New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-11

as Hnt he di:msses 1t to the idle wind He
rnsfs contempt upon that part of the platform: lie
9ygs I o tho marty which put him in nomination
%cnidnt occupy that position for all the pFe'aehc'eS
or kingdoms OF the earth. (AppauseI
Mr. sherman put into these words such vlgor'
dionitv and earnestness that the audience made
The walls Of Cooper Union ring again and again
,,ith annlause. 1t was some time before he could
nroceed. but finally managed TO continue as fol-
lows: .,.
There Is one more question that want to speak lh
20 Won about and that Is this idea contained III 'le
~, ~ ~ cimnIe ulanl Of the Democratic PLATFORM SO
nil and apparently harmless Will read II 10
5ou It Is only two lEes long ,u,,o., n nor cent
I'VE recommend that the prohlbNory ~ per cent
rax on State bank issues be repealed"
THE STATE BANK TAX.
weu now. that Is very simple. Ten per cent Is
pretty high the good honest farmer would say, On
ANYTHING Why do you tax those banks on their
circuationl 1t would seem to be right to repeal IL
or put down cent A. my .,o en
that was put there not 10 compel tneii ~ p ~
money into the Treasury OF the united STATES pu' T..
emf The throat of this whole system of state bank car
cuiaton that existed before the war. !Appiause o
II Is IL new question to young voters. put IL 10 hoe
Il new one to us old fellows. tLaughter) tooh
my share in putting that law on the statute pP BOOKS
and Intend now to explain 1t. 1t was put there
10 get rid OF statebank paper money. ,-.. -, ,,,s
Now, my countrymen, what Is the history Oh 'I nus
British Government, We had the most HETEROGENEOUS
kind of paper money that ever tobSc"n
4 hogshpad of tobacco went for 50 much. Ihat was
the currency OF the country ior every one vi led
colonies The shilling OF England had been aDDreVm,.u
more or less In some cases il was worth 10 cents.
What was called the PENNSYLVANIA shilling was worth
sixteen cents The York shilllng-that wasn't worth
ANYTHING was it? Yes, It was worth twelve and u
half cents, because the York people wanted 10 get
That was the condition when the great men who
framed our constitution met together to consider this
question. And they intended to cut Up by the roofs hns
Inserted provision in the Constitution mat no
s snd or S silver ieI"G Ics tender Now that was sup
posed to BE- the end to cut OIL the system cnuciy
from the state, leaving to Congress the power to
regulate the currency, to coin money and 50 on.
hui that was not the result ! could prove to you
if You were iurymenI could prove 70 you by TN, tine
testimony Of the ablest men who framed the con,
sutution that that was their HDIect. p eou s Ieu
man. Of Connecticut; from story, on the S2n s
tom; from the writings Of Jefferson ana MADISON.
and show you BY the weight Of authority what the
trainers Of the Constitution thought when they pro
hIblted the states from Issuing bills of credit They
thought they had put an end to 1t.
STARTING PAPER MONEY.
But lawyers conceived the idea Of having corpora
tons do it. They held that the state might authorize
corporatlons to do what the state could not do
Itself And that is the way this paper money came
into existence. Congress invested with full power
to coin money! to regulate value and with fun power
10 borrow money TO any extent OF any man lneIe'
upon it WAS Invested Incidentally with the power 10
issue notes and bills OF credit and securities to
secure the money they had borrowed. That was mp
posed to Imply that power was conferred 70 e,aDh'm
bcs" notes could be made a legal tender but he
supreme Court Of the United states has repeatedly
decided that Congress has power not only 10 CON
money and regulate ts value, but to issue bllis OF
credit and maze the'n legal tender IN payment Oh
debts: 80 that the National authority was July en-
powered to this which the States were forbidden 10
do But rs the National Government did not provide
National currency the states gradually adopted TINS
mode Of chartering state banks.
Why did not the Nation do il II was because on"
marty favored a National baDk and had thea "n
pertinent with National banks that wa1 not -
People dld not believe in that concentrate
and Therefore although it might have w.
tanned ~ constitutional, their two Matt
during The War OF sI2. according TO a recon
Of Thomas Jefferson. they issued Treasury
irv notes 50, In 1850 when Jimmy buchanan
was about TO retire he had left the Treasury 50 bare
y"n what jefferson said about such banks because
Alter the banks failed after the War Of 1872;
Congress may borrow OF the people and with.
n a competent clrcuatlon"-he careful to put
hat in~by merely issuing their own prolmTils,0ry
Jefferson the apostle Of the Democracy, opposed TO
these hanhs. As was The DcmocTauc ior as ISL. II was
was General Jackson. Jackson used TO call their
currency bank rags And then they passed NE NE
United states Govefnm'nt rec@yns any o,T r,nN
salaries IN gold and silver and Treasury notes. and FOR
hidden 10 use any money issued BY State banks. how
ever strong AMI powerful 10 take II FOR w" toy
eminent Of The United States.
DANIEL wEDsIER'S DECLAIAr:oN.
Here Is another extract. far more eloquent thh
ANYTHING | can say 10 you. II IS from great nlN
probably the greatest that ever appeared IN tue
American Ornament. and that was Daniel webster
a sound currency IS an ESSENTIAL !i,rr. alt & ore
=, ~, rr.,f,.t evils OF all the cOntrlNaIcS
for cheating the laborins classes OF mankind none las
been more cn'ctul than thAt Wnlon "',n .u.,,,i in
Alth paper money. That + the most ehertial III
ycnt.on To- fcr,ililc TIE rich mans field by the Swat
tittlc up,n "a community compared with the robhrieS
committed ly deprecated paper ~
Yet NY ooIatlN men. a. tn }'1I, - .h' I ~,
cratic party proposes 20 r,in,t't" t> very Nin ol
paper money that Jefferson Denounced, that J&H,oni
,worc about. ard that the Government Of the ult't
state, refused To receive for any purpose. am 'l'l
WEBSTER declared va, the best contiyancc to chat me
mborilg men Of our COUNTRY. mat Is Wlat inc
Democratic party proposes 10 do. nod pity item.
HOW IT USED To BE.
| have had some lituc experience At that business
M, eli / never banker aud nrvei HAD ahs "'hS
., do with the issuing of this Kind of paper money
but n, a young lawyer wa ACCUSTOMED To iandlls
for the benefit OF my chcut-. Many 'lm' ny
uaM 10 per cent prcmium-or discount II was. atheI
! Lnv, sold ohio State bank paper MONEY tnd ala -
per cent premium Tor draft on Newlo'N T. remit
Prior To the war there never was bank west OF
New Yorl. whose paper wa, not at Discount OF ~
Least per fr IN NJ I 9d c ncop G from whoa he
came without being shaved three times 0i th' wy,
And what Kind OF PAPER money , waS LILY different
Si,tr, 1h"r, was no similarity In color. some OF II
was called red dog. because II was printd ~ req INK
blood bloody shirt. suppose. Anolh" WI, WILDCAT
. In Niclignn he, ,.l,c they had NOR, wildcats up
there than good me ncy. unushtrrl Wien m "lt
farmer solid a load OF wheat In our cointn ara 90,
Ms $50 ar $50 for H. M c>alnucd his bis lie looked
FIRST M The, counterfeit dctcor before ne rad verse
in the Sew Testament. did be not largiirr., I"rn
lie dIotnd bad dreams for fear the bank would break
before morning. UaughtcrJ
SITUATION or THE w>E
When We came to deal with the war. III, first Thing
that stood In our path WAS this paper Money. re-
member in Iuly 1851. when Mr.. Chase camcnnd told rs
be- must have many millions al dollar, vita which
To- pay the soldier. Lincoln. brave ID Lincoln
| oapplauso had called out $1,000 sodisS and the
Soldier, had responded to his call, but when They
came to Washington or TO the field Of coaest there
was no money with which 10 pay th,m. Their
families must live. What could be- done The first
! Thing We did. ~ a makcshft. WIS to issue
$50 900. 900 of demand notes. We got ui Vou