The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-17
FAIRCHILD'S MONEY VIEWS
Cleveland's Ex-Secretary of the Treas
ury Talks to Boston Refermers.
He Says It Is the Faith Of the People That
Makes Paper Money Legal Tender-An
Argument for State Bank Notes.


President Henry L.. Pierce was presiding
officer. The speakers were Hon. Charles s.
Fairchild, Secretary of the Treasury under
Cleveland. Hon. Harvey II. Shipard.
Josiah Quincy aud William b. Rice.
Soon after 8 o'clock President
Pierce called the meeting to order
and made q brief Introductory speech. The
President closed by introducing. as the
first speaker OF the evening. Mr.. Fairchild.
who. he said. had. as Secretary of the
Treasury, won the confidence of the busi-
ness community. and would speak as a
practical business man. Mr.. Fairchlld was
heartily received, and said, In part:
Those in favor OF tariff reform have still a duty
70 perform. Our business friends ask for sta0il-
fly in business. But they have built up an arti-
Try is held up above its natural conditions. In
btead OF seeking to do the one thing requisite
70 the maintenanee OF their system. they
inc ece eORid o. the true subject.
ihey have formed a habit Of contributing vast
sums OF money to buy elections. IL is useless
10 deny that the Democrats are equally guilty
with the Republicans In attempts 10 corrupt
business men have contributed of the gains
which came TO them, as they supposed
cealed purpose of buying elections. contributing
pf their substance tosundermine the foundations
Df society.
We have before us O very grave question,
which involves protectionism. governmentalism
and paternalism, and that is our currency sys-
tenn. II the people Of this country can be sue,
power OF government over value In money. O
great point is gained. A superstition sur
could be removed. All the evils that
threaten US would be removed. 1t Is
, ,S19ans belief 2 +, that ,sf q 2 s ys,ss ,nsa ! has ssp 2 %ys,
otherwise valueless, or 70 add TO the value
which already Is in a substance by putting 1t in
e sss 1Ss% Il u le gait 1aes or MONEY on So''i1 do %SaS think
there is any power In the government to give
any value to anything by adding n, nf ieg iSe
ieysltendsr paper money there has not
monies in other parts of the world have had this
legaltender quality and this promise to pay.
e ena s Ms n syes r rennn 1neI ahs ssi ieGni, ntssr'g gu Haras.
During the war IN this country, with the same
volume OF greenbacks. the same volume OF bust
rould be paic with the money, it would
vary enormously between morning and after
fsSo1 ns. Th Eel regaatend baa qualisy haa f nos nonnIa.
ton had not varied; business had not varied.
What bad varied was the average be-
neemability of the promise TO pay. That was
the reason that money had so varied and the
70 retain valps IL Il. When The nn,ted states 10
no longer able TO fulfill that promise TO make
good that credit. then that money must stand on
Its foundation. and the foundation will be the
value OF silver bullion In the world. There Is no
reas0n in the nature OF things why the govern
ment should forbid me from passing 1t to my
neighb0r and him from passing 1t on;
and that Is q bank note. There Is no
more statesmanship-there is no more sense in
depriving the American people OF one or the
most useful devices OF modern times because
some one may sometimes lose by 1t than there
Is In deprivlng them OF the other forms or COM
perclal credit. In the face or the vast useful
hess OF a good bank note circulation which will
pass from hand to hand readily. but not a legal
bender. | say 1t is utter imbecility for Ameri-
pan people TO lie down and say they cannot do
mat and they won't do 1t.
The speaker described an interview with
President Cleveland Just after his message
Of 1887, in which Mr.. Fairchild had prophe-
sled m success as the result. and
closed with an eloquent tribute TO Mr..
Cleveland. which wGs loudly a~pplauded.
Hon. Harvey Shepard was then intro
duced as the next speaker. In part he said:
The victory Is ours and it Is meet that we
Bhall ask what use we shall make OF 1t. We
might not have won the victory so soon had
70 not been for the mistakes OF our foes. They
have rushed blindly on TO destruction.
Having promised the people they would decrease
taxes. they framed the Mckinley bill TO increase
rules and precedents OF a hundred years ago
they stified debate, coerced votes and enacted 1t
rs the law OF the land.
The third speaker was Josiah Quincy.
He reviewed the principal causes which
led to the defeat of the Republican party.
and then outlined the policy he believed
tho Democrats should adhere to in REFORM
ing the tariff laws. He did not think the
Democrats had any need of fear so long as
the unconquerable will and honest pur-
poses of Grover Cleveland led the way for
them.
When Mr.. Quincy had finished w. b.
Rice spoke. In brief, MIR. Rice said the
tariff was o business question. and 10 be
rightly settled business and not political
interests should be considered. Be-
csnse the wool manufacturers and
scbedui sro wss sa faf S9ye'i IL w uns ne weS.
sarily so. The consumer ought to ave q
voice IN the matter. He paid tho tax. Ii
was nonsense to talk of free trade or any
thing approaching it for years to come
it reached the amount collected prior to
the war.
Money Views OF New Engiandera
Boston. Dec. 16-The Boston CONNER.
cisl Bulletin Will tomorrow publish the
results Of an extensive correspondence with
members of the New England congression-
al delegation on the currency and its
future. There 10 q substantial unanimity
in favor of q substitution of more conserv-
alive legislation tor the net of 1890
As to the future of the currency. there
State banks, however, both parties IN
Now England seemed, in spite of the Chi.
cego platform, to be united. But. with q
few exceptions, there is o general assent to
the enlargement of the currency-con
tracted by the repeal of the Sherman act
by the amendment of the national bank
ing laws rather than through State banks.
The Recommendation of the Controller Of
the Currency In favor of refunJing In Ion e
term 2 per cents. has found favor In the
eyes of some of the most con banh
managers IN Boston and it has strong in
dorsement by Dingiey of Maine.
|
All Are Popuiites.
TOPEKA. Kan, Dec. 16.-The State board
of canvassers to-day issued q certificate OF
election to Cabball. the Populist ~elector
whose election was contested on the
ground of q clerical error. This makes Rl
the Kansas electors Populites.
Member Of the +. II. v. Endorsed.
Special to the Indianapolis Journal.
ROANOKE, Va. Dec. 16.-Members of the
Roanoke bar held q meeting to-day and
unanimously Endorsed Hon. John Randolph
Tucker. of Virginia. for the position OF AT
torney-general In Mr.. Cleveland's Cabinet
One OF Wcsver's States.
Boise City, Ida. Dec. 16.-The oficia
count for Idaho has been completed by tn,
Secretary of State. as follows: Weaver
10.4S0: Harrison. S.7Q9; Mcdonnell. Repub.
can, for Governor. has 400 plurality.