The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-14
is NOT WHAT COUNTS, BUT THE USE
MADE OF WHAT PEOPLE
HAVE.
SENATOR ozMUN EXPLAINS
THAT THIS COUNTRY DOESN'T
NEED MORE MONEY, But MORE
GOOD CREDIT.
SOUND MONEY MEETING LAST NIGHT
Gen. CIapp Also Delivers am Al
dress That Was Received Favor
ably by Crowd.

Gen. Moses Clapp and E. H. Ozmun
made sound money speeches before a
large audience at St Francis hall
James and Warsaw streets, last night
The meeting was held under the ans
plces of the Sound Money club Of tha
Fifth ward and was largely attended
The audience frequently interrupted
the speakers with applause. as they
made telling points in favor of a sound
currency. The meeting was non-Dar-
t1san, and there were as many Demo-
Gratis and free silver people present as
there We're those Of Republican faith
Gen. Clapp, the first speaker Of the
evening, was introduced by President
Inorpe, OF the Fifth ward organiza-
lion. Gen. Clapp after introducing his
remarks with comparison of the DO
Ltlcal and economic conditions of to-
ody anu those OF half a century ago.
sdld: Existing conditions have
Drought about the division of the peo-
PIE INTO classes, and until we get to-
setner ana realize that there is no dis
tlhcllon IN the good or evil that
threatens the nation-that one class as
Well as another is effected by com
mon or like conditions-we shall not
rully understand the money question.
And 1t is for the purpose of discussing
this question in all it's phases that the
SOUND money clubs have been orga-
nlzed. Every one is anxious that his
nelghbor shall enjoy prosperity, for
Where all are prosperous all are equal
~ well to do and mutually helpful.
Inc interests of all classes are so in
terWoVen that whatever is an ini11rv
10 one is an injury to ALL We of sound
money faith believe that the free coin
age OF silver will be a detriment to
ourselves and to you, and it is to pre
sent arguments on this question that
we ask you to meet US tonight. IT is
not belief in the virtue of silver as
a metal that has brought about this
urgent demand for free silver. 1t is
rather desire to escape from the de-
pressing conditions that surround us.
and the belief that there NAV be a.
remedy in the free coinage of silver
1t is not because the country has
been on gold basis that we are now
experiencing the hard times that the
silver people tell you will vanish as
soon as a silver dollar is made 100
cents. Present conditions are due SOLE
~ to speculation and imitation of val
ues. AS nation and as individuals
we have been living beyond our means.
The issue before us is plain Shall we
adopt financial policy, the mere dis
cussion of which has already partially
paralyzed the business of the nation.
or shall we continue the sound sys-
tenn that has been our safety in the
past, the system which inspires the
confidence of our creditors, the system
that inspires confidence in the man
of means to invest his capital, to cir
culate his money to make market
for our products and to furnish labor
for the workingman." The audience
was in sympathy with the speakers
remarks and applauded his utterances
literally
Senator Ozmun began his address by say
ing there was something to be more proud
of than wealth, more to be valued than gold
or silver-and that is character. We need
something on which we can rely in this great
crisis that threatens the financial honor Of
the nation. After reciting the stability of the
gold dollar, its recognition as the standard
medium of international exchange. Mr.. Or
mum compared the silver dollar of the United
States with the debased coin of Mexico THE
Mexican dollar though intrinsicaly more
valuable than the dollar of the United States
he said, has but little more than half the
actual value of the American COIN because
1t is not backed up by gold dollar. The
free silver advocates would have this country
issue dollar that would be equally debased.
They say that the experiment of coming sill
yer bullion under the Bland and Sherman
acts and which were proven such disastrous
failures, were not given sufficient tests and
now they would have us coin all the silver
that may be mined in the country, pur-
chased and brought into the country, coined
free, and that Uncle Sam shall put his stamp
upon them and declare they are worth one
dollar. The free silver people were mistaken
in their predictions of prosperity and the
rise of silver to parity of gold in those in
stances when the coinage was limited by law:
and how much more likely is it that they are
mistaken when they insist upon the free
coinage of the white metal without any
strictions as to the amount. They do not
seem to think that an act of congress is
poweress to fix value by the passage Of a
law All the government can do by stamp
ing coin is to certify to it's weight, its
purity and it's denomination The impotency
Of attempting to Ak values by legislation has
been proven. In Mexico. the paradise of the
16 to l idea, free silver has increased the cost
of living and at the same time has cut down
the wages of the workingman by cutting
down the purchasing power of the silver dol
lar. BY change of our monetary system to the
form proposed by the free silver advocates.
we unsettle the values of everything that we
now possess and give to it the valuation that
is fixed by the fluctuations Of the bullion
value Of silver. What this country needs is
not more money but more good credit Only
per cent Of the business Of the nation is
done with money, the remainder being done
by system of exchange that recognizes the
value of confidence and credit 1t is not the
volume of money but the use Of what we
have that makes good times. debased cur
rency means lack Of confidence, and free sill
yer is debased currency. Lack of confidence
means hard times, and hard times breeds
failures, poverty, distress.