The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-10
NO MONEY Is TOO GOOD.
Mai. Mckinley Recalls the DAYS OF
State Banks and Wildcat
Currency.

Mai. Mckinley said To - delegation
from Indiana which visited his home on
September %:
l believe IN America for Americans
nativc-born and naturalizcd (Applluse J
| believe in the American pay roll.
daughter and applausc.l And | de- not
believe in diminishing that pay roll 10y
giving work to anybody else under au-
other tag while We have an idle man
under our flag. Tremendous applause
-Four years ago the laborcr was agitat-
Ing the question of shorter hours. We
then had so much to do. ! have heard
no discussion of that kind for four years.
daughter and applause) But ! have
never heard OF the laboring man dis.
cussing the desirability of having short
dollars. The complaint--thc chief cause
of complaint of our opponents is first.
that we nave not enough money: and,
second, that our money is too good
OLaughtcr.) TO the first COMPLAINT /
answer that the per capita of circulating
medium IN this country has been greater
since the so-called crime of 1873 than il
ever was before (applausc). and that il
has been greater In the last five wears
than IL ever was in all our history. (Crics
of That's rightly We have nor only
more of il per capita than most of the
nations of the world. (Applause.) We
have more money per capita than the
United Kingdom per capita: than Ger.
many. than Italy, than Switzerland
Greece. Spain. Roumania. Seryia, Aus.
tria. Hungary. Norway, Sweden, Den
mark. Russia, Mexico and the Central
ard South American states. and more
than Japan or China. Great applause.
So that some reason rather than the lack
oil volume OF money must be found 10
account for the present condition of the
country.
To the second complaint that onr
money is too good, IL would seem TO be
enough to say that the money of any
country cannot be too good: and thai
no nation ever suffc"S from having it,
medium of exchange of the highest and
best quality. lGrcat applause) Ii has
been poor money-nOt good moncy--that
has been the cause of so much loss and
ruin in the past, both 10 individuals and
To- nations. (ApplauSc.l The older mon
of this audience will remember that be-
fore the'war we did business with an I'M
certain and fuctuating currency known
as state bank money. Many of these
banks aud their notes were absolutely
sound: but for the most part they werc
subject to discount. The total mum.
her of banks in 1850, exclusive of state
"
number. the counterfeit detector,"
then in constant use reported
S32 as broken, closed. failed.
fraudulent and worthless" The notes
of these banks were in circulation
among the people and had been received
10y them for their good labor and their
good products. They were absolutely
worthless and OF no more value than the
paper upon which they were printed. I'm.
on whom did this loss fall. my citizensy
There is scarcely an old gentleman in this
audience who will not recall that IL fell
upon the lab0ring man and the farmers
of the United States. OCries of That's
right ] allude to this only 20 show
that those who suffer most from poor
money are the least able to bear the loss.
II is the history Of mankind that the least
valuable money which will pass current
is the money that NJ last finds its resting
place among the poor people and when
the crash comes. the loss must be borne
10y them. And | doubt IL fhere Is n man
in this audience who has not among the
belongings OF his family or the family of
his father some CT the old bank paper as
reminder of what they lost. "a voice:
II have so ut home myself.') l cannot
imagine any interest that can be per-
manenily subserved by having poor mon
cy. The bare suggestion Of such n promo
siion to n man Of reason meets its in.
slant rejection.