The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1892-10-26
M. D. HARTER.

presented bill in congress TO that effect
In order that ii might become a law. Now
we do not believe that the people of the
United States would consent for moment
TO have any such change made, II would
be dangerous in the extreme and probably
be the means of entirely undermining our
present system OF money. What motive
Mr.. Harter could have had in view no one
but himself appears to know.
Below will be found few extracts from
speech delivered in Chicago Saturday
evening by Hon. John Sherman which
will go to show the folly Of Mr.. Harter'S
ideas on the money question:
"One of the issues between these
two parties which has already been named
by your chairman, is whether the people
OF the United States are willing to aban'
don the national currency which has been
established by the republican party In the
form of United States notes and treasury
notes and silver and gold certificates, all
of equal value, not only in the country of
the United States, but all over the civilized
world-whether we will abandon this
form of currency and revive again the old
currency of our fathers, the red dog shin
plasters of thirty or forty years ago.
Another of the questions is whether we
will authorize any holder of BIZ grains
of silver, worth in the market about sixty
five cents, 10 go to the treasury of the
United States or TO the mint and there
demand dollar, or il we cannot coin the
dollar fast enough, to demand your note,
the note of the people of the United States
for one dollar, when the purchasing
power of the silver IN that dollar is but
sixty.five cent; or whether on the other
hand, we will buy that silver at its market
price, coin it as needed by the people, and
maintain It at the standard Of gold in all
the markets of the world.
Another question that is also to your
interest is whether leyying duties on i'm.
ported goods, from which we derive the
chief source of our revenue, we should be
guided alone by the mere attaining Of
revenue Tor the support of the government
or whether, in addition 10 that, we should
seek to diversity, increase, magnify, and
improve the industries OF our country and
TO protect the wealth Of our people
against undue competition abroad.
Now, my fellow citizens, these ques-
tions are to be submitted to you. Take
the first question. The question is pre-
sented by the democratic platform referred
to by your honored chairman. It is con-
tanned in two lines:
1--WE recommend that the prohibitory
ten per cent tax on state circulation be re.
pealed."
Well, now, In the first outlook of that
simple resolution, It would seem that tax
Of ten per cent on any kind Of circulation
would be very heavy tax, and the plain
farmer would say, Why, that is too much
taxes. Why not two per cent or one per
cent' The answer is, my fellow citizens,
the tax was levied in the midst Of war in
order TO drive out of existence and cut
the throat Of this whole Rystem Of state
bank paper money which had ruined the
county over and over again and involved
II In trouble.
Why, my countrymen, under the consti-
tuition Of the United States the states are
prohibited from emitting bills Of credit
and bills Of credit are supposed 10 be in
form Of money, to be circulated as money.
1t forbids also that they shall make any
thing but gold and silver legal tender in
payment Of debts. The fathers who
formed that provision believed they had
cut out this whole system Of local paper
money by the roots. They declared that
no state could emit bills OF credit or paper |
money, for that was the meaning Of it.
But 1t was said that the states Emight au-
thorize corporations to do it. Why, the
ordinary logic Of plain man, without re-
sorting to lawyers at all, would convince
anyone that If state could not do It, it
could not authorize the people OF that state
10 do IT, Therefore II was believed there
could be no state bank paper money. The
constitution Of tho United States provides
that congress may regulate the value Of
money, may coin money and regulate its
value; that congress may borrow money
and as an incident to that may issue bills
Of credit, and finally II may make them a
legal tender for the payment Of debts.
Now, my fellow citizens, on account Of
the neglect OF congress to perform this
same duty, we had in the twenty.eight
states that existed before the war various
forms Of paper money. No man living,
except those who lived at that time can
conceive Of the condition OF our paper
money then. There was not bank west
of the city Of New York but whose notes
were at discount in that metropolis"
Es~su-z1au--su--
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