The morning call., 1892-10-23
SOUNDING THE KEYNOTE.
Senator Sherman Speaks on the Financial
Questions Of tho Hour.
4 Vigorous DenuntatOn Of the Democratic Wild.
cat Money Doetrine-Reed Of Maine on
the Tariff Question.
Special to THE MORNING CALL.

CHICAGO, Oct. 22.-The largest Republi-
can meeting of the campaign in this city
was held tonight in Central Music Hall.
and was attended by over 0,000 leading Re-
puolicans CT Chicago and the State of ILL.,
nois. Many hundreds were turned away.
The meeting was held under the auspices of
the Republican bankers and merchants of
this city.
The chairman OF the evening was Henry
W. King and his brief. speech in accepting
the gavel was the keynote of the evening.
He said the business men Of the West had
been struck with dismay at the financial
plank Of the last Democratic platform
which, by demanding the repeal OF the 10
per cent Federal tax on State bank issues,
proposed to return to wildcat and red-dog
currency of thirty years ago, that wrecked
the finances Of the nation.
He then introduced Senator John Sher-
man, who spoke at great length on the
questions of the national currency, silver,
tariff and reciprocity. He said, In part:
The national bank system has been 60
successful that no man lives who ever lost
a single dollar by national bank note.
He contrasted this with the statement Of
the conditions existing before the war;
They tell us" said he, 'they want more
money. Suppose the Government of the
United States should issue $780, 10000 of
notes. whom would they pay those notes to?
How can any of you get any OF that money
unless you do something or sell something
TO the Government, unless you do some
work or perform some labor? The poor
man who needs more money would not get
his share, but the people who hold Govern
ment bonds, Government contractors, etc.,
would get the increased value.
I'm former times the greatest circulation
of bank notes at one time was about two or
three hundred million dollars. And yet
to-day there lis S1,132, 100000 OF paper
money in active circulation. One
would think that was enough; 1t is more
than ever existed before in the history of
the country. and when we remember that
95 per cent and in the city of Chicago 81
per cent Of all payments are made in
checks and other commercial paper.
1t shows that money Is only used in
the ordinary way by people for
marketing and the smaller transactions
of life. Let the banks break; who cares?
The money is good, because the security is
In the hands of the Government. Every
dollar Of this money is safe. And now this
Democratic party. which for thirty years
has done nothing but oppose the action Of
the Republican party, comes ln and demands
the restoration of bad money. That is the
condition before us.
Mr.. Springer OF Illinois says the reason
they put this little plank in the Democratic
platform was that some of their brethren In
the South wanted chance to issue paper
money of their own. In other words, the
Southern demand Is made and the
Democratic party knuckles down at
once and cries, Eyes. yes" Mr..
Springer does not exactly believe 10
wildcat money himself. He don't see how
1t will circulate unless supported In some
way. He would make some provision In
Congress. but Congress has not the
power to change the laws OF
State Mr.. Springer further said: ut Is
sometimes said we must provide other
forms OF banking because the national
banks will 60 out of existence some time.
That may be as the national debt Is
paid off, as no bank can be organ
lied except upon deposit OF
Unites States bonds. Some other form
of security may be devised. but 1t Is dim-
cult now to pass upon that question. 40
not think the people of the United states
will ever consent to accept any security
from any form of bank except the security
which is highest In our land-the security
of 65. .o0o, 900 of the freest people God ever
made" [Great applause.l
The Senator also referred to the silver
question. saying: "There is $4,000, 100000
worth of silver now IN sight and S1S5. .000, 900
more per year is baing produced, and yet
the wild, crazy proposition is made that the
people of the United States shall enter the
market and pay 81 for every &c worth OF
all the silver that may be imported or
thrown into the country,
''The inevitable effect will be at once to
demonetize gold and reduce us to single
silver standard with the result that debts
will be cut off one-third. Nothing proposed
has struck me so hard and severe as this
most Internal proposition TO open our doors
to the free purchase Of silver.
Tho silver miners have no righi to de-
mand Of US or to attempt 10 force the Gov