The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1891-03-18

AFTER one of the longest contests in
the history of American legislation, the
venerable John NJ Palmer was last wee k
elected United States Senator from tie
State Of Illinois.
Some years ago Palmer WAS a Repub-
that the term implies He is gentle
man OF intelligence, but in his eagerness
TO secure the position he surrendered
body and soul TO the Farmers Alliance,
and has shown himself TO be the yeriest
demagogue. On the eve of his election
me thus placed himself upon the record:
Q.-Are you in favor Of the abolition
Of the national bank circulation A.
Yes
Q.-You believe that all maney should
De ISSUED and coined by the government
aud all circulation controlled by the gov
ernment? A.-Yes. As ] have stated
during the canvass, and perhaps 70 you
before. ] at one time entertained the
view that the power of the government
tocoin money was derived from the Con-
stitution and vas limited TO the mere
conversion OF the precious metals into
coin; but that in the progress oftime the
public mind had reached point that
the government was furnishing that
which served all the purposes Of mOEey.
] think stated that in 1874. took the
groand that the government should fur
nish all that was to be created as money
for public purposes
Commenting on these declarations Of
the new Senator from the great industrial
and commercial State of Illinois, the
New York Press saws:
Democrats who are Democrats in their
constitutional principles and Democrats
who are Democrats TO catch votes are
very different persons. The former kind
Of Democrat knows that the issue of all
money by the government, particularly
il il is all TO be paper money, is socialis-
tic and paternal, and that the issue Of
money by the people, organized into
voluntary associations under general
laws, like the national banking laws, is
democratic and individualistic. 1t is
enough that such issues Of currency as
the nstiosai banks have made for the
last thirty years are subject to govern
ment supervision, inspection and guaran-
tee. This guarantee is an essential ele-
snent n the soundness of this currency,
but beyond this point the more freely
the people can organize national banks
zR& issue currency the better. National
hank notes. la fact, are the best paper
Iuoney IN the world, because the good
faith Of the government guarantees their
syundness, while the wide distribution
If the sources of issue is the very thing
needed to insure supply where there is
demand, and in direct ratio to the de-
snand, since banking capital besrs such
a ratio 10 the business done and the
money wanted in community. Thus
quality. quantity and elasticity or perfect
distribution are provided for.
oCACt@t aA1sSif IN lNiAk DCiEDCfdl
ON principles, cares nothing foi the Dem
ocrstie principle OF the national bank
ing system, or for the fact that it is tie
best way to give AL the people all the
money needed for business purposes. He
deserted the Republican party in 1872
because he thought the Liberal craze
would sweep the country, and now be
again disregards sound principles because
of = popular craze with which he expects
10 see the country swept We believe
be will blander now as he did then for
you can't fool all the people all Tie
time" And if such an unreliable dema-
gOgue must 20 into the senate, to bend
the neck to every crazy brseze. We would
rather he were Democrat than Be
Rublican, for an open foe TO sound eco-
nomic principles is less dangerous enc
ms than trusted deceiver.