The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-09


he saws that gold alone will make that
stable standard Give us the reasons
for the faith that is in him. The people
of this country are intelligent enough to
understand whether the conclusions he
reaches are correct ones from the prem
ises laid down. IL he does not think
that the people are so he certainly must
think that the members of congress are
to whom this message will be addressed.
ANYHOW. any single standard men as
Griffin. Mr.. Seelber and Mr.. Jevens will
admit that gold will not do it and that
during the last twenty years gold has
deDreciated. 1 know that our antagon-
lists continually deny this and endeavOr
to make the people believe that cir
culating medium can only depreciate,
but these assertions we can Well afford
to let pass by as either ignorance or the
idle vaporings of those advocates who
simply believe without any investigation
of anything that is told them. We are
not here for the purpose of answering
every INSTRUMENTATION and falsehood
that circulates. Neither are we here for
the purpose of indulging in abuse OF
those who differ from us, nor for the
purpose Of advocating wild schemes OF
and kind. but we meet here to discuss
in calm and dignified way what is
best to be done. Therefore, beg leave
to submit for the consideration OF the
convention the following.
Plan Proposed.
Before doing so. however, permit me
to say that 1 am not particularly we'd
de to this plan or any other. Because
L know there are objections to it that
may prove upon consideration to be
more formidable than I think they are.
Out of it though, and others which will
be submitted TO the convention. we may
arrive at something which is practicable.
1t is as follows:
First, let our adversaries agree to
the free coinage of silver at either the
ratio of 1515 or 16 to ]. l prefer the
former. If they do we will agree to the
unconditional repeal of the Sherman
law.
Next, amend the national banking
laws so as to permit any national bank
to issue it's notes up to the face value
of a hundred per cent. upon the deposits
of 80 per cent. with the u. S. treasury
in either U. S. gold or silver coin other
than subsidiary silver. Further, amend
by repeating the tax on national bank
circulation.
"At first it may seem that the notes
issued under such a law will not be Sc
cure, but as under the national banking
act the notes of all banks are the first
liability that has to be met, 1 can't
see but that they should be absolutely
safe. Now, suppose that a bank should
fail, first there would be for the redemp-
ton of its notes the 80 per cent. of silver
or gold coin. Next the bills receivable
of the bank, and under the present sys-
tenn it would be an utter impossibility
for the bank to fail, and the whole of its
bills receiv eable be worthless Certainly
10 per cent Of them would be paid be-
An va, mat fGaF of
the comptroller's report shows, L be-
lieve, that of all the national banks
which have gone into liquidation the as
sets have yielded over 80 per cent.
Finally there is the individual liability
of the stockholders. What more secure
system of banking could any country
have, and what is more, if some such
plan as this be adopted and entered into
in good faith it cannot be but a short
time before you will see the old parity
between gold and silver absolutely re-
stored and give to us a sound national
currency. Now, it must be perfectly ap-
parent to those who control the national
banks of this country that their very
existence depends upon a wise solution
OF this question and that in any event
that cannot bring about the repeal of
the Sherman law and get the people to
consent to the issue of more bonds with
out a long and desperate struggle, dur
ing which time all industries will con-
tinLe to remain paralyZed, let them
meet US in a spirit of fairness and upon
equal ground enter with US upon the
development of some such plan as the
one suggested. If this can be brought
about, 1 am sure that not only con-
fdence will be instantly restored, but
that this country will have raised aloft
the beacon light which will lead the
world toward prosperity for half a CEN
fury to come" (Applause).
PowderIy Speaks.
The committee on credentials reported
that forty-four states and territories
were represented and that SO delegates
were entitled to seats on the floor. In
response to general demands the Hon.
T. V. Powderly of the Knights of Labor
addressed the convention.
twenty-five thousand knights of La
bor," said he, "stand today on the verge
of ruin on our western streets. Ten
thousand have advised me to come here
and say that the West is not only in
danger from those who would demOne-
tie silver and drive it from the country.
Did not a Knight of Labor tell me to
come here, this would be my place zap
| plause). Being an American, I believe
we are capable of managing our own
| affairs Honoring the flag and the insti-
tutions Of our country free from any die
tation beyond the water. When we stand
| here listening to the voice of Washing
| ton commanding us to close our ears and
listen only to those advocating a gold
standard we are listening to the voice
| that comes from across the seas great
applause) Governor Waite has been
| criticised because he referred to the old
country. He was right (applause). 1t is
| time we should shake off the shackles
| of those who would fasten them on our
| limbs from across the water.
"But let us in our deliberations be
| calm, cool and deliberate; for if there
| ever was a time in the history of Ameri-
ca when cool, calm, elaboration stood
| necessary before the people, that hour
is at hand. 1 do not believe in saying
| that the Jews are the only ones who are
| to blame. We hear too much of that
| Why L know christians who know how &c
/ rake off in usury in such a way as &c
| give points to Judas himself. (Great
| laughter). At Omaha a convention was
held that declared for the free and un.
| limited coinage of silver. I have beer
| asked how the knights of Labor stand
| a unit on it, not in the West, not in the
| North, the South OF the East alone, but
| wherever they are, the K. of L., if he Is
| true to his obligation and they all are
| he stands for the free and unlimited
coinage of silver on ratio of to 16."
| Central music hall was crowded to the
| doors tonight by friends of silver, who
assembled to listen to speeches by Sena
tor Stewart of Nevada and Congressman
| Bryan of Nebraska.
| Senator Stewart spoke first. He re
Oh Of 1,a frafC In Trn1i