The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-10-27
CURRENCY AND RELIGION.
Strong Points of Eckels and
Singerly.
WELL FOR THE BANKS
The Immediate Effect of the Repeal
of the Sherman Silver Pur-
chase Act.

IITIsBURG, Oct. 2b.-l Dis was DemOc-
racy's night in this city. The candidate
for Governor OF Pennsylvania, William III.
Singer,y, and }. Ii. Eckels, Comptroller of
the United States, were greeted by an
audience in Carnegie Hall seldom outnum-
bered by the Republicans in this district
with their big meetings. Previous to the
meeting parade, made MP of the many
Democratic clubs and associations and
beaded by the distinguished guests.
marched through the principal streets,
greeted by enthusiastic cheers and red
fires. On reaching the hall the entrance
of Messrs. Singeriy and Eckels was greeted
with great applause.
MIR. SiDgerly was The first speaker. In
substance he said: "We are lodging no
issues. We are hesitating on no questions.
We have no apologies to make for our
party, lis candidates or its platform. We
are proud of its record. First Of all, the
Democracy killed the force bill, and if IL
had done nothing else its record would
have been good for that alone.
"Our next pride is the repeal of the
Sherman silver law. The third act OF
grace was the passing of the Wilson bill
[Greet applause.l 1t was the first honest
step toward tariff reform since 1865. The
Wilson bill is not two months old, aud
yet there is no part of the country that
has not felt some reviving pulsation in
the tide of trade. The Mckinley bill was
not month old when the country was
racked with labor troubles, and in the
three years of its existence there were
1900 strikes"
Speaking of the A. P. A. he said: 81
want no secret society. no assassin to hide
in the shadow of the bedside and dictate
to mothers how their offspring shall lisp
their prayer. We want you to stamp it
out and grind il under your feet. We
want no man for chief executive of the
State who. when confronted with this
question, only answers that he will en-
force The constitution as he finds it. On
such cowardiee." This sentiment was
greeted with roar of applause.
After Mr.. Singerly concluded Hon. j. II.
Eckels was introduced. H. prefaced his
speech by saying that he wished to discuss
in a spirit OF fairness matters of common
interest. Referring to a recent speech by
Mr.. Reed in Chicago he said:
/ deny upon one hand that the country Is
sitting in sackclolh and ashes, ana upon the
other that the condition which characterize
the late months of 1898 and the early months
OF 1894 Is due more to The Democratic party
than 10 that party to which Mr.. Reed &C.
knowledges political fealty.
The thoughtful student of the financial and
business conditions of the past year who will
rise above party and view these questions in
The light OF business principles must unavoid-
ably be drawn 10 the conclusion that the two
great causes Of the distress from the condition
Of affairs which W. have witnessed all over this
land, which I'm turn have injured the under
takings of the capitalist and withdrawn from
labor its daily bread. were tn Sherman silver
act and the Mckinley Tariff law of 1890.
Mr.. Cleveland, upon leaving his Office In
$50. had turned over to the incoming admin
istratIon treasury full to over flowing. Upon
his return TO Office lie received from President
Harrison treasury almost depleted.
The conditions which had slightly mani.
tested themselves In 1890. Immediately after
the passing of the Sherman act. found full frui-
ton Immediately after The condition OF the
treasury aud its gold reserve became known in
1898. Unfortunately, however. The treasury
was so barren of funds that the administration
could not, was done in 1875 and again I'm
1884 and 1885, and 10 the extent OF nnrty-nine
millions In 1890, purchase bonds and thus re-
lieve the monetary stIingency which was upon
the country. Deprived OF such means The
the period between May and October more
than $3.50. 600. 900 of Individual and bank de-
posts was withdrawn from the national banks
alone. To meet this condition the banks were
compelled TO call In loans and discounts thus
taking from The active channels Of trade an
immense amount Of money. As the Withdraw
ais continued the monetary stringency In
creased. and the effects were noticeable In
every line OF business and particularly in every
manufacturing enterprise.
Happily for the country the Sherman act was
repealed, and since the date OF It's repeal the in
terests most affected have shown continuous
and increasing Improvements. Bank deposits
have increased, and within the period of one
year. from October, 1898. 10 October 1894, he
loans and discounts have shown the enormous
increase OF 5000, 900. 000 more than $780,
100000 of which has been added since the
passage of the tariff measure of August.
On the subject of the new tariff law Mr..
Eckels said 1t Is one that if it continues in
operation will contribute more and more
to the welfare Of the American people and
so entrench itself in their favor that even
the rrotecionist himself will not dare to
advocate a return TO Mckinley legislation.