The herald., 1893-08-23
SHELDON'S SPEECH ON SILVER
The Governor Addresses the
Union League.
An Earnest Exposition of Claims for
the White Metal.
The Causes OF the Present Financial
Depression = Not Enough Money
Per Cspita-The Address
IN Brief.

The lecture rooms Of the Uuion League
club was we'll filed last evening to hear
Governor Lionel A. Sheldon deliver
lecture on the silver question. Judge
Owens presided over the meeting and
Major Jonen was elected vice president.
In beginning his speech. the governor
said that he would endeavor to discuss
the subject from an entirely non partisan
standpoint.
After making short review of the
present financial depression existing in
the country, the main causes which
have led up to this condition of affairs
were taken up.
There has been too much consultation
with bankers and money changers in
the present furry, said the speaker.
What the statesmen who are endeavor-
ing to regulate the finances of the country
need to do, is not to consult the bank
ers, bat to 60 down into the shops and
out among the farmers and find out what
the people want. Take bath of public
opinions, as it were, and learn what the
people need.
The channels of trade of this country
at this time are clogged for want of a
circulating medium. The warehouses
of Chicago are now crowded with grain.
which Europe is in need of and will pay
good prices for, yet it cannot be moved
for lack Of money.
In New York, the financial center of
the country, the clearing house has been
obliged to issue $37 100000 worth of
clearing house certificates to meet the
necessities OF trade. Ns
The trouble with the country plainly
enough is that there is not enough
money. We are receiving an annual
increase in our population of 1000, 900,
and no provision ia being made in our
circulating medium for this increase.
As the boy grows put more cloth in his
coat or there will be trouble
According to official statistics there is
in the country money to the amount OF
$24. Al per capita. 1t is found, however,
that after deducting the amount locked
up in banks, and what has gone out of
circulation for various reasons, that the
actual amount in circulation will not
average over So or SO per capita.
England, with only. two-hfthe more
foreign traffic and only one-fifth as much
domestic traffic as the United States, has
$23 per capita.
Germany has * $34 and France $55.
The latter is the most prosperous coun-
try in Europe, aud at this time in
more fourishing condition than the
United States.
The circulating medium of this
country should not be less than
10 per cent of the domestic traffic,
which would give our people money
enough to do business on without dan
ger of financial panic such as the
country has witnessed during the past
few months.
The Democratic party was taken to
task for its financial policy and Secre-
tary Carlisle criticised for paying the
silver certificates in gold instead Of gold
and silver, as was intended should be
done under the law requiring 1000, 900
worth of silver to be coined monthly.
coincidence. said the speaker, lean
only be regained when the country has
more money and not BEFORE"
II think" said the speaker. shat a
man should be allowed to take as much
silver to the mint as there ia in dollar
and receive silver dollar in return.
thus placing it on an equal standing
with gold,"
The argument used against the free
coinage of silver to the effect that
foreign silver would be brought in. is not
valid. Let them bring it in. They can
not use our money in foreign countries,
and will have to expend it here for our
goods, which will be exported to the
various countries, to the benefit of our
manufactures.
Any money backed by the United
States government 10 good, and the ratio
between the two metals can be changed
at the pleasure Of the government. Cost
of production cuts no figure in establish
ing this ratio, as the cost varies so much
that change would have to be going or
all the time. IN
The fact is, Shylock gave gold its di-
vine character, and were it not for legis-
lation in its favor it would rank no
higher than silver. With the use of
gold under the present laws, the modern
Shylock is able not only to take the
pound of flesh but the blood as well.
1t is useless to bother with European
nations in vain endeavor to reach q
universal agreement relative to silver !;
too much time has already been spent
on this line. A national policy that
would give us the balance of trade and
build up our merchant marine was held
to be the remedy for many of the pres
ent evils.
The lecture throughout was we'll re-
ceived and applause WAS liberal.
At the conclusion vote of thanks ex-
tended to Governor Sheldon for his ex-
cellent discourse.