The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-09-23
SPEECH OF MAJOR s1ocKDALE.
A 4issiasippian Sounds tho Tocsin OF
an Appeal to the People.

Following is the able and brill
liant speech of Hon. Thomas r.
Stockdale of Mississippi, in the
house of representatives, on the
financial situation:
Mr.. Speaker: The attitude that
we occupy here has been often COM
mented upon. l do not believe that
we were called here to perform a
Job assigned US, and then quit. Our
business here, as I believe, is to try
to relieve the stringency in this
country in some manner or other.
How that shall be done is for each
member to decide for himself, with
that degree of wisdom and faithful
ness for the exercise of which he is
willing to answer to his constit-
uency.
The republican party will be one
suppressed chuckle at the spectacle
of the heroes of the revolution of
1892, hastily summoned to the ma
TONS capital to arrest the nations
ruin, pursuing for fourteen days
with seeming great earnestness this
nullius 6lius, and trampling to
death in the mimic fray the cher
ished friend Of the people-silver
coninage. You will secure the scalp
of the Liliputian, but you will have
performed an equal feat to the Ohio
man who few months ago burned
to the ground his full barn to kill
snake that had escaped from a
menagerie. He killed the snake ;
and you will find here when the
smoke clears that you have burned
the barns of the west and the cotton
gins of the south, and your trophy
will be the skeleton of the Sherman
law.
WHAT CAUSED THE PANIC.
Let US look into the history OF
events a little. The letter of Secre-
tary Carlisle shows that only $l4,-
936,17O of the notes issued under
the Sherman law were redeemed
after March l, 1898; all the balance
of the 100000 were redeemed
before then. The gold in the treas
ury was reduced before then. On
the 9th of February. 1898, this
house refused to repeal the Sher-
man law, and adjourned Marth 4th
sine die, adhering to that action,
and no panic came then, nor in
April, nor in May.
Why did not the panic come then?
The answer, / think, may be found
in the fact that the Senate had
passed free coinage bill-showing
a disposition to obey public senti-
ment-on July l, 1892, and had not
receded from that position. Soon
after that the democratic party, in
national convention, declared for
the coinage of both gold and silver;
the people SO declared by electing
the candidates who stood on that
platform, and large majority in
this house and majority in the
senate and the country felt sure not
only that the circulation would not
be decreased, but that it would be
largely increased, and the coinage
of silver, which the Sherman law
had destroyed. would be restored.
The people not only had confidence,
but were buoyant with hope of bet
ter times, which would enable the
banks to pay depesitors and relieve
business stringency.
But, along in May and June, when
the money owners and bankers,
trust companies and exchanges, and
money centers generally, began to
advocate repeal without any substi-
tute, and thereby destroy half the
basis of the money of the country,
the people began to look into the
matter to ascertain the probable
effect of such a movement. The
great journals of the east-and it
was taken up by some of the west
and south-broke forth almost SIM
ultaneously, and with a similarity
of expression that showed precon-
certation, in the clamor that great
financial stringency was upon the
country and disaster was approach
ing. Then the exchanges and every
money institution that was depend
ent upon the money owners met and
passed resolutions Of such same
ness of expression as indicated a
common source, announcing as or
acles the imminent danger of a
financial panic, to avert which the
Sherman law must be repealed.
What frightened depositors? Not
the Sherman law; but the clamor
came from all money centers like q
tocsin to the ears of depositors and
they began to fear for their savings;
and looked into the situation, and
what did they find? Anyone, how
ever dull, could see that seventy
five millions could not pay two
billions. Of course the banks could
pay out the pro rata of deposit re-
serve as they paid the deposit; but
that would not give them more than
$15O,OOO,OOO to pay $2,022, 900, 900
$3.50 with which to pay $2,022-
81 with which to pay $13.
WHY THEY DID IT.
But what motive could these in