Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-04
THE CLOSING TALKS
And Rallies of the Campaign Enter
tanning Throngs Everywhere.
M'KINLEY AFTER WILD-CATTERS.
Tammany Fall Once More Indorses the
Democratic Candidates.
BIG REPUBLICAN MEETING IN INDIANA

CLEVELAND, Nov. a-Governor McKin-
ley addressed a noon meeting of Republi-
cans here to-day and told the great crowd
that the outlook in New York was cheering
and that they would win next Tuesday. He
then said it was their duty to take care of
Ohio and not send free trader to Congress
from Cuyahoga After making strong
tariff argument, he excused himself by say
ing that he was to make a speech in the
evening at Music Hall. At an early hour
tonight a vast throng assembled at the
hall. Governor Mckinley opened with a
vigorous arraignment Of the wildcat cur
rency plank of the Democratic platform.
He said he could give an idea of the char
acter of wildcat money by quoting from
speech made at Mt. Vernon, O., in 1869 by
General Garfield. In the course of that
speech General Garfield said:
Examine Bank Note Reporter for 1862 SO
and consider the amount of trash there set
down as the paper currency of the country.
In November 1852. the circulation of bank
paper in the loyal States was $l67, 100000
The State securities for this amount were
only $400 00U, leaving over $l20 00O, 600 mad
equately secured. In only nine OF the States
did the law require the circulation to be Sc
cured by State bonds. In the State of
o
numbered SO and their paper ranged from
SS per cent to 100 per cent below par. OF the
$l2, ,000, 600 of bank circulation in Illinois the
people lost $2,oo0,O 600 or So, ,00o,o 900 directly.
beside the indirect loss of as many millions
more by arrangement of business and ruin
to private interests.
Redeemed at SOC on the Dollar.
OF ten suspended banks in Minnesota the
notes we're redeemed at an average less than
80 cents on the dollar OF 36 broken banks
OF Wisconsin only six redeemed their notes
at SO high rate as 80 cents on the dollar.
Even as early as 1860 the official report of
only Is States showed 147 banks broken, 234
closet and 13l worthless Such was the con-
dition OF 5l2 banks, the whole number in
those States being 1921.
Continuing, General Garfield had shown
that there were in existence at that time
over 200 varieties of altered notes, ZOO
varieties of spurious notes, and over 300
varieties of limitations, and counterfeiters
did thriving business Next he had
shown that under wildcat" money currency
was subject to violent contractions and ex-
pansions. The circulation had increased
from $95, 600, 900 in 1884 to S149, 900, 900 in
1887. In 1841 1t was down to $107, ZOO, 600;
the next year it was but SIS, 900, 900; in 1857
it was up to $215, 900, 600, and on January 1,
1858, it was but S135, 100000.
surprised that the periods named were
marked by terrible financial disasters which
made industry and wealth the sport of
chance" In every such crisis, he said, the
laboring classes were the greatest sufferers.
General Garfield had declared that from
1859 to 1841, 395 banks had become insol-
vent, causing losses to the Government and
people of the United States amounting to
1856, 451, ,497. The quotation concluded as
follows:
Magnitude of wildcat Losses.
Startling as these figures are they fall short
of exhibiting the magnitude of the losses
occasioned by this system. The losses oc-
by the commercial revulsion of
1887 were ~ follows
On bank SPECULATION and depos-
lGs. ...........S 04,OOU,UOU
Bank capital, failed and depreci-
te .tooI denrecisted 80. 100 SSS SOS
Company stock kdepreciated....... 500 900
Real estate edepreciated. 800, ,000, 900
Total.. .$foZ,UoV,VO
Governor Mckinley also quoted from q
speech made by Daniel Webster in Boston
in 1848, much on the same line as that of
Garfield. The Governor next took up the
tariff question, discussing it in about the
same way he has handled the subject in the
East. He was once interrupted by man
who wanted to know about Homestead.
The Governor responded by saying that
there had always been strikes, both in free
trade and protection countries, and statistics
and lockouts in free trade England than in