The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-10-23

sense or taD Buren, had fOroldden that IL
Rovernment-any kind of State bank paper
money. That was the wisest act the DEM
ocrats over performed, aud about the only
act. because after that act was done the
Democratic party really did what IL ought
to have done long before 10 ceased to exist
A BIT OF FINANCIAL HISTORY.
Nov, my friends, when we met this dif-
ficulty at the beginning of the war, as
said, We had no money. tho fret thing We
did was to issue SEQ. .OOO, 600 of demand notes.
They were notes payable on demand. We
issued them ana they were received and
paid cut to our credit and enabled us to
carry ON the war for six months, but they
were soon exhausted. and we knew
If We continued to Issue this form
of paper money that our government
would break down and the rebellion
would succeed. We knew that we could
not pay this honey on demand. and the re-
suit would be they would go down more
and more, precisely like the revolutionary
scrip aud other forms of paper money.
Therefore, it was decided, after careful con-
sideration, that there be issued what IL
United States notes. promising TO pay five
dollars some time. may be after
this war Is over and the
Union is saved. Great applause. Now,
that was departure from the boet princi-
-
OF that character, unless they were main-
tanned by gold or silver. except under the
eXigencies of war. But we provided when
We issued them that they could be convert
ible into bonds; We received them in pay
ment of bonds and in this way we estab.
isbed u national currency which enabled
us to buy from our own people and carry on
the WAT to the complete preserva alton OF the
union and OF our government. lApDlause.
Now. sirs. We could not have circulated
these greenbacks if we had allowed the
old State bank circulation to have been in
existence. 1t would have filled the chau-
nels OF trade. BY law OF finance. as strong
as the law of the ten commandments, the
cheaper currency has driven out the better
currency and the Door currency fills the
channels OF circulation although the treas
ury law forbid their use by the overnment
or their receipt for any purpose whatever
for taxes or anything else. We declared
they should pay tax of
ten per cent on every note
OF that sort of circulation. We knew
the result would drive those notes out of
existence, and we intended to cut their
thr0ats. But We did not make this pro-
vision until We had found better system,
and that is authorizing the national banks.
where any person who would deposit 500
of the United States bonds might have the
privilege of issuing $50 In circulation. We
held those bonds as security for the notes.
So admirable and successful had been that
plan that no man lives who ever lost
single dollar by national bank notes. Now
they tell US that they want more money.
Suppose the government of the United
States should issue one hundred million
dollars of notes-who would they pay those
notes tot How can any of you get any of
that money unless you do something or sell
somethlDgtO the government. unless you
do some work or perform some Iaborf The
poor man who wants money would not get
his share, but the people who hold the
bonds of the government. the contractors
who sold it supplies OF rendered
service to the government would get
the increase value of the money. In former
notes ut one time was about two or three
hundred million dollars. And yet to-day
the last treasury starement gives the
amount at one billion, one hundred and
thirty-twG million dollars l.,oa Of paper pap sr
one would think that was enough.
1t IL more than ever existed
before in the history of our country. And
when we remember that 95 per ceDt.-and
in the city OF Chicago " per cent--of all
the payments are made in checks, certIti-
oates, drafts and commercial paper it
shows that that money Is only used In ordi-
nary way by people for marketing and
for the smaller transactions of life.
Every dollar of this money is Sc
cured by the government of the
United States. either by gold and silver
coin or bullion. or by the deposit. OF the
United States bonds. Let bank break;
who csresf The money is good because the
security Is In the hands of the government
So with silver certificates. There is some
times question about IL, but 1t is backed
not only by the silver contained In the sill
yer dollar, bnt is backed also by the silver
and gold behind each one.
BAD MONEY NOT WANTED.
Nov, my countrymen, here is this mass
of money. the very life blood of our sys-
tem-that upon which the business of Chi
a. <bax
artisan and mechanic depends-all this is
now founded upon the solid rock
of gold and silver coin and bullion;
every dollar IS safe, and now
this Democratic party. which for years
the Republican party. comes in and de-
| mands restoration of bad money. That is
the condition before rs. And will you. my
oountrymen, agree to 1T Cries of mo,
:Mr. Springer. of Illinois. says the reason
| they put this little plank into
| the Democratic platform was that their
| brethren In the South wanted q
chance to issue paper money of their own.
| Mr. Springer says some citizens of the
| Southern St6tes expressed desire for the
| repeal of the ten n-per-cent. tax on the issues
of State banks in order to enable the States
| in which they live to inaugurate State
bsnka. In other words, the Southern
Il
party knuckles down at once and cries
| yes, yes. Laughter and applause.l They
| want to issue some paper money down
there organize some oid-fashione cd wildcat
banks. and they want to get this tax out
| of the way. Why. my countrymen. Mr..
| Springer says he does not exactly believe
In this kind of money himself. He says
he don't see how 1T will circulate nm
less 1t Is supported In some way. He
| would make some provision in Congress.
| But Congress has no power 10 change the
law of the States. II they had the power
| to start such banks then it must be State
| law, and whether to provide security or
| not it Is the law Of the land, and Congress
| has no power. except by stepping In and
| destroying il by taxing it out of existence.
| No. says Mr.. Springer. st Is unconstitu-
| tional. this law Is Laughter.
"Well. everything is unconstitutional
| with them that they don't like. Laughter.
| The trouble is that the Supreme Court has
: decided that very question. and has held
| that he tax on State banks Is constitution
/ al, and it Is not for the judicial
| power to attempt to define the limits or
| objects of taxation or to regulate Congress
| in tho exercise of this power Of taxation.
| Applause. So Mr.. Springer had better
| look to his law books a little and find out
| about that first.
"N0 no. my c0untrymen. this 10 a anger
| Gus proposition which threatens the busi-
ness OF every man in this country. 1t is
proved that Grover Cleyeland, the stuffed
| prophet in his speech of acceptance did
| not say anything about il; he did not
say whether he stands on that