The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-01-17

Jim Blaine Talk With Protection and
National Banks and Certain Other Re-
publican Dogmas in It-NationaI Bank
ing System should be Cured by Healing
Rather Than by KiIing-Puts a Damper
on National Arbitration.
Lincoln, Neb, Jan. 1.-THE legisla-
ture met in joint convention today and
declared John NJ Thurston elected
United States senator to succeed SEN
ator Henderson.
A committee Of five conducted the
new senator to the platform. Mr..
Thurston said:
Gentlemen of the joint convention
| Words are impossible in which to ex-
press my heartfelt gratitude for the
great honor you have so generously be-
slowed upon me. 1t will be my ambi-
| ton as your representative, to retain
and merit the full measure of the con-
| f1dence, friendship and esteem with 1
am so signally favored. If the Re-
publicans can secure the necessary
votes they should organize both
branches Of congress and fearlessly
assume the responsibilities of legisla-
ton. The Republican party has al
ways had the courage to fight in the
open field, and it's ultimate object
should not be party success, but the
welfare of our country. I am in favor
| of the speedy enactment of protective
tariff law modelled upon the general
lines Of the Mckinley act, and en-
bodying the reciprocity ideas of James
G. Blaine. 1t is my profound convic-
ton that the prosperity Of this coun-
try and its people. especially of its in
dustrial masses, depends upon the
broadcast application of the American
idea, that whatever labor is to be done
for the people of the United States,
shall be done by the people of the Unit
ed States, under the stars and stripes,
and that the price ofproducts of Amer
lean labor shall be fixed by American
conditions and American competition.
IN TOO GREAT A HURRY.
Ny general views upon the financial
situation are as follows: Our people
have been too anxious to pay off in a
single generation the great war debt
Our gigantic payments have taken too
much OF the gold out of the country.
For the present, at least, we should be
satisfied with legislation under which
we can refund our outstanding bonds
at the lowest possible rate of interest.
leaving further payments of principal
TO a more prosperous and favorable
time. L would put a stop to the outflow
OF gold from the treasury, first, by re-
curing that all important duties
should be paid in gold at the option of
the treasurer of the Nnited States:
and second, by insisting upon the right
or redemption, in either gold or silver,
OF outstanding notes, whenever it be-
comes apparent that redemption is be-
ing demanded for speculative purposes.
1t is said that such a policy would
drive gold to a premium. In my judg-
ment we can better afford to have gold
at a premium than prosperity at a dis
count
do not believe in any of the banking
schemes which have been proposed by
the dominant party in congress. No
bank in the United States should be
permitted to issue a single dollar I'M
til its redemption is fully secured by
the deposit of government bonds in the
nouonal treasury. There should be no
resurrection of wildcat money by the
general government or by any state
in the union
SAVE THE BANKING SYSTEM. |
Our national banking system should |
be preserved. 1t is the best that hui |
man ingenuity has yet devised. favor |
amendments, however, in the following !
particulars: The substitution of a low |
lntrest bond as security for the ma
tional bank issue. which substitution |
would Of itself refund to that extent |
the government bonded indebtedness
IN authority to issue bank notes to the |
IuIl amount of bonds deposited the col |
lection of a tax on the entire amount |
authorized, and the imposition of a |
heavy penalty or forfeiture Of charter |
Tor failure to keep it all in circulation.
L DO not agree with those who would |
retlre our greenbackS and treasury
notes. / am in favor of keeping every
one in circulation. And there can be
no danger in doing so ii we will adopt |
the policy already stated of meeting all |
speculative demands for redemption
by tender of either gold or silver at the
option of the government in accordance
with the specific terms of the contract.
l am in favor of American biraetal-
ism and in this the United States
should lead the world. I do not admit
the claim so persistently made by adj
Vocates of free and unlimited coinage
OF silver, that our present evils are the
result of so-called silver demonetiza-
ton; nor do believe that the demoneti-
cation of silver would produce any star
Ting changes in existing conditions.
CAN BE NO WORSE
1 am satisfied. however. that the de-
monetization of one half of the worlds
supply of the ultimate money of re-
demption was not for the best interest /
of the people of the world, and /
thirk we should do everything in our
power to hasten the return of bimtal-
lism among the nations of the earth.
To those who fear the effect of the
American silver coinage 1 have this
TO say: We are not realizing financial
under existing gold mono
and it is worth our while
to try the experiment of a return to bi-
metallism. Legislation to accomplish
this, should, however, be carefully con-
sidered and wisely guarded, and the
mints of the United States should not
be opened TO the silver product of any
other country until these great nations
are ready to join us in international BIZ
metallism. As minor measure 1 IA
vor the retirement of all bills of a less
denomination than $40. thereby bring
ing silver coin into general circulation
and use.
! know of no reason why the United
States should surrender its claim
against the Pacific roads IL it can en-
force ultimate collection by a series of
annual payments, guaranteed by re-
sponSible security. II is urged, and
quite plausibly, that such an extension
Il the debt would compel the people
# the west 10 pay increased tariffs in
,rder TO enable the Pacific companies
o meet the government requirements
TO DO WITH THE CASE.
In my opinion, and believe my great
familiarity with the subject enables me
% judge correctly, such would not be
he case. The original cost. present val
lie, or capitalization Of the Pacific roads
nave but little II anything to Go with |
he matter OF freight and passenger
.harges.
am not in farnr of a ne finr,al hoard