The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-06

when our Constitution was based upon
the theory that all men We're created equal
and stood equal before the law, there was
no provision in their making an exception
in behalf of any hnanciers and asserting
/ warn You. fellow-citizens. against enter
tanning the opinion of government that our
opponents seem to entertain. l warn you
against conceiving that the good will of
any less than a majority of the American
people is to be purchased by the govern
ment at all. To say that anything less
than a majority has the right to run this
country is abandoning the theory which
our government is founded. Now we may
differ as to what kind of financial Iegisia-
ton is best But there is one question
upon which must agree, and that is the
Constitution and their laws, are the only
power to determine what is good for the
American people and what the American
people should have IN the way of legisla-
ton:
ment sold bonds at home that the officials
in charge of the treasury saw that people
went to the treasury and drew out of it a
part of the gold to pay for the bonds;
therefore, the treasury people thought that
they would try to sell their bonds abroad,
to see if they could not avoid the neces-
sity of furnishing the gold that these peo-
pie We're trying to draw out Tor that is
what can be done under the present law. i
was possible-what is not only possible,
but what is the actual fact under the pres
present administration-that they would
rise in a unanimous revolt against that
policy.
Let show, you what has been done.
The government decided to issue $50 600. 600
of bonds to buy gold. Now, suppose you
want to buy bonds; you go to the Secretary
bonds to sell, and you hand him a thou
sands dollars of greenbacks or treasury
notes. He says: I cannot accept these
notes You say: Why not? Are not these
greenbacks and treasury notes good? He
but these bonds are sold to get gold; there
lore we must demand gold for the bonds
Z You US say to him; All right AIE Secretary;
greenbacks and treasury notes 1 will just
deposit them and demand their redemption
in gold The Secretary says That is all
right; that is what are here for And
he hands it out. daughter and applause)
Then he hands out a thousand dollars in
gold, and then you say to him: DO / un-
derstand that you have some bonds for sale
Yes, and you hand him the gold and YOU
say to him: Here Mr. Secretary is your
gold: now give me the bonds daughter
THE ENDLESS CHAIN"
DO you believe that is possible 1t is
under the present law Do you believe that
anybody in this country has done it? 1t
has been done under the present admins
trauon of the treasury. And SO it has gone
on and when the treasurer has issued
fifty million dollars of bonds the amount
of gold drawn out during the time be-
tween the publication of the notice and
the issue of the bonds was something like
$50 600. In other words, to the extent of
the money withdrawn for the purpose of
Duylng bonds the government simply al
lowed the gold to pass out of the treasury
and then they hold the bonds that were
issued Tor this very gold they were going
to purchase. When they issued the next
fifty millions another large amount of gold
was withdrawn to pay for the bonds. Then
they made the Rothchild's contract They
simply enlarged the circles little that was
all and before the time up in which
fe 70 tIn
ury, bonds which had been sent to Europe
and sold at 1.o41a had been brought back
market for more than 120 and that gold
was taken back to Europe again. Gap
taught in New York. Cheers and laugh
teri
Now, my friends. we issued the next
hundred million, and I want to call your
attention to that issue. 1t was first sug-
gested that they We're going to issue the
bonds at private sale and a syndicate was
formed for the purpose of purchasing these
bonds. 1t was stated in the paper at the
Los for the bonds. Finally it was decided
to issue the bonds at public auction, and
the head of the syndicate. which stated out
utes of the time for opening the bids
handed in another bid for Ito and a frac-
made by about I'VE millions of dollars on
the purchase of hundred millions of dol
lars of bonds. What does that mean, my
friends? 1t means that these fnanciers
when they thought that they had the gov
eminent at their mercy were going to let
it have gold at LOS, but when others came
in and offered a bid they raised their bid
more than five millions of dollars. What
does that mean? 1t means that those peo-
pie who profess to be the guardians of the
treaSury-these people who are the self-ap-
pointed custodians of the public credit and
national honor would have bled the tax
payers of this country to the extent of
100000 on a single transaction if they had
been permitted to do so. cloud cheers.)
But then that did not excite the Indignation
of those who We're standing in official posi-
dignation but the very man who stood at
the head of the syndicate to beat the peo-
pie of the United States out OF S.. 900 coo
which the Secretary of the Treasury was
the chief guest. Cloud cheering.)
Now, my triends. If believe in the
principles upon which this government is
founded, if we believe in equality before
the law, then I assert that we cannot treat
man who wants to beat the people out of
five millions of dollars with more consider
beat the people out of $1oo or out Of rs s5eo
(Applause) Now. when is this thing go
ing to end? They tell us that it is neces-
sary to maintain the honor Of the country.
My friends [ may be in error, but / be-
lieve that the honor of this Nation can be
to the seventy millions of people who con-
stitute our Nation than by bargaining cred
it to a handful of rnillionaires. (Applause.)
The Republican party does not protest
against this kind of administration of the
Treasury Department. The Democratic
party does protest against it, and what is
the result? Every man who has oeen prof
iting out Of the eXtremities OF the gov
eminent and using the necessities of the
government for public plumber has left our
party to find a congenial party elsewhere.
cloud cheers.) l say they have left our
party to find congenial party which Of
fers them a continuation of that sort of
policy.
WHEN WILL IT END?"
when will this policy end? There is
only one way to stop this constant issue of
bonds and that is to return to the princi-
pie of bimetallism and allow the govern
ment to use the option of redemption of its
coin in either gold or silver. cloud cheer
ing) Our opponents tell that if we will
retire the greerbacks and treasury notes
that this drain on the treasury will stop
[ ask them how il will stop. Why, they say
then the banks will issue paper money and
they will assume the obligation furnishing
whatever gold is needed for export There
is always one thing that has bothered me in
this proposition. If these banks are in earn
est in their desire to relieve the treasury
department of the burden of furnishing
gold for export they need not change the
law. All they need to do is to save up all
the gold they and stand ready to help
the treasury by furnishing it with that
gold. 1t does not need any statute nv
friends, to enable those people who seem
to be longing to help their country to give
them opportunity 20 do so. They can
do it now without any change in the laws
nd there is nothing. friends that can