Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-24
SOFT MONEY DELUSIONs.
The Free Coinage Of Silver---How to
Enrich Bullion Holders at the
Expense OF the People.
National Bank Question-.-Some Practi-
cal COnsiderati.as-.A Scheme to
Revive Gold Gambling.

from Senator 4. .. Howe's speech in the Assembl
Chamber, Madison, October ID.
/ said in the beginning that this new
party had no history. They are not to b.
condemned for what they have done. Yol
must judge them upon what they saw
lind their utterances are very verious, an,
very incoherent and very contradictory
| Speaking few nights ago at GAINESVILLE.
had placed in my hand he platform. upor
which the Democratic and Greenback can
didate, Tor they are combined upon one an,
! the same man IN that district is made I,
stand. l 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 il was made
by the Democratic party, a portion IS j,
was made by the Greenback party, and !
laIge portion of it was made by the Hon
James j.. Doolittle. [LalghterI Thai
platform contains propositions not OF y
| fatty 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. I Go
not think that piece of patchwork is current
In this congressional district. I do NOT
quite know what is the profession of faith
which is in vogue in this congressional dis
trict.
WHAT THE GREENBACKERs DEMAND.
Recently cut from the Greenback organ
in this state, the Standard, of September 10.
a 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
free coinage of silver that the law shall give 10
silver as fair chance IS 10 gold and that il shall
Be imposs tDls for John sherman to add eight cents
to every dollar Of coined silver.
That is one thing they want-free coinage
of silver. Way? In 1873 by 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
II 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
tho 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
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 a metallic currency alone.
nor could we do the business of the world
with paper circulation convertible into
coin OF single metal-that we must have a
| paper circulation, but convertible paper
circulation-and a circulation such as
could be converted not into one coin, but
into both coins. The purpose, therefore, to
which we addressed ourselves was, to rein
! troduce this discarded metal into The coin.
age of the United States. But we did not
mean to stop there. We meant to do what
in us lay to induce all other countries to re-
store silver to the coinage Of their irrespective
realms. We put the statute on our books
| first. We havesen a commission to Europe
to urge the re-coinage of it in England, in
| Germany and in France. You have within
two weeks probably read short statemen,
of the conclusions of that international con
ference, and if you have read it, you see il
stated there, that the whole conference, al
most without exception, was of the opinion
| that demonetizing silver was a mistake, and
that it was the business of every country te
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 The
statute on our books, we found that in &C
cordance with this hostile legislation,
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 ont
metal. But we said this: "There are enor
nous contracts for money outstanding, pay
able in the coinage which existed in 1879
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 thu
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, M natter whet,. e
| he was the man who raised il in Nevada O,
bought it in Germany? We thought it wa!
the fairer thing, since Your law was coins
| to send that coin into the market at d
| higher nominal value than was then its
market value, that if there was any profit in
that coinage, it should be made, not by the
| DuiilOn-nOluefS, DuI Dy the people OF the
| United States, whose government passed the
act and whose minis were to coin the m etal
/ GApplause.] These gentlemen say it should
have been free, and the profits should have
| gone into the pockets of the bullion-holde
leave the dispute for you to pass upon. II
you are so imbued with 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
Greenback party. [Applause
ABoLIsHING THE NATIONAL BANKS,
We want the national banking system abol.
ished and non Understanding treasury notes SUP
srituted in the place of national bank notes.
You do. Well, let us do it Just for the
fun of the thing, and see how you like it.
I" The bearings of this ere observation, !"
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 demaL They
can tell the national banks to close their
doors as banks of circulation, and call in
their circulation. There is only about 1922.
100000 of it. They will have to
call it In. Where is it? Scattered
around here. A portion of it in your
pockets, scattered around the community
How are they going to get it? Why, the
hank hold your naner for the came amount