The Indianapolis journal., 1892-11-04

that the growth of this great city and her
industrial wealth has been due to the pro-
rective policy originated by the
old Wbig party. lApplanse. We might
as well understand that we can't
buy goods abroad and have employment ct
home for our workngmen. We cannot
buy them abroad and have them made at
home. Ii we do the foreigners have our
market. which we should have. If we have
not EN- ploymenb st home We cannot long
buy goods abroad. IL the foreign nations
want free-trade with rs we will give it 10
them when they pay their laborers much
as We do. and not until then" Applause.
This evening. at Music Hall, Governor
Mckinley was greeted by an enthusiastic
audience which taxed the capacity OF that
building To the utmost. he began his
speech by commenting on the plank of the
Democratic platform favoring the repeal CT
the 10 percent tax on State bank circuia-
tion. Many of his hearers. he presumed.
had never seen that kind or money, INT
there were many old men present who
knew what it was. lie said he could give
an idea of the character of wildcat money
by quoting from a speech made at Mount
Vernon. o.. in 1860. by General Garfield. In
the course of that speech General Garfield
said:
Examine a banknote reporter for 1s62-63 and
consider the mass OF trash there set down as the
1862. the circulation OF bank paper in tho loyal
States was S167. 100000. The State securities
for this amount were only 4o,O0O,OO0, leaving
over $120,000,000 inadequately secured In
only nine of the States did the law require the
circulation 10 be secured by state bonds. In the
state of Illinois from 1851 to 1868 the failure OF
per RANGED from 50 per cent. to 100
per cent. below par OF the $l2.-
100000 of bank circulation in Illinois
sides the indirect loss of many millions more
by arrangement of business and ruin to private
interests. OF ten suspended banks in Minnesota
na N IA w rada mad an n - a
thar 30 cerfts on the dollar. OF thirty-sx broken
banks OF Wisconsin only sixredeemed their notes
as early as 1860 the official report of only
eighteen States showed l47 banks broken, 234
closed, and 131 worthless, Such was the condi-
ton or 512 banks, the whole number IN those
states being l,23l.
Continuing General Garfield had shown
that there were in existence at that time
over 5000 varieties of nlternated notes.
1.1Co varieties of spurious notes. and over
SEQ varieties OF limitations. and counter
feiters did thriving business. Next, he
currency was subject TO violent contrac-
tions and expansions. The circulation had
increased from Sy5, 0O0000 In 1884 to Sl49,-
0O0,0O0 Tin 1881. In 1s41 il was down TO
S107, ,00O. 600: the next year 1t was but
S59, ,OO0. 900; In 1867 it was to S215. .000. .o00
and on Jan. ]. 1858. it was but Sl35, COO. coo.
General Garfield had asked who could be
surprised that the periods named were
marked by terrible financial disasters.
which made industry and wealth be
the sport of chance In every such crisls,
he said, the laboring classes were the
greatest sufferers. General Garfield had
declared that, from 1859 to 1S4l. 395 banks
had become insolyent, causing losses to
the government and people of the United
States amounting e to 1866. 451, ,497. The quo
tation concluded as follows:
Startling as these figures are they fall far
short of exhibiting the magnitude OF the losses
occasioned by this system The losses Occa-
were as follows: On bank circulation and de-
posits, $54 OO0,0 900; bank capital failed and de-
preciated $24s, ,000, ,O00 State stock deprecated,
Sl00.000,000: corporation stock deprecated,
$S0.O0o, 900; real estate deprecated. 100000
600. making a total OF 100000.
Governor Mckinley also quoted from q
speech made by Daniel Webster in Boston
In 1S4S, much on the same line as that Of
General Garfield. The Governor next took
ND the tariff question. discussing it in about
the same way be has handled the subject
in the East. He was once interru pied by a
man who wanted to know about Home
stead. The Governor responded by saying
that there had always been strikes. both
In free-trade and protection countries, and
statistics would show that there were far
moro strikes and lockouts in free-trade
England than In America. He closed by
paying q tribute TO President Harrison and
his admin ietration, especially to his foreign
policy. Tonight Governor Mckinley was
given a reception at the Union Club.