The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24
SOFT MONEY DELUSIOSS.
The Free Coinage Of Silver---How to
Enrich Bullion Holders at the
Expense OF the People.
National Bank Question---Some Practi-
cal COnsideratiOns--.A Scheme to
Revive Gold Gambling.


From Senator T. o. Howe's speech in the Assembly
Chamber, Madison, October ID.
said in the beginning that this new
party had no history. They are not to be
condemned for what they have done. You
must judge them upon what they say.
find their utterances are very verious, and
very incoherent and very contradictory
Speaking few nights ;,so at GAINESVILLE,
had placed in my hand he platform upon
which the Democratic and Greenback can
didate, for they are combined upon one and
the same man In that district, is made to
stand. was surprised to find that the plat
form was
MANUFACTURED AT THREE DIFFERENT
in three different shops and by three differ
ent mechanics. A portion of it was made
by the Democratic party, a portion of it
was made by the Greenoack party, and a
Large portion of it was made by the Hon.
James R. Doolittle. [Laughter.] That
platform contains propositions not only
Hatly contradictory to each other, but each
one is fatty in contradiction to all that ex-
perience has testified, and, as think, to all
which common sense teaches to-day. | do
not think that piece of patchwork is current
in this congressional district I do not
quite know what is the profession of faith
| trict. gs
| WHAT THE GREENBACKERs DEMAND.
| Recently [ cut from the Greenback organ
in this state, the Standard, of September Is,
very explicit declaration of what that new
school of statesmen demands. will read it
to you. 1t is entitled What more do you
| Want?" and it is replied:
| We will tell you what more we want. We want
Tree coinage OF silver 50 that the law shall give to
silver as fair chance as TO gold and that it shall
be imposs IDLE for John Sherman to add eight cents
to every dollar Of coined silver.
That is one thing they want-free coinage
Of silver. Why? In 1873 by a mistake, as
think, congress discontinued the coinage
| of silver. Other countries had done it
before-other countries have done it since.
The effect of this legislation was to reduce
the market price of silver bullion below the
relative price Of gold bullion. 1t must OF
necessity have had that effect. The less use
you allow to any commodity, the cheaper
it will be. When England and Germany,
and the United States had discontinued the
use of silver coin, and France was threat
ening to do so, and other European states
were threatening it, of course there was less
demand for silver, and therefore the lower
the market price. And from the very
fact that all these states continued to use
gold in the coinage of their countries, and
based their whole paper circulation upon
that metal, the use of gold was greatly en-.
HANGED and SO inevitably the market price
of gold bullion went up--and the market
price of silver bullion went down. That
was inevitable. But the fact we thought we
saw when we came to consider the question
was this-that we could not get along with
the business of the world in this broad
gauge day with metallic currency alone
do he hyci af rorlC
with paper circulation convertible into
coin of single metal-that we must have g
paper circulation, but convertible paper
circulation-and circulation such as
could be converted not into one coin, bu
into bo!h coins. The purpose, therefore, tC
which we addressed ourselves was, to rein
troduce this discarded metal into the coin
age of the United States. But we did no
mean to stop there. We meaot to do what
in US lay to induce all other countries to re
store silver to the coinage of theirrespectivt
realms. We put the statute on our books
first. We have sent commission to Europe
to urge the re-coinage of it in England, il
Germany and in France. You have withir
two weeks probably read short statemen
of the conclusions of that international con
ference, and if you have read it, you see i
stated there, that the whole conference, al
most without exception, was of the opinion
that demonetizing silver was a mistake, an6
that it was the business of every country tt
restore it to the coinage of the world jus
as fast as political complication would per
, nit it to be done. But when we put tn
) statute on our books, we found that in &C
} cordance with this hostile legislation,
5 SILVER HAD BEEN DEPRECATED
and gold appreciated. We could not tel
what would be the effect upon the marke
price of our act alone remonetizing that on,
metal But we said this: "There are enor
nous contracts for money outstanding, pay
able in the coinage which existed in 1873
We will stand by the coinage which existed
in 1873" What then should we do? Ac
| cording to the demands of this new schoo
of statesmen, we should have allowed ever,
man who had silver bullion in his possession
to bring to the mint ninety-two cents
worth, as the market then stood, have til,
, stamp of your minis put on it, and pay i
out, by force of your statute, for an ever
dollar. What was that but simply
PUTTING EIGHT PER CENT. INTO III,
POCKETS
of the bullion-holders, n m--tter whetL G
he YVES the man who raised it in Nevada OF
bought it in Germany? We thought it wa
the fairer thing, since your law was COINS
to send that coin into the market at 8
| HISuCT uOHlu NdJuC tudu Was InGn liz
market value, that if there was any profit il
that coinage, it should be made, not by the
bullion-holders, but by the people of the
United States, whose government passed the
act and whose minis were to coin the m etal
i [Applause. These gentlemen say it should
have been free, and the profits should have
; gone into the pockets of the bullion-holder
i leave the dispute for you to pass upon. II
; you are so imbued with a love for the
bullion-holder that you prefer he should
make the profit rather than make it your.
selves, stand for this first demand of the
i Greenback party. Applause
ABoLIsHING THE NATIONAL BANKS.
Il We want the national banking system abol.
ished and non Understanding treasury notes SUP
siltuted in the place of national bank notes.
4 You do. Well, let us do it just for the
fun of the thing, and see how you like it.
"The bearings of this ERE observations y
said the sage Captain Bunsby, lies in the
practical application of it," Let us make a
practical application of this measure. Let
us abolish national banks. We can do that.
An act OF congress can do that any day
when you get you congress filled up with
such men as Mr.. Tenney and Mr.. Parker,
and the men who make this demand. They
can tell the national banks to close their
doors as banks of circulation, and call in
their circulation. There is only about $685.
100000 of it. They will have to