The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-10-08


From a recent speech which MAJOR
Mckinley read ito the excursionists
transported to his home free by the
railroads, we make this extract;
Something has gone wrong. we
have the same country, we nave CaS
same men, the same mines, the same
manufactures, the same money, the
same masterful genius among our Peo-
ple that we have had between 1880 and
1892, but we have not the same degree
of prosperity now that we had theh'
And what is the trouble? In
single word, the trouble with Vhe
country is a lack of confidence
The presidential candidate is wrong
in his premises and hence his eonelu-
sion is erroneous. He says we have
nhe same money. In this he is wrong.
Then we had constantly increas-
ing volume of currency. Now, de-
creasing one.
During the period named this coun-
try was upon a linn ed bimetallic
basis. Some $500, 100000 in money,
Sc per capita was added 10 the eurren-
cy, which was irredeemable in gold,
redeemable only in standard silver dol
lars. This was secured over the veto
of President Hayes,
This addition to the standard money
Of the country in large measure pre-
vented and postponed the Immediate
evils of the gold standard, which were
not felt In full force until the repeal
of the purchasing clause of the Sher-
man act BY that repeal this addition
to the currency was cut off, and during
the past two years instead of having
an increase in the currency as required
by the business needs, there has been,
according to the official reports, de-
crease in the circulating medium of
over $3.50, 900, 900 or So per capita.
There are no means provided or
proposed by Mr.. Mckinley or
the other goldbugs to prevent a still
further rapid decrease in the curren-
cy, except by the issue of National
bank notes, and the banks have shown
no disposition to assist the people in
this exigency by increasing their cir
culation. In the face of these facts
the Republican Presidential candidate
declares that we have the same money,
and the only hope held out to the peo-
pie is to have more faith and vote to
continue the present state of affairs.
The remedy suggested is not the one
Mr.. MCKINLEY usually presents. Tt
is generally more taxes. Tt is now
more confidence.
When Mr. Cleveland was inaugu
rated the Mckinley tariff law giving
us more taxes but less revenues was
in force. A panic broke over the
country. Congress was called in extra
session. The fnanciers said want of
confidence-change our financial laws
by repeating the Sherman purchas-
ing act and confidence will at once be
restored"
Their advice was needed. Relief did
Since then as Mr.. Mckinley says
something has gone wrong" What,
but the fact that the syndicates have
cornered the money market for their
own gain and we have had bond issue
after bond issue. Not that the govern
ment needed to issue bonds, it had a
quarter of a billion of dollars in its
vaults lying idle, but that the syndi-
Gates which are governing for their
own gain might make their profit
out of an extremity they themselves
created.
Mr.. Mckinley still cries want of
confidence. Yes there is a want of
confidence. But not in the government
or between man and man. 1t is in the
integrity of the syndicates now con-
trolling our finances. Confidence viii
never be restored until bhe govern
ment puts itself beyond the control
of the money sharks.
Give us our old coinage laws and
this land viii blossom as the rose. The
idle will be put to work. The wheels of
industry will start again. More money
will bring more confidence. More con-
fdence more business. The prime ne
cessity.