The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-09-24
Of our opponentsLis, first, that we have
not enough money and second, that
OUR MONEY IS TOO GOOD.

not enough money and second, that
OUR MONEY is TOO GOOD.
daughter and applause.1 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 it ever was be-
fore, (applause), and that it has been
greater in the last five years than IL
ever was in our history. we have not
only got the best money in the world,
but we have got more of it, per capita,
than most of the nations of the world
(Applause.) We have got more money
per capita than the United Kingdom
than Italy, than Switzerland, Greece
Spain, Roumania, Servia, Austria-Hun-
gary, Norway, Sweden. Denmark, Rus
STA, Mexico and the Central and South
American states, and more than Inc
Japanese or Chinese per capita CGreat
applause.) So that some reason ratiler
than the lack of the volume OF money
must be found to account for the pres
ent condition Of the country. To the
second complaint-that our money IS
too good-it would seem to be enough to
say that the money of any country
CANNOT BE TOO GOOD;
and that no nation ever suffers from hay
ing its medium Of exchange oil the NIGH
est and best quality. Great applause) 1t
has been poor money, not good money,
that has been the cause of SO much loss
and ruin in the past both to the lndlxld-
uals and to the nations. (Applause.) Inc
older men of this audience Will remember
that before the war we did business Win
an uncertain and f1uctuating currency.
known as state bank money. Many OIL
these banks and their notes were apso-
lutely sound, but of the most part they
were subject to a discount. The total
state
bank branches, was 1,570 OF this NUMBER
the counterfeit detector. then in constant
use. reported S32 as broken, closed, 1alleu,
fraudulent and worthless Inc notes oI
these banks We're in circulation among the
people and had been received by them 1of
their good labor and their good products.
They we're absolutely worthless ana OF no
more value than the paper on Whlcn lhey
were printed. Upon whom did this loss
fail, my fellow citizens? There is scarce
ly an old gentleman in this audience VINO
will not recall that it
FELL UPON THE BABORING MAN
and the farmers of the United States:
(Cries of That's right and applause.)
allude to this only to show that those who
suffer most from poor money are the
least able to bear the loss. IL IS the ms
tory of mankind that the least valuable
money which will pass currency is the
money that at last, finds its resting place
among the poorer people, and when the
crash comes, the loss must be born by
them You will remember that from 1907
to 1879 we did business with paper money
exclusively; we had neither gold nor sill
Yer. And you will remember that gold was
constantly al a premium, ranging from ~
to 100 per cent. Then when a man want
ed to borrow money, he had to pay
higher rate of interest than he has mad
to pay since 1879 on a gold basis. ZAP
plauseD When we were doing business
with a deprecated paper money,
INTEREST WAS VERY MUCH HIGHER
to the borrower and to the debtor than it
is now l can recall when here in Ohio
the ruling rare of interest for that paper
money was 10 per cent annually, and Of
ten 1 per cent a month or Il per cent
year The ruling rate here in Ohio for
what some people are pleased to call a
200-cent dollar is or per cent today: 1t
has been the ruling rate during tae last
TWO or three years, but that is because
distrust has fallen upon the country ana
men who have money will not part with
it and take the chances without a higher
rate of interest. (Applause.) Money to-
Gay is idle because it cannot be probably
and safely invested by those who have it.
1t is not a lack OF volume Of our
money that is our trouble, but a lack of
confidence in the stability of business.
1.-The threat of free silver is driving our
money into hiding today; the way to bring
it out is to restore confidence, and how
only one way. GA voice-"Vcte for Nc
Kinley and applause.) The way to re-
store confidence is to defeat, through the
ballot, the party that destroyed conf
dence. tCries of ''Good.'D We cannot re-
store the business of the country so long
as we do so much of our business abroad.
(Cries of Good" and That's right.')
Let US bring it back home again for our
own people and our own labor" (Contin-
uous cheering)
Among the delegations for Thursday
will be one from Oil City, Pa, which will
be accompanied by large number of wo-
men.
Major Mckinley received dispatch
from Harrisonburg, W. Va, this evening,
stating that LOCO confederate soldiers from
the Shenandoah would like to call on him
about October TO-
He answered that he would be pleased
to see them.