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

II II lliitt ndSSdtnusEIlSs AItOISt
Washburn; Maryland. H. c. Saffett; Mon
tana, E. B. Mats; Michigan, Benjamin
COlvin; Minnesota, Ignatius DOnnelly;
Missouri, Z. +. Mines; New Mexico,
Hiram Hadley; New York, II. Alden
Spencer: Nebraska. w. ]. Bran: North
Carolina. ]. II. Staunton; North Dakota,
w. II. Standish South Dakota, G. A.
Trip; Pennsylvania, John f. Davis;
Ohio, George a. Gruff; Utah, G. G.
Goodwin; Texas, John II. Reagan; Ten
nessee, j. c. Roberts,; Virginia, /. l..
Johnson; Washington. Patrick Clark:
Wisconsin, Robert Schilling; Wyoming,
j. j. Hurl.
A list of vice-presidents was an
nounced, one being selected from each
state. and the question of preparing an
address to the people and a memorial
to congress was, after some discussion,
referred to the committee on resolutions.
At this point Chairman Reagan and
the special committee escorted the new
stage.
After the applause had subsidized Mr..
Thurman spoke as follows:
Chairman Thurman's Speech.
''Mr. Chairman and Gentlemen of the
Convention-The fight between those
who believe that the circulating medium
of this country should be hard money
that is. real money, gold and silver,
those who believe in the use of soft
mOney-that is, paper promises to pay
money redeemable in other promises to
pay-is on. The late demand in the
East to have the government issue
bonds, and the cry that is now made for
the unconditional repeal of the Sherman
law. charging il, regardless of facts,
with all the ills that flesh is heir to.
ought to make this perfectly apparent
to every thinking man. for should the
Sherman law be repealed without sub
stituting anything in lieu thereof, it
means the final destruction of silver
money as a measure of value. and no
man can tell when it will ever be again
restored to its former place. No mat
ter what may be said to the contrary,
this means for years and years TO
come, its reduction to token money,
after which the issue resolves itself
down simply to the question whether
the paper money of the country is to be
issued by banking corporations upon
the debts Of the people, or upon other
kinds Of corporate securities, or whether
it is to rest on the broad and safe basis
of gold and silver.
This is so, because gold alone certainly
can not afford a sufficient basis upon
which the amount of circulation me-
dunn required by the people Of this
country can safely rest If this is not
so, why is it that we see this tremendous
scramble for the yellow metal? If there
Is not only a sufficient amount of gold
with which to carry on all the worlds
commerce. but also a sufficient amount
upon which the credits of the world
can safely rest, why is it that whenever
any of 1t, to any amount, begins to
flow from one country to another-that
is, simply obeys the natural laws Of
trade-We Immediately hear cries Of
| distress? Yet. every one knows that
we do, and to regain it exorbitant prem
| iums are paid for it. If things are as
they should be. why is there any danger
because a certain amount of metallic
money leaves the country? We do not
give it away. do We? On the contrary,
do not those who take il give value re-
ceived for it? And is not this what
money is used for? If this be true, and
l defy anyone to prove to the contrary,
why, then, is II dangerous to use it,
and more, why is it particularly danger
| GUS TO use it out Of the United States,
| If, by so doing, we can obtain more
in exchange for it than we could if we
| only exchanged it between ourselves?
Money in this sense is simply an ex-
changeable commodity, just like any
| other commodity, and if it is advan-
| tageOus at some time to exchange our
commodities with people other than our
selves. why is it not so with this one?
| When things are in a normal condition.
no harm can follow. but when they are
not normal, when the basis upon which
| things rest is not an ample one, then
| it will prove dangerous to have any of
| this basis taken away. But this proves
nothing other than under such condi-
| tiOnS il is dangerous to use money in
Ia in Trrhf oh rrruc int Ill =,
! be used, and when you cannot use
| things in this way, something is decid-
| eddy wrong. That is the condition ex-
listing today. l most firmly believe, and
| therefore, if our circulating medium is
| to rest upon gold alone, practically the
| whole of it will be based simply upon
| faith, and faith that means fiat money.
An IrredeemabIe Currency.
81 am against an irredeemabIe cur
rency in every way, but, however. if it
is to be declared that we must have fiat
money, if our circulating medium is to
be based upon faith alone, then 1 am in
favor Of its being issued by the govern
ment and not by individuals, because I
| have more faith in all of the people than
/ have in any particular class of people.
But there is no need of fiat money, for.
] while it is true that there is enough
real money-gold and silver-upon which
our currency can safely rest and if the
| people of this country are only true to
the principles of hard money which
were taught them by their fathers, those
who seek now to issue fiat money will
be doomed to disappointment, for when
| the people Of this country come to fully
realize the full import of this demand to
destroy silver they will in no uncertain
sound let these people know they are
] for hard money against paper money
| still. This is not he first time that the
! people Of the United States have had 70
| fight upon this issue. Old jackson did
/ it for them once before, and, taking
above all other things, the ultimate well
fare of the whole American people as his
| guide. he never for an instant wavered
but, standing like rock, he swore by
/ the eternal the peoples rights shall be
| protected and he won. The same
threats were made by the paper money
! advocates then as are made now. The
| u. s. bank and all it's branches, by pur-
suing almost identically the same course
as their followers of today have done
| so frightened the business community
| and so paralyzed all industry that, al
| though they may not have intended It
| yet panic did ensue and such de-
| precision followed that they thought
| surely old Jackson must give way and
| they would win, but, as / said, 'Olc
| Hickory never for a single moment
| wavered. On the contrary, he appealed
| again to the people Of this country