Birmingham age-herald., 1894-07-20

seriously discussed the necessity of issuing and selling bonds to raise the funds neces. sary to do so. And at the time Mir. Cleve- land assumed office it is a fact that the daily receipts of the federal government were not sufficient to meet the daily expenditures thereof. These expenditures were fixed by the outgoing republican administration. In view of these admitted facts, can any one point out to me where Mir. Cleveland or the democratic party were, in any re- spect, responsible for the panic.
 You all remember that after the panic swept yer this country like a cyclo Ie, paralyzing all business enterprises, the re- publican newspapers and the leader5 of the republican party urged MT. Cleveland to convene congress in extraordinary session and repeal the clause of the Sherman law Ga republican measure) which required the secretary of the treasury to purchase a specified amount of silver bullion per month. The republicans vociferously de- clared that this clause was the immediate and direct cause of the financial cri is. When congress did convene all ad- mitted that the purchasing clause of the Sherman law was the cause of the trouble. It IS true that majority Of democratic senators insisted that such repeal should be accompanied with supplemental or ad- dltional silver legislation. The effort to secure such legislation was defeated by the republican senators. assisted by a minor ity of the democratic senators.
 The depression that exists today is in consequence of the panic that occurred about one year ago. Now in view of these facts, which cannot be successfully re- futed, is it not plain to you that the panic, with all of it's destructive and evil couse- quences, was caused by forces that existed prior to Mir. Cleveland's inauguration? This being true, it follows as light follows darkness that our condition today is due to the unwise legislation of the republican party and it's maladmin- istration of our federal affairs. The ene- mics of MT. Cleveland's administration and of the democratic party cannot escape from this legitimate conclusion. And be- fore leave this branch of the subject, l will impress upon you that whenever a speaker, in addressing you, undertakes to deceive you by msstatement of facts, he does by such a course deprstilte your in- tegrity and intelligence.
 THE CURRENCY QUESTION.
 Before enter upon the discussion of this question will call your attention to the provisions of the platform adopted by the state democratic convention which nomi- mated Colonel Oates and the oi her candi- dates for state offices. This platform, among other things, declares: "While there are differences of opinion among us in matters of detail, we all believe in the free coinage of silver whenever it can be done consistently with the maintenance of a sound and safe currency.'
 . From this declaration it will be seen that we all agree as to the result desired, and only disagree as to the detail or mode that will sooner secure such a result. This pro- vision of the platform leaves you free to insist upon what you conceive to be tue best method to speedily obtain this result. At the same time it leaves me free to enter tain and insist upon my mode of accom- plishing the common end. On this ques- tion l have no hesitation In declaring that | x<IfA Lntk eIl Axtd further believe America can maintain the double standard independent of the nations of Europe. 1 believe we can maintain in this country an international standard through which we can settle our trade bal ances tif we should owe any) with foreign nations, and at the same time maintain a domestic standard upon such basis as will furnish plenty of currency to do the busi- ness among the several states. It IS ad- mitted by expert fnanciers that our pres ent financial system is so narrow and defective it does not meet the demands of commerce, and it should be amended and broadened suffi- ciently to meet all the demands of trade in the south and west, as well as Ill the east and north. The financial Chron- icle, one of the abest and at the same time the highest authority on questions of finance in this country, in recent edito- rial, admitted that our present currency system was so defective that 1t was insuth- cient to meet the demands of trade. The writer of this editorial urged that our banking system should be amended ana perfected so as to supply the west and south with sufficient currency to meet all their demands.
 However. am free to confess that this financial question is one of the most com plicated questions connected with govern ment. You must remember that the human judgment is not iufallible. AS long as you are in the flesh you must not expect perfection. If you should be un- wise enough to do so, then you are cer- tainly doomed to disappointment. On &C., count of the infirmiiles of human nature and the hort-sightedness of human forethought, it is your duty to judge the mistakes of your neighbor and Of your public servants with the broadest charity. You must not forget that you make mis- takes, aud it would be unjust to judge you harshly on account of such mistakes. AS to the most available method to secure the free coinage of silver. it might be that and those that agree with me are mistaken, and that our brother democrats who differ from us in this respect are correct.
 The differences of opinion upon this question remind me of an incident con nected with the late distinguished l.. z. C. Lamar. This gifted and sagacous patriot was the most popular man with hls people I have ever known. But he frequently differed from his people about details and the end of his first term as senator from the state of Mississippi he diff fered with his people on this same silver question, aud some of the politicians wanted his place and therefore encouraged the people to defeat his reelection. He canvassed the state and during the can- vass, which was in 1880, heard him make a great speech to the good people of Clarke county, Mississippi. In the course or hls speech he made this declarations: 'I do not belong to that class of public men who say: 'Whatever the people want 1 want No, fellow citizens, while you build fence, hoe and harvest your crop, propose to do your thinking for you, and II am incapa. bic of 30 thinking as to secure your best