St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-10-20

us. II 1t had been we would have seen
the necessary Incidents and conc0mi-
tants OF that sort OF thing in the collec-
ton of notes and foreclosures o! mort
Cages all over the country. When this
panic began we had more money in cir
culatiOn per capita than we have had
for many years. This had come
about III this way. In the first
place. under what Is known as
chasing law, under which We bought
! 4.500. 900 ounces OF silver every month,
wa issued large amount OF what were
called treasury notes, so that the
money in circulation had been increased
| by about $l5O.0OO. coo by this new cur
rency that had been put out among the
people. The money in circulation had
also been enormously increased by the
reduction of the surplus in the treasury.
You remember. my Democratic friends
= hope we are all friends. for l have
not anything unkind to say about any
one-yOu remember when they made
campaign upon the theory that the
country was being ruined because there
was so much surplus. They said: "You
have taken this money out of the peck
cts OF the people, locked it up,
and it is not doing anybody any
good" That surplus had been. by the
purchase of government bonds, re-
duced enormously, and the money
was out among the people doing Its
work. And then 10y the increased pen
slons-which, am glad to say. a Re-
publican congress voted and approved
with pleasure. and have never apollo
giZed for - an enormous additional
amount uf money was put in circulation
among the people until our Democratic
friends changed the form of Indictment
against us. They indicted us first for
having too much in the treasury, and
now they say we left too little. My
point Is that the money in circulation
was so largely increased that it cOul d
not have been lack Of money that
brought that panic on. 1t was not any
lack of confidence on the part of the
people In the money that was in circula-
ton. 1t was not because they
doubted the value of the bills or
the coin they had in their
pockets. 1t was one of the curious
features of that panic that men who had
money and went 10 the bank to get it
did not care much what kind of money
was paid them-whether it was silver
certificates or what not. They did not
stop to look at it, but just wrapped 1t up
in newspaper and took it home and
hid it under the bed or took it to saw
ing deposit company. hired box and
stuck it in there. The result was
great scarcity OF money. but presently
the people got over their fear of the
banks and they brought the money
back. But the banks cuuld not
make any use o. it. Nobody wanted 1t.
There was no business being done.
There were no solvent borrowers who
could use the money. and from that
time to this that has been the situation
OF the country. All of our banks have
been filled with money belonging to
people who did not want to use it.
What was this expectation of evil. this
dread OF catastrophe which came upon
the people of this country, and which is
still more or less up on them? 1t was
the uncertainty that the Democratic
success OF 1892 introd uced. The Dem
ocrats said they were going to destroy
this protective system. They were going
to tear down the house that sheltered
US. From that time the people have
Just stood wondering, fearing. dreadiug
what might be done on that question:"
There was great applause when the
speaker concluded.