a setllc. For instance. tho manu-
I faciurcr has to buy lilo raw mnicriai.
He Ia. to rent or build building lie
has to pul The machine in operation.
And il il weeks, often month, before
the manufactures rrnrii tho hands oi lie
coi sniucr aud returns come. In The
nipaniinlc. unless tiirrr j. money in Tie
community possessed bv the manufac-
turcr or accessible 10 lim. his work ~
manufacturing or production must ccn-c
Ills rmplnNc~ rnust 70 oui ot employ
meat their families must sniier Now,
i, il necessary That these variations.
thc.e stringcuCics. nnaccouii iOr,
frxccpt that the basis il TOO small. shall
lie continued. . We think not. We think
thar domestic money Tor the purposes ot
our internal trade aud business aud pro-
duriim. based upon thc wealth OF tho
nation. The faith 80 tho nation. backed
u, Tie taxes Of the nation can give IL
~ good money rs coin. tApplausc.
Tho nations, bonds bring coin the world
over. VI the national obligations in ilc
inru &c bonds are The equivalent ot coin
ia the commercial world. then The na-
tiunal obligations in the form of money
are ~ good ~ amy other form OF money
, We have that basis lhat We can rely up.
on. The value OF our domestic papcl
! j. in the fact that il is nou-conycriiblc
Now the diiii, u'iy ia ihc way ofrcsuup
non lies in our foreign indebtedness. ]
is estimated that The aggregate @
An crican securities held IN Europe j
mot less than three thousand millions o
dollars. aud some estimate IL ne high "a
h>c The interest on this j. 50 " 600.
. OuO. The " hole indebtedness of ~ 900.
UuUWu is bul an aggregate Of balance
,c that have hrrn accumulated sincc ia
war. Al The beginning of the war tn
\ debt. were small. Bui we have incrcaS
ca our Obligations. a u the better obli
cations are held in Europe. Previous I
the war after tho mii had been yield
ing their gold and silver for forty yeari
We had Two panics, the panics of % an
l'57. The balance oftrade took our col
from u,. We have now al enoripou
Il foreign debt. 80 much so that II take
S2OO.UuO.cCO 10 pay the interest Of th7
debt. The position that we occupy
that coin, ne a basis. is All irpossibI
condition. aud Tire thing Is grecnbacL
or nothing. tAppanscl. The retire
mcnt OF grccnbacks involves the retire
mcnt Of bank notes. Tie idea OF eve