The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-10-25

crnt IN ali Indiana, whether In 1861 he wore tho
II he couldf 1t built our continental railways,
gave every man a free homestead who would
occupy 10, first developed and then admitted our
States What act in that whole benefcient
constructive record would any Democrat in In
dams to-day undo II he c0uldl Every step tie
Democracy of Indiana. in whole or IN large part
Joys: approves I'm It's secret heart. and thanks
God for. Well may tho Republican party. as It
reyives the inspiring story. recall the Scrpturai
beatitude, "Thine enemy shall praise thee In the
gates"
them for having had the courage, for once, 10
tell Us exactly what they mean.
on THE CURRENCY QUESTION.
They say, and they mean. that they would de-
stroy the best currency this country ever bad
the national bank notes. and substitute the
worst, the State bank notes and shinplasters
That scheme they distinctly embodied In their
platform when they demanded the repeal OF the
. 1o-per-cent. tax on State banks. l beg 10 call
your special attention TO the fact that there was
nobody In the national Democratic convention
TO resist that m0nstrous proposition Even the
Democratic hatred OF the Mckinley tariff was
not strong enough t. silence a considerable but
4 powerless minority. when the promise TO repeal
ic was Overwhelmingly carried. But the pro-
posel TO destroy the national DanK currency Dy
(. withdrawing the prohibtory tax on the inferior
notes, was not opposed at al, was adopted with
practical unanimity by that highest Democratic
Democratic policy. 1t the undisputed. unques-
toned. boldly advanced purpose OF the Democrat
&c party 10 drive out the national bank notes by
bringing back the wildcat currency with which,
thirty years ago, Indiana had so sad an acquaint-
ance.
But some men say eve shan't have the Wild
cat money The Democrats only propose to re-
peal the 10-pcr-cent tax which drove ft 0ut We
shall not pass State laws TO revive it." DO yon
What Is there, the day that tax Is withdrawn. to
prevent dozen banks Of issue from starting
into being again under your noses. Ike so many
the iustant the lid is taken Off
And if in any state the old laws have Fortunate
ly been repealed. what Is there to prevent
party that Is strong enough 10 take off the tax
from being strong enough to revive the lawsl
What is the matter with the present national
m D OF ofy you Si eTr HaTe
count on 1t. II you kept it in the house over
night or get shaved by noreohanger on 1t
every time y0u crossed the State lnel
:. How was il with the old currency which the
Republican party blessed this country by taxing
out or existencei There Is no man here who has
reached my time OF life who cannot remember
how he was robbed by IL. To take trifing in
stance out OF a considerable personal experience.
remember receiving an Indiana one-doliar bill
once. ia Cincinnati, when got nv weeks salary
That note, at that time, represented just one
fifth o. my weeks earnings, kept foyer night
and the next day the bank broke. Mr.. Chair
man, my loss ON that one Indiana one-dollar
wildcat bill was blk one 20 me then. but 1t will
look bigger now in the light of the statement
am about to make. Ny loss on that bill was one
Hundred times greater than all the losses by all
the citizens OF ali the United states on all the
notes of all the national banks, solvent or broken
In all the thirty years that have elapsed since the
national banking currency was first Issued
wbyi Because national bank cannot Issue Its
notes till an adequate anc ample security is de-
posted In the national treasury. IL u Is solvent
It pays Its own notes on demand: III IL breaks
the government pays them out OF the yalues de-
posited with II for that purpose.
Let me 20 step further with reference to this
financial World of August lsst as authority for
the statement that outside the question OF cur
rency altogether and with reference 10 the other
features or q general banking business the losses
10 the people OF the United States through fail
ures OF State banks, private banks aud brokers
the total losses of all the creditors OF oil the
tional banks throughout the whole thirty years
of their existence.
TROUBLES or WILDCAT" MONEY.
But let US return to our wildcat money. which
the Democratic convention wishes to revive. DO
not delude yourselves with the idea that the
Democrats succeed you will rot have IL. It VIII
spring out OF the ground like toad-stools after
shower wherever the State laws permitting it
stand.
Do not delude yourselves with the other idea
that IL will not trouble you II you do permit
ifs issue yourselves. The men who carried It
through the Democratic convention mean to
have ft In their states anyway. There Is no pos
sible quarantine against poor money, legally Is
sued; and no possible way OF keeping 1t from
driving out the good money. why. In the old
times the wildcat bankers OF some remote state
would send out lots OF 1000 or SIC, 900 OF their
bills by travelling buyers OF produce or other
wise, and allow them premium OF 10 cents on
the dollar for getting 1t into circulation just as
far away from home as possible.
Who loses the of it, II It's thus revivedf Not
!; my fingers have been burnt by 1t often enough.
and would wake n bank cashier out OF bed 10
make him take IL at any discount. rather than run
the risk OF holding IL over night. You wouldn't
lose ON II. Mr.. Chairman. You would know and
get the discount before you took the BILL and You
would be precious careful not to hoard IT, The
active business men, tue people who are always
moving about. always reading the daily papers
minutes OF bank. would be annoyed
and bedeyiled perpetually by it. hut
Every man of them would have his banE-note
reporter at his elbows as OF old; would watch the
the latest reports OF counterfei,s from his bank.
would make a minute study OF every bill before
he took IL. and. If IN doubt, would delay the
transaction Till he cohld lind ont what his bank
said about IL. All this. To those OF you who
were doing business as before 1860. is as famil-
iar as household words. Finally. il he took it.
bank-note reporter would justify; II he paid ir
ont. might watch his chance and try TO pass it
at par Haven't you seen that hundreds or finest
Do you think when the farmer or mechanic
came to town 10 trade. and a little change would
be coming to him. he would get In national bank
notes or IN Wildcat suppose you had the two
kinds of notes in your own pocket, and were go
1ne TO give somebody dollar. which would you
hand out-the one everybody would be glad TO
keep. or the one everybody was trying to get
rid of
Familiarity stated, that is the well-known fnan-
cinl law. now recognized the world over. that
the poorer currency alv avs drives ont the better
You can't have the national bank currency and
the State bank currency both There Is not n
competent nnancier who believes otherwise, and
the financial history OF the world proves IL.
The good money is boarded; the poor money is
Dhoved along. And who Is the man upon whom
II Is apt TO be showed at lastf Who but the hard
working farmer. or Mechanic or laborer. too busy
to watch the bank note reporters. or TO be run
n n IN inns ho aEa
put dollari A polluted currency is the labor
ing mans worst misfortune, and the
party that tries 10 introduce 10 Is lis
most dangerous enemy. But do not for
get, beg OF you, that II you let IL in. it
murable-the poor money always drives out the
good Indiana IL familiar with this wild cat
money to her cost. This was OF tts fnvorite
hunting grounds You and your fathers have
known it web and sadly. Tho Democratic party
invites you TO renew the acquaintance Do you
wish tot II not you have an urgent duty To do
and but two weeks to do II in.
INDIANA's FIRST ADMINISTRATIONS
Mr.. Chairman. am talking too long. Let me
add but one point more. The first national ad-
ministration Indiana has had has as clean and
honorable a record and considering the times In
which II FELL record as distinguished rs any In
the country's history The first Indiana Presi-
dent has brought fresh distinction to q name con-
spicuous IA his country's annals for more than a
century; and has shed fresh honor upon
and as ambitious for her future as any
In the whole glittering galaxy. The story of the
administration Is known and read OF all men; the
people accept IL, the world recognizes its sue
else IT, Every man knows that the country is
doing we'll. and Ia In safe hands. But everybody