The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1895-03-15

delivered an address at Wat
kin's Hall, Nashville, last
Thursday night, from which
we make the following ex-
"There can be no prosperity in
Tennessee or in any state where
there is no faith in the promises of
her people. l find in the South, in
all of the classes of the people,
what / regard as a fearful error
the idea that cheap money will re-
store prosperity. find this opinion
so universal that / must speak of it..
| am no money lender; l own no
ground but that which marks a
grave, and have no personal interests
to further in this matter. The pros
perity of the masses will be an adj.
vantage to me. There is no error
that is so fatal as a departure from
a sound financial policy. No indus
try can prosper without it. What
you need is to command the abso
lutte trust of the world, and until
you have that there can be no pros
perity. When men are depressed,
when assets are deprecated, it is
ca y for the demagogue to whisper.
eve want more money-cheaE
money"
l stand tonight and want to ar
raien the men who have belied your
state and misled yourpeople whether
it was done in ignorance or not
Population and wealth will come
within your borders when conf
dence Is restored. Cheap money il
the most costly thing on earth, anC
the most costly of all to the men
who follow its will-o-the-wisp. Do
men who speak for cheap money
point you to history? Where il
all the history of mankind has CHEAP
money not failed? Degradation
and sorrow has always followed
such a policy.
There is but one standard money
in the united governments of the
earth, and that is 100 cents for the
dollar. Depart from that and yor
fall back ON the policy of the pa
gan. There is no middle ground
We are paying hundreds of millions
of dollars of interest to foreign gov
ments, and that marks the progress
and achievements of the country,
On an unsound basis, this credit
will be withheld. The money with
drawn, then where will you be-
Turn to France. The first great ex
pertinent was made by John Law.
Inflated money was turned loose
the people imagined themselves rich.
In two years there was universal
distress. After the French revOlu
ton of 1890, it came again. The
people were poor and they sought
relief. Millions upon millions Of
inflated money were spread over
the country, and again France
went down in dishonor. anC
shame. The people will say, "But
that was France" so let us come
home. After the Revolution, the
cry was for money, The people Of
Rhode Island arose in their NIGH
and compelled the Legislature tt
give them money.
Then there was fiat money
Rhode Island stamped the fiat O
the state to make it valuable. II
two years there, as elsewhere, wa
bankruptcy, dishonor and shame
The people of Michigan decided
that they wanted more money; The
people of the east had money, anC
why not they? The demagogut
came and whispered in their ear
and they flooded that wilderness
state with millions. Forty-four out
of forty-nine banks failed, and mo-
one was able to redeem its entire
obligations. 1t took years anC
years to recover what was lost, fol-
everything was gone except the
ability to suffer.
Alabama had flush times witt
cheap money. As in Rhode Island
and Michigan, the state was made
responsible. Money was made sc
easy that the industries were staid,
and there, in 1910, was not single
bank able to redeem its obligations.
Alabama had her season of cheap
money and poverty and public
shame followed. Go to the citI-
zens of Alabama and ask them what
the state has paid in interest. They
will tell YOU $35, 900, 900.
Look at Mississippi. She, too,
seeing Alabama prosper must have
her cheap money. Two millions in
bonds to start a state bank only
whetted the appetite and millions
followed. Money was SO plentiful
there was no need to work. Finally
the reaction came, and Mississippi
drank the bitter cup, like all the
rest. 1t stands to her eternal
shame that her Legislature declared
that it was incompatible with the
dignity of the state to pay her
iebt.
Now take Tennessee. Go to the
year 1912, when every man felt
hat he must be rich. Men bought