The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-10-23
Democracy's Shameful Proposition Ex-
planned by Senator John Sherman.
Evil Results That Would Follow the Repeal of
the Ten. Per- Cent. Tax On State Bank Notes
Illustrated by Master of Finance.
How the Unlimited Free Coinage of Sill
yer Would Wrong the Poor People.
The Ever Belated Democratic Party Raped
BY Ex-Speaker Reed in Speech Full of
Sarcasm and Good Points
SHERMAN AT CHICAGO.

SHERMAN AT CHICAGO.
The Great Financier Discusses State Bank
Notes ADD Free Coinage of Silver.
CHICAGO. Oct. 22.-The largest Repub-
lican meeting of the campaign in this city
was held tonight in Central Music Hall.
and was attended By over two thousand Of
the leading Republicans of Chicago and of
the State of Illinois. The meeting was
held under the auspices of the Republican
bankers and merchants of the city, aud as
she capacity of the building was limited to
two thousand. there were thousands of dis
appointed Republicans. Senator John
Sherman was the speaker of the evening.
and among the well-known bankers, mer-
chants and capitalists and business men
assembled to hear him were 8. L. Hutchin-
son. Samuel Allerton, John b. Kirk.
Leopold Mayer. Z. s. Dreyer, Bryon L
Smith, E. Keith, John b. Sherman, Ed
ward s. Lacey, Henry w. King. II. H.
Kohlsatt. Joshua l.. Lombard. w. K. Sui
hvan. William Penn Nixon, the Hon. r. L.
Tanner, Judge Theodore /Bretanno. Hon.
Philip Sayer and Hon. Charles b. Fsrwell.
The chairman of the meeting was Henry
A. King. and his brief speech on accepting
the gavel was the keynote of the meeting.
Mr. King said that the business men of the
West had been struck with dismsy at q
plank adopted by the recent Democratic
national convention as q portion of che
platform. The plank, 10y demanding the
repeal of the 10 per cent. federal tax on
State bank issues, proposed return to that
wildcat" and "red.doR" currency of
thirty years ago that wrecked the finances
~ Ak. -S
rency and finance, upon the impending dan
ger of the hour there was one man pro-
emlnently qualified to speak-the Hon.
John Sherman, of Ohio, the great financier
of the Nation.
Tremendous applause greeted Senator
Sherman as he stepped to the front. and
1t was over q minute before the demonstra-
tiOn of enthusiasm subsidized sufficiently to
enable him to speak. At frequent intervals
In the course of his speech he was inter
rupted by tumultuous applause, the climax
of enthusiasm being reached when he men
toned the name of Lincoln and Of other
great leaders of the party. sherman said
in part:
Zone of the issues between these two
parties, which has already been named by
POUR chairman. is whether the people of the
united States are willing to abandon the
national currency. which has been estab-
llshed by the Republican party in the form
of United States notes. and the silver and
only in the country of the United States,
but all over The civilized wOrld-whether
we will abandon this form of currency,
and revive the old currency of our fathers,
the red dog shinplasters Of thirty or forty
years ago.
Another of the questions is whether we
Will authorize any holder of 371k grains of
silver. worth in the market about Go cents,
to go to the treasury of the United States
or to the mint. and there demand dollar,
4<~sv~ ALL faa a.
Co demand your nOte--the note of the peo-
pie of the United States-fOr 81. when the
purchasing power of the silver dollar ls
but 65 cents; or whether, on the other hand,
we will buy that silver at It's market price.
COIN IL as needed by the people of the
United States, and maintain 1T at the stan
dard of gold in all the markets of the
world. Applause
Another question that is also to your in
terest is whether, in levying duties on
imported goods, from which we derive
the chief source of our revenue, we should
be guided alone by the mere maintaining
of revenue for the support of the govern
ment, or whether, III addition to that, we
fy the industries of our country and pro-
tect our people against undue competition
abroad
THE WILDCAT MONEY PROPOSITION.
Now, my countrymen, these questions
are to be submitted to you. Take the first
| question. The question is presented by the
Democratic platform. referred to you by
| your honored chairman. 1t is contained IL
two lines: We recommend that the pro
| hibitory ten percent. tax on State circu
lation be repealed Well. now, in the frs,
outlook of that simple resolution IL would
| seem a tax of 10 per cent. on any kind o.
circulation would be very heavy tax
that is too much taxes. Why not 2 pei
cent or per cent? The an
swer is my countrymen. that th'
| tax was levied in the mids,
| of war in order to drive out of existence
| and cut the throat of this systemof State
bank paper money, which had ruined the
| country over and over again AMI involved
| 1t in trouble. Applause. Why. my coun.
trymen. under the Constitution the United
States are prohibited from emitting bills OF
be In form of money to be circulated al
money. 1t forbids also that they should
make anything but gold and silver lega
tender In payment of debts Those whG
formed that provision believed they ad
cut out this whole system of local paper
money by the roots. They declared that nc
State cOnld emit bills of credit, or paper
money. for that was the meaning of il. But
It was said that the States might authorize
corporations to do it. Why. ordinary logic
lawyers at all. would convince any one that
IL State could not do 1t 1t could moi
authorize the people of the State to do it
Therefore, 1t was believed that there could
be no State bank paper money.
"Ihe Constitution OF the United States
provides that Congress may regulate the
value of money. may coin money and regu.
late it's value; that Congress may borrow
money, and. as incident to that. may issus
bills OF credit. and finally, IL may make
them legal tender for the payment ol
debts. Now, my countrymen, on account
OF the neglect of Congress to perform this
same duty. we bad. in the twenty States
that existed before the war. various formt
of paper smoney. No man living, excep,
those who lived at that time, can conceive
of the condition of our paper money then
There was not "a bank west of the city OF
New York but whose notes were ut o dis
count in that metropolis Every man b ad
to convert his money before he sent II
away for the purchase OF goods. remem
Der the time when the war commenced.
After Abraham Lincoln-GOd Dlees HIM
prolonged cheers and applsusel had
called 5000 troops into the field
and they came to the support of the
government by thousands and hundreds oi
thousands more and more, as he called
men came there to Washington there wat
not q doilar In the treasury to pay them
The administration of James Buchanan,
the last of the Democrats. who had just
gone ont, left treasury bankrupt. and
Congress was compelled to issue treas.
ury notes in order To pay the soldiers
When this war commenced we had neither
money, nor gold. nor silver. nor any other
kinds. There was this paper money of the