The morning call., 1893-07-23
AN AMERICAN POLICY.

Timothy Guy Phelps was introduced
and said: Il can scarcely conceive an
object in speechmaking and argument
unless there is somebody present opposed
to the speakers views. This audience
seems to be undivided in opinion. We
have met to consider a question Of the
first Importance to the people of the
United States and the civilized world. 1t
is seriously proposed to discard one Of the
metals heretofore used as money. thereby
reducing the circulating medium OF the
world by one-half. The effect of silver
depreciation is being experienced by us
now. We have not enough money to
gather our fruit and harvest our grain.
1T is not that there is any less use for the
products of our fields or factories, or that
there are less hungry mouths demanding
our fruits and grain, but simply we have
not the means to bring our products to
market. The result is that there is 50 much
human patience and labor lost to the
world.
one-half you double the purchasing power
of what is left. You likewise double the
credits of the creditor and the indebted
ness of the debtor. What an infamous
proposition! What S.ylock would pro.
pose such a measure as this? Voice
John Sherman.
1T is not the pound of flesh which is
sought but the whole body. England
never relinQushes her grasp except when
times 10 do as she pleased, and it took
seven years CT war to break her hold. She
has the Irish people by the throat and
will not reinQuish her hold unless that
grand old man Gladstone and the SYM
pathy of the civilized world compel her to
do so.
''She has her grasp on India. Shall we
give her an equal grasp o. on ourselves? ns I'VE,
no. Applause.
"Tne volume of money is too small in
this country. Can we transact our bust:
ness on it? Assuredly not. | like gold
notes, | like the issue Of national banks,
like green backs [Applausel. and. Mr..
Chairman, like silver certificates. [Great
applause.
But hope we may be shielded from issues
of wildcat currency by wildcat banks.
[Applause.] want our money to bear the
stamp Of the United States and want no
issue by State banks. [Applause.] l re-
member when a man had to carry bank
note detector to detect the tens of thou
sands of false notes on State banks. We
don't want that confusion again. We
don't want fiat money, but we do want
koiu "uu ollF6E 6uu SuCu olh0i iuouCy nc
the Government may give to US. We
don't want imitation. but We want money
commensurate with the wants Of the peo-
pie.
France has the largest circulating me-
dunn in the world of any natiOn-S51 10 10
each individual. [Cries of 'good.'] Ours is
only S27 80. Contrast the French farmer
sitting down to his table, slipping his wine
contented with his family around him,
with money in his pocket and more In his
house-contrast his with the condition Of
the Irish laborer, sitting down in his
hovel to meal of baked potatoes, the
fruit Of English policy. am in favor Of
an American policy for the American peo-
pie. [Great applause.
Who will oppose it? [Cries of NO
body.1 On. yes, they will. Tho bankers
OF New York will oppose it. and fear the
administration will oppose it. GCries of
England WILL John Sherman will The
output of the United States in silver will
be S50. 900 year. If not q cent went
out of the country it would add only n
cents per pita to the circulating medium
OF the country. We can absorb it, We
require two or three times as much money
per capita as France. and then we will not
have any too much. Applause.l
We owe thousands OF millions among
ourselves and what other countries may
DO Is OF small moment to us. We should,
therefore. adopt policy of our own. No