Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-06-12
FINANCIAL FUlMBLERS
SO-CALLED "HONEST MONEY! rs.
'ABSOLUTE MONEY.n
Disciples Of the Former Meet In Milwaukee
to Denounce the Latter--The AbsolutIsts
Charged with Communicate and Treason
able Designs--Pfrate Sherman Revamps
His Screei in Letter to the So
Called honest Fellows.

MILWAUKEE, Wis, June 11.-Representatives
of the honest money league of the Northwest,
non-partisan association. held a meeting at
the Newhall house, this city, to-day. The OBJ
ject was to promote the organization of local
support of specie resumption and permanent
system of redeemable currency, and to resist
the growth of the absolute money theory.
Remarks we're made by Geo. W. Allen, presi.
dent Of the league, NJ. L. Scudder, Jr., and
TIL las NJ. Nichols, Of Chicago, and others.
Letters were read from Hon. John Sherman,
secretary of the treasury, Hon. w. S. Groes-
beck, Cincinnati, and j. L. Worth, president OF
the Park bank, New York, expressing cordial
sympathy with the movement and regret at not
being able to be present.
The following appeal to the believers in
"honest money was directed to be issued: In
view of the alarming increase of the sentiment
in favor of absolute paper money throughout
the country, the honest money league of the
Northwest appeals to the friends of sound re.
deemable currency, to organize at once in their
respective communities to resist the further
growth of sentiment which SO seriously
threatens the business and the prosperity of the
country. The most persistent agitation is kept
up. and nearly four thousand clubs are organ.
lied in favor of absolute money to be a full
the adoption of which would be re-
pudiation of public debts and robbery 81
private creditors, and would destroy trade and
starve labor. Yet snch system is advocated
in the pretended interests Of labor, and labor
ers are urged to arm and drill, and be prepared
for insurrection in case such a system is no,
adopted. The honest money league viii
furnish specimens of the inHammable com.
munistic and reasonable documents that are
being circulated among these clubs in verihca
ton of their dangerous and reasonable char
acter. 1t will also furnish on application in
structions and documents to such persons as
desire to cooperate with it in the organization
of local leagues.
Address, Honest Money League, Chicago
Illinois,
PIRATE SHERMAN.
The following is the letter from Secretary
Sherman:
TREASURY DEPARTMENT WASHINGTON, June
9Th, 1S7s:-DEAR SIR: Your lette
me to attend the general meeting
honest money ieugue, to be held at milwaukee,
on the 18th inst, is received. It is nantes
that my public duties will not permit me t.
leave this city at that time, or should be glae
to join with you in the effort you are making
to secure to the people of the United States
honest money, by which mean United States
uOteS, OF udIlOl1sLI Dduh lOUeS. cONVerClDl
at the will of the holder int,
gold and silver coin. For now sixtee1
years we have had money which lacked the es
sential ingredient of being equal in purchasing
power to coin, varying in value from 40 cent
on the dollar to near par. We have nov
reached a time when we can hope that GU
paper money can be maintained at par will
coin, and thus secure an honest money equal il
value to the money of the civilized world
Under the law as it now stands we undertake
| to maintain in circulation greater amount o
government notes, at par with coin, than an,
| nation has attempted before. The law ais
provides for the issue and circulation of a
| many bank notes secured by United State
bonds any company or association
! md to secure the maintenance of it at par wit
| United States notes. The largest amount o
paper money that has the indispensable pre-
| requisite of redemption in coin can now be Gil
;nlated and besides our country is producing
annually about eighty million dollars in gol
| ind silver bullion. Surely this result, so anx
| ously sought by the most Intelligent states
men and business men of our and other times
| should not be endangered by adopting an,
| wild theories about irredeemable paper none
without fixed standard value. Yet it is t.
oppose and defeat such schemes that
becomes necessary that your organization o
those in favor of good money should be encou1
ageu ana supported Dy Ine WnOle business an
| industrial classes of the community.
| All who are in favor of greenbacks supple
mented by bank notes, amply issued under
general law to all who will comply with it
conditions, should unite with us in maintain
| ing system which if successful will furnis
| the best currency that has ever existed in an
country. Very truly yours,
! JOHN SHERMAN
To NJ L. scudder, Jr., Esq, Chairman Homes
Money League Chicago III