The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1894-09-28
REVIEW OF MR.. 0OOPERis SPEECH.

"
Presbyterians; and SO on, until we
pass in review perhaps as many as a
hundred different denominations all
differing from one another in the In
depreciation of vital texts of scripture,
we are not surprised that men should
offer in the construction, interpreta-
ton and meaning of so imperfect a
thing as the platform of political
party.
So we are not surprised that when
Mr.. Cooper in bis speech here and at
other places was putting one construc-
ton upon the Chicago platform that
other democrats elsewhere, as eminent
in the coupsels of the party. should be
placing another construction upon it
entirely and radically different
Nor were We surprised that when
Mr.. Cooper vas attributing the cause
of the panic to the Sherman act and
its stopnage to its repeal, that SO emf
nent democrat as Senator Harris, of
Tennessee, almost at the self-same
hour should say before an audience of
nearly 10000 democrats that the Sher-
man act had no more to do with
bringing on the panic than the explo-
sion of friction match has to do with
starting a cyclone, and its repeal no
more to do with its stoppage than q
feather has in turning the world on
| its axis.
If there had been no financial panic
elsewhere than in this country there
might be some sort of reason for at
tributing it to the Sherman act, but as
the panic had its origin elsewhere and
swept over many other countries be-
fore reaching the United States it can
not by any scope of reason or sound
logic be ascribed to the operations of
the Sherman law, because in other
countries, where the panic originated
and continued much longer aud ragged
more fiercely, were beyond the juris-
diction of this law arc were not effect
ed by it.
The great failures in the Argentine
republic and in Australia, and the eff
| fort of foreign countries to accumu-
late large stocks of gold caused our Sc
curities held in foreign countries to be
thrown back on us and our gold with
drawn. Now, the only thing the Sher-
man law had to with it, according to
| Senator Harris and the most eminent
writer's on the subject, was to come to
our relief by giving us substitute for
the gold that was being drawn away,
thereby mitigating to the limit of the
purchase the effects of this contrac-
ton. The same thing is liable to oc-
cur at any time. 1t WASN'T the first
panic in history nor will it be the last.
No matter whether we have the single
or the double standard, whenever the
balance of trade is against us, or some
great financial stringency arises in
foreign countries, the raid upon our
gold supply will be repeated, and so
long as we are confined to gold alone
as means of increasing our currency
we are the more completely at the
mercy of foreign nations. This is so
clear it seems to us that he who runs
may read.
But as further and more convinc-
ing proof that the Sherman act did
not drive gold from the country, nor
its repeal stop its outflow, after its re-
peal gold continued to flow outwards,
and after the treasury had been re-
plenished by S50,0O0,000 additional of
gold by the sale of bonds for gold, still
the gold reserve fell below the lowest
point it had ever reached at any time
during the operations of the Sherman
law.
The Sherman law is like mans
liver in Florida: it has to answer for
all the sins of the body and be pound
ed accordingly.
And if gold was the superior and
silver the inferior money, as Mr.. Coop
er argued, why was it that silver COM
manded a premium when the panic
was at its worst?
The idea that the continuance of the
panic was even remotely due to the
hiding away of pennies and hard
earned savings in tin cans, old stock
ings and hollow ssumps, by the great
masses of the people, is not credita-
bic statement to be made by one of
Mi. Cooper's information.
Mr.. Cooper also left the impression
upon his hearers that silver is now be-
ing coined just as rapidly as the COM
mercial needs of the country require it.
This is certainly an error and has been
officially contradlcted. But if it be
true, it can only be the bullion upon
which certificates have already been
issued and will not add penny to the
volume of currency now in circula-
ton; and if it be the seignorage, the
law requiring the coinage of which
was vetoed by the President, it is be-
ing done in violation of his veto, and
will amount all told to but S55, 100000
and when it is exhausted will be the
end of silver coinage.
In repeating the Sherman law Mr..
Cooper contents himself that he has
complied fully and faithfully to the
requirements of the democratic plat
form. If that platform had demand
ed its speedy repealn and stopped
there Mr.. Cooper's account of his
stewardship would be entirely salts
factory; but it didn't do that. 1t want
ed its repeal substituted for asome-
thing better" The country had clam
ored for the restoration of the free
coinage OF silver and instead Of obey
i ing the behest of that clamor tho ra