The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-09-20
Fun synopsls Of enc speeches.

An event in the politics OF Lyon coun-
ty was marked by the Republican mass
meeting at Bancroft Hall last Saturday
afternoon, when Col. Phillips and Sena-
tor Ingalls, marshalled the forces for the
coming campaign, and placed its issues
before the people. The various parts of
the county were well represented, and
though much disappointment was felt
because of the unavoidable absence of
Col. st. John, our people being anxious
to see and hear the future Governor, also
because of the failure of Senator Plumb
TO be present, the audience was an atten-
tive and enthusiastic one, and all felt that
the able speakers had given the Nation
als'' and the Democracy some sound ad-
vice, stubborn facts and insurmOuntable
figures. The financial question was duly
considered, while it was shown that the
old issues between the Republican and
Democratic parties were not yet Invested
of their importance, and that the pres
ent conflict was still to be fought on the
same old battle ground. Some 600 or
700 people were in the hall throughout
the meeting.
DIR. j: ]. Wright presided, and music
for the occasion was furnished by the
Knights Templar band, the members of
which; by the concord of sweet sounds
they discOursed, fully sustained their
reputation as the finest band in the west.
We have heard, especially, many CON-
mendatiOns of the first piece they rem
dered, which was attended with enthu-
siastic applause. DIR. Wright, in his
opening remarks, made reference to the
disappointment in the attendance of
speakers, and announced that Col st.
John would speak at Emporia on the
14th of October, after which he intro
duced Col. w. A Phillips, member of
Congress from the First district, of
whose remarks we attempt only an i'm
perfect synopsis:
He began by saying that he should
conf1ne his attention chiefly to one
branch of the subject at hand, viz, the
financial question. There is no ques-
ton of more importance, involving prin.
ciples so vital to society or interests SO
vast as that of finance; yet there is none
in which the boundary lines of opinion
are less clearly defined. The lines of the
conflicting armies of opinion cannot be
distinguished, and it is a practical ca.
lamity that there should be such mex.
tricable confusion of ideas on question
so vital to the welfare of individuals and
the prosperity of the State. American
| finance is an unfinished scheme, and he
thanked God that it was. If it were
not so its errors could not be corrected
or the system made perfect. Our coun.
try shall yet give the law to the finance
of the world. A confusion exists as to
the real meaning of money. All money
is fiat money-f1at money because its
value is defined by law-not determined
by its worth as a commodity. The sill
yer in our half dollars is worth z pei
cent. less than that in our silver dollar
our nickel ga little fraud whose motto
In God we Trust is piece of executive
blasphemy') has no value as a commod
ity. Paper money has the value of its
credit. Value of coin is determined not
by its commercial worth, but fixed by
law.
The speaker then gave brief review
OF the nations financial history. The
question early arose as to whether or not
the constitution authorized the issue OF
paper money. In 1891 the first United
States bank was started, with an issue OF
$40, 1000, 900, and continued for 20 years
In 1915 President Madison, while main
tanning its constitutionality, vetoed the
bill to revive its charter, on the ground
that government gave to the bank more
privileges than it received. When the
bank was again rechartered, the United
States took stock to the amount of So,
25O, 900, on which it realized profits to
the amount of 100000. The objection
to the bank was that 100000 of its
capital was owned in Europe, and Gen
eral Jackson's removal of deposits ended
the second q. S. bank. State banks grew
up under Democratic administration
these lasting until it was more profitable
to break than to remain solvent. Ever
Thos. II. Benton regretted that he had
Joined ''in putting down the United
States bank, to put up wilderness O
local banks" and said he "did not strike
Cesar to make Anthony master il
Rome" The entire currency of State
banks has been estimated at from $500,
100000 to $3.50, 900, 600, but there is re
ally no way of determining it, as thu
the banks, being under no responsibility
to any one, inflated their currency to al
unlimited extent The gold and silvel
coin at that time amounted to $3.50, 900,
900, an aggregate circulation much great
er in proportion to population and com
merce than today. When the war brok,
out, the Republican party had thu
conflict thrust upon it without money
without arms, without anything to NEE
the emergency. This was the problem
before its leaders, and legal tender mon
ey was the solution-the gift of the Re
publican party to the United States
The legal tender note is the best money
the United States ever had, and as gooC
money as she ever will have. [Applause.
At the close of the war two classes curseC
society," class of grasping aristocracy
who had bought United States bonds a
40 cents on the dollar and greedily callet
for more, and useless class of would-b
political economists, whose theories ar,
the bane of today. Some said the lega
tender note was debt-a doctrine which
is the basis of all the bOndholders' fgh
upon it. Another kind of currency il
the National Bank note, based on interest
bearing bonds, and giving greater priv
ilege to the banks than need be; which
renders it Improbable to carry on manu-
featuring and other commercial pun
suits, and increases the speculative class
Our Republican State platform ia
vors the retirement of National banl
notes and the substitution of legal ten
der notes. This involves the repeal o
the resumption law, which provides 70
the gradual substitution of legal tende
notes by national bank notes. This Law
has already accomplished the withdraw
al of fractional paper currency and tn
| substitution of subsidiary coin with sew