Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1892-11-02

money issued by the local authorities. In
the old colonies before the revolutionary
war, they had all kinds OF paper money;
the pound sterling of England and the
shilling or England was the basis of their
money, but it varied IN value in every
state nom 10 cents up TO "A cents. In
some cases they didn't even have ShIllingS.
Their money was tobacco or some other
kino of product. A hogSnead of tobacco
would count for so many pounds sterling.
The result was in the old colonies they
had no commerce, no trade, no manufaCt-
ureS. They dealt III barter entirely,
and the money that was issued by the col
OnieS became absolutely worthless.
have q specimen In my pocket, upon
which is printed its worth, and yet it
was not worth anything. That kind
of money which was in vogue before the
revolutionary war. encountered the Op-
position Of all the trainers OF the Ameri-
can constitution, and they endeavOred to
get nd OF it; and therefore the constitution
declared that no state should make any
thing but gold and silver tender in pay
ment OF debt. | can read to you from
great laWy CrS of the time, from Storey on
the Constitution, from Mr.. Wilson OF
Pennsylvania, from Roger Sherman Of
Connecticut, and many other men OF those
times; from James Madison, and show
you that they intended to put a stop for
ever to that state paper money; but. my
cOuntrymen. they did not accomplish their
object. On the other hand, they gave to
Congress the power over money. They
gave Congress the power to regulate its
value: the power 10 borrow money. and
make it a legal tender in payment OF
debts. For a time this last proposition
was doubted. but now it is settled attirma-
lively by TIE supreme court Of the United
States. Now Congress is fully armed with
power. not only to coin money and regu-
late its value. but TO issue bills of credit III
w nj
rowing money and other powers granted
by the constitution. In that way, Congress
now has for twenty years provided all
the paper money in circulation all
over the cOuntry-clearly constitutional
and proper act. and that paper money is
the power and life of So 900 OF the
freeSt people that exist on the face OF the
globe. But, my cOuntrymen, Congress
from time to time failed to exercise It's
power. In the early days of the govern
ment one party claimed authority to eStab-
liSh a national bank. = nd it was finally
adopted and agreed to. We had anatlOnal
bank for twenty years that issued money
intended to circulate IN this country. But
the popular mind was against the national
bank of the United STATES. The people
afraid to trust this great power OF issuing
money to q corporation even OF their own
creation: therefore. at the expiration OF
twenty years it died out and disappeared
Again III order 60 have some kind OF ma
tiOnal money they again chartered an
other national bank, ana that encountered
the hostility of Andrew Jackson and |
think very properly.
Jackson and his party we've opposed to
this kind of money, or to the transfer OF
this power from the treasury OF the United
States TO any corporation whatever, and
that bank disappeared. The result of this
failure by Congress to have any form OF
paper money gave rise to the state banks.
10 l0N q Two
the bottom Of all the mischief that | know
Of laughter said that although the state
could not issue this money the state might
authorize corporation to issue the money,
and upon that plausible plea, which |
think was without sense or foundation,
state after state decided to issue this form
Of paper money, authorize corporation to
issue money III anyfOrm: red dog, wildcat,
bObtail, every other kind of money In the
world. What was that kind of
money? Young fellows don't krDCw.
Tney meyer fGe ev saw Of T. it. They 00mE T
countrymen, those who lived before the
war of the rebellion know that this money
was the greatest evilthat could be fastened
upon the people: worse than Old SlnbGd
the Sailor, who car1Sed the Old Man Of the
Sea on his back. The result was IRE,
fraud, defaleatlon, bankruptcy, 50 in
and year out. Tha5 money was 49,. by
the different states in various forms, OF
every kind and of every value. In Michi-
gan they called it the wildcat because
there were more wildcats up there than
there was good money. Laughter
Democratic party Or old times denounced
this money In unmeaSured terms Thomas
Jefferson declared when these banks
failed after the war of 1872, that it was the
act of Divine Providence that destroyed
these banks, that Oaght to have been de-
StrOy3d before.
| have here the language in which that
great apostle Of the old Republican party,
not the modern Democracy, denounced
this paper money in the most unmeaSured
terms, and said that it was O. wise circum-
stance that destroyed these banks so that
tiOnal government to issue treasury notes
as money for the people. Andrew Jack
son, whom some of the Democrats profess
TO admire SO much denounced it and SWOre
at 1t, because he always Swore when he
got angry, and he expressed his honest
sentiments when he SWOre. He denounced
the issue OF this paper money and tried in
every way to get rid of it. Some kind OF
paper money was necessary, SO that finally
the Democratic party, in the last days OF
its greatness, the last act of the Demo
cratic party that is worthy to be recorded
III the history Of our nation, passed
what is called the independent treas
ury act, by which all officers of
the United States were forbidden to
take that kind of paper money. They
were forbidden to receive it. They were
| to take nothing but treasury notes or gold
and silver, and they excluded it therefore
from circulation and condemned it, and
| that was the last acG worthy of the name of
the Democratic party. 1t drifted into the
power of slavery 1t became impregnat-
ed, sUbordmated, Redeylled with slavery.
IL had even given uplts name, the honored
mn of hi ah tTnX
eminent Of the people. 1t should have Civ
en- up that name and have taken It's
tue name of the Confederate Democracy
of the United States of America.
Why, my countrymen, | will read you
what Daniel Webster said about this kind