Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1880-10-28


good money? Because the idea that
prevailed in the Democratic party was
that congress had no power to authorize
the issuance of national money. 1t was
''AGIN THE RESOLUTION OF '9S.
And there the doctrine of state rights
came in.
But when the Republican party came
into power we devised national money.
We gave you first the United States
notes, which are the promises of the
United States to pay money and nothing
more. 1t was not money in the true
sense, but it was a promise to pay
money. 1t was the best thing we could
do then; we were in the midst of the
war; Gold and silver had practically
been driven out of the country. Wesub
stituted these United States notes for
other forms of money, and with that
money we paid our soldiers. We pur-
chased our supplies, we carried on the
operations of the war. We were COM
PEELED to do a great many things under
the strain of war that we probably would
not do at other times. The patriotic
feeling of the country was aroused. l
will tell you now what l wouldn't have
liked to have told you then, that if it had
been necessary L would have voted to
have taken the last shirt off your backs
in order to have sustained the "boys in
blue.
When we issued this form of national
money the Democrats opposed it. They
said it was "agin the resolution of '9S.
The national congress had no right to
issue that money; and some of their lead
ing men said the money would go out
with the stamp of Cain on its brow. And
they said the time would come when
greenbacks could be bought by the cord.
We all would like to have small portion
of cord, know. Laughter We did
the best we could. We improvised this
national money. Then the next question
came up: How were we to get rid of
the state bank money? We couldn't
pay the soldiers with it because they
couldn't use it. Outside of its own state
it was good for nothing. Our device
was this: We levied tax of ten per
cent. on state bank circulation, payable
every year. Now, these "wild cat +"
banks couldn't stand that kind of taxa
ton. The result was they retired and
gave up their franchises. Some of them
broke, some of them 'swent up the
spout" some of them went into the ma
tional banks and got out of the way.
We had to supply some substitute for
this money, aud after a year or
two of discussion the national
bank system was effected. That,
1 think, was the best system
that ever was devised by man. What
was that system? ANYBODY might meet
and form an association of five persons.
they might then issue their notes, printed
by the government of the United States.
l said that as a substitute for the state
banks, congress had provided a system
of national banks by which any five
persons might form themselves into an
association and receive authority to issue
bills in the form of paper money; but
every dollar issued had to be secured bv
deposit of bonds in the treasury of the
United States, SO that under this system
OF national banks it was not possible to
lose any money; and if any one in this
vast audience has ever lost a single dol
larbyanational bank note, if he will bring
1t to me L will redeem it. Applause. |
have a 500 gold piece in my pocket
that L have been carrying for three
weeks offering it to masses of men trying
to find some bank bills to redeem.
My countrymen, the Republican party
furnished the bank system which has
enabled you for thirteen years 10 have
the best form of paper bank money that
ever was devised,
WITHOUT THE LOSS OF A SINGLE CENT
to any mortal man. Applause. Why
is that? Because every dollar of this
money is secured by United States
bonds. We returned dollar and ten
cents for every dollar issued of this
money. Not only that, we guarded
against counterfeiting so successfully that
it is impossible that the counterfeiter
can put his blu in circulation before it
is found out, and then it is stamped, and
the plate which is counterfeited is can
celed, SO there is scarcely any chance to
counterfeit money of the national banks.
Not only that, you do not care where
the bank is, or whether the bill is found
In Salem, Mass, or Oregon. 1t is
equally good. You know it is secured
by bonds deposited with Uncle Sam.
Applause. and therefore you take it
without fear. Why is it that the Re
publican party advised this system of
paper money; why didn't the Democrats
do it! Because it was 'agin the resolu-
ton of 98.' Applause. We say it is
not agin the constitution, and the Su-
preme court has SO decided over and
over again. One of the dangers that
the people in the north do not fear, be-
cause they do not know about
it-but tell you as sure as fate-ls that
if there should be Democratic congress.
and Democratic president, that bill
levying a tax on state banks will be re-
pealed, and then they will be reorgan-
lied again to create this hopper bank
paper, which will eventually crowd out
of circulation the national bank paper
money. why is it, you might say,
&c Mr.. Sherman" This is tie reason:
1t is law of finance as inevitable as the
law of gravitation which gravitates the
apple from the tree to the ground, that
inferior money always fills the channels
of circulation, Ii you received three or
four bills and one is little ragged, you
will always give off the ragged bills first,
unless you are more honest people than
we IN Ohio T,a11obfa,. I Tf ,-n,, e.o4