Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-09-17

Alabama a sufficient number of demo-
Gratis to justify the calling of a confer
ence of party leaders and party workers
to make ready to set on foot a campaign
looking to the rolling up of the largest
democratic majority the state has given
in years?
In behalf of the people of birmingham
the State Herald welcomes to our city
today the distinguished and loyal demo-
Gratis who will attend the conference and
in behalf of the unterrified democracy of
the state points to them with pride and
bids defiance to those who would destroy
the democratic party of the state, be they
old-time republicans or the new Issue
coined by the mint established BY the
corporation and money power at Indian
apolis recently.
CONTRACTION OF THE CURRENCY
According to the United States treas
ury reports issued July 1. 1896. the
amount OF money in circulation during
the fiscal year ending June So 1894. was
u '6oespoO0Oo, n 1895 it was 81 Col ,O00, 0C0
decrease in one year-June 80 1894, to
June So 1S9j-of $50, 900, 900; in 1896 it was
81 3oo o0o000 loss in another year of
SSo, 900, or III the two years from June
30, 1874, to June So 1895 OF $154 000 900.
The same report also shows that while
the per capita circulation in 1894 was
$24.2s, in 1886 it had fallen to s21.1O, a fall
of S3.lS per capita in two years.
On June g. 1890, in a speech in support
of what was known as the Sherman pur-
chasing law and subsequently de-
nounced by the national democratic con.
"a n af all.
shift for silver free coinage, John Sher-
man said in the senate:
IL our present currency is estimated
at ST. 400O00.000, and our population is in
creasing at the rate of per cent per
annum. it would require SAP, 600, 900 in
creased circulation each year to keep
pace with the Increase in population;
but as the increase of popula-
ton was followed by still greater
rate of Increase of wealth and
business it was thought that an i'm
mediate increase of c.rcula ton might be
obtain5d by larger purchases of silver
bullion to an amount sufficient to make
good the retirement of bank notes and
keep pace with the growth of population.
Assuming that $54 600 a year of addi-
tional circulation is needed upon this
basis, that amount is provided for in the
bill by the issue of treasury notes in eX-
change for bullion at the market price"
If the treasury reports are correct, we
have had an actual contraction of the
currency within two years of $154,00 900
whereas, If Senator Sherman was right
in stating that an expansion of $54 600 600
per annum was necessary to keep pace
with the growth of population and the
increase of wealth and business" we
should have had an expansion of sos, 000,
600, and the amount of money in circula-
ton on June 80, 1885, should have been
$1,7680 coo 600 instead of 81, SOC. 900, 600. Ac-
cepting as correct the figures of the
treasury report and also admitting the
soundness of Senator Shermans con-
tention tho people have been compelled
during the last two years, under the in
fiuence and operation of the single gold
standard, to conduct their business on
1868, 600 less than has been necessary
to keep pace with the increase of popu-
lation, business and wealth Of the coun-
try.
What the necessary and logical results
have been is teo well told and known in
constantly falling prices of all products
of labor, the impovershment of the peo-
pie, Industrial prostration and business
paralysis, the like of which has never
| bank, commercial and business failures
without parallel, railroad receiverships
and suspensions of manufacturing indus
| tries multiplying from year to year, mill
| lions of honest, industrious men idle and
| their families in restitution for want Of
opportunities to work and earn an honest
living. These are some of the conse-
quences of a constantly contracting cir
til
policy which the people have been forced
to endure because of the treachery of
high officials in reversing their will as
expressed at the ballot box in Noyem-
Der, 1892.
To the continuance of this policy of
money contraction the repu blican party
and its candidates are irreVocably COM
mitted by its platform pledges, the let
tiers of acceptance OF its candidates and
the declarations of its speakers and rep
resentatives. The Cleveland administra-
ton has only partially anticipated the
| financial policy to which the republican
| party is pledged and which Mckinley, as
president would be 70, ced by the money
| power to enforce and perpetuate. In
| addition to the disasters that have fallen
| upon the people and the nation under
| Cleyelands MISUNDERSTANDING, there
! might confidently be expected others,
| and many of greater magnitude, follow
| ing the permanent retirement of and
elimination of $50O,OO0,OO0 of national pa
| per currency, greenbacks and treasury
notes. the issuance Of an unlimited
| amount of government bonds, the extern
| sion OF the national banking system, the
| absolute control of the currency and
| therefore Of the government and the peo-
pie by banks, syndicates and corpora
| tions.
! A crisis such as never before threaten
| ell the nation confronts the American
| people and appeals to their courage and
| patriotism. The life of the republic and
| the perpetuity of republican institutions
| are in peril from the assaults and mach
| tnations of combination Of the mo-
nopolies, trusts. banks and corporate
! powers, arrayed solidly in "a COM
| munism of pelf'' against the great con-
| sentative, industrial and wealth pro-
| ducing masses.
| -, A.