The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-02-28
COxEY OF CONMONwEAL.
An Address to the People on Populist
Issues.
HIS NoN.INTEREST.BEARING BOND BILL
synopsis Of the Address Covering the
Principal roints Brought Out by
the Speaker.


soldiers on a march of $40 miles. from
Massillon. Ohio to Washington CITY, ad
dressed meeting OF citizens last nigh
st Market hail. his hearers being iron
all political parties, the majority OF them
however. being represent Atives OF th'
people party.
General Coxcy arrived in the city last
night from Galveston accompanied oy MS
vie aud his son, }. :. CoNoy. Jg., 4
koehler, cdltor O. The iious,on Inuepea'
dent, anu J. He3atol, colipr OF t4e Com
ing Nation, Tennessee CITY. Upon IA,
same train were eisniy-siNe editors " IN,
National Reform iftSs association, Whs
continued their journey u Daiias, from
winch place they viii dispeTse TO thcil
several homes. AIRS CoSey had one OF
the famous oyster roast medals winch
has for years been the o9ly decoration
that has peen presented prominent Vis-
itors u the Island city. The Inscription
on 1t s.gnE1ed that Il WAS presented Ia
the LADY because she ate si9 oysters.
Market hall was crowded al S O'Clock,
and r. j. Trap, chairman 81 the eNecu-
tive committee o; the populisi party OF
Harris county IN & snort address intro
The speaker opened his address By ex-
pressing pleasure at being present TO ad-
dress those who had responded 10 the
Invitation. aad said he hoped II Wound
result TO the advantage 81 all
The reoi,ir, ne said, were the doctors
that must remedy the existing evils uni
they must get Together in cosultAiion. lie
then proceeded TO diagnose the condition.
speaking OF the surplus production OF the
land elndinr NJ MARKET because so many
men were unemployed. Going back 10
The time when the people wcre employed
tina. Is prior TO lAAi-ige said that thera
then existed s. Gt}hn01 OF money. two
thirds Of which Was IN the hands n the
people, and which They deposited in tn.
banks. the other onc-thifd was hell in
the banks as a reserve upon which to
base AJ1eora Of credit or confidence
money. BY the latter he meant COM
merciEl paper. discounted ty the BANKS
igr ne manufaeiurer or wholesaler,
which performed all the functions II
money The bankers had 10 reality ie-
sllsd 81 % AZ money for each dollar
OF actual money, and in 50 doing the,
e ,,.,es .si npon what. the money deposited
WIN them by tho people.
lie then spoke Of the withdrawal ~
Ams,ricsn gold from the country hy reason
Of England dumping aerutiucs upon u.s.
ana or the cry which went up through
the papers Of the country To the effect
that the Sherman silver purchasing act
vas ~ the way ana that 10 must lee TO-
J,.sAied. 81 The consequent scare am OK
N4tnqteN 'hriF deposits. 10 the bAuhors'
inAhlNtJ tn further discount the manu-
iaciurer1 paper. and the closing down q
factories and the theNing ~ ishorer,
avered that the panic was brought on
nv the gold gamblers of Wan street. who
NJ SIMPLY the agents 81 the :n1i.
kings Of Europe
When tho people were errul1yod ~ Ga.
q lae Of lFa prior 10 DE panic We
u 'fr"t.pN ~ actual money. CouN.rsirr ~
Eo.1. si,fer a,fs ;h- various kirds rf IA, r.
tllonFy isst'l ~ our general vnvnrnir,ut.
Iwo-fhiris NJ this or vl.psfpll 100 Nee Ir
Inc Ie0 is nf tha rc1pia and Hesi ir -...e.
lnE tAti - hangs After hoy had u.H
their debts tines took rheir surrlue came
iues and dcpoeit-1 them 10 the banHire tr-
tNtrlpns. These deposits ~ the faorI.
with the bankers Verc debts of tue hr1E-
trs to tie people huf fha banker. iogr..f
IL out to the manufacturers THAI Mer. .;,.
rloyirg the people and received interest "a,
II Therefore the bankers Wcrc receiving
i4teresl % tHeir debts. and ihe ular 81
thc actual money was held TO ;hrs. Harls
RANKING Institutions nc hank re+frt-es fi-ir4
hu.gunlei % 'b"H'-"1 oue-turi ~ rnr
.Atlre volume az money was practically
mn Yet n was inc foundation for another
KIND Of money thnt 7 ferm "rouaHe.r.
MuHry, Whi'h exchanged pUtlulte -le
ZANE tS government money. which Consist
ed OF CONNER r!al pnprr commune ,..,ll.4
notes running three 20 four months dine
! ne manufactures delivered their rfua.
uois. then received these note, !n p..-
Mtnt. mad not these notes answered it.
purpose OF money They had ear.af.e i
the products from taa manu- fA,tuter 90 Inc
1obber or consumer. After r.-,elrfr,, fha
notes the manufacturer would lndsr4e 'he,a
and turn them in go the banker for dis
count The banker would discount them
deduct the discount and credit the msua-
facturer with the balance thrf tna1. uni az
or this commercial paper would bo suD5ost
to check
Our bank reports show that IN the sur!ns
OF laS they had discounted 81. 'Da. 3l. 90, al
commercial paper, and a. quick as n was
discounted II was subject 10 check thtn
what We're the manufacturers checking
upon Why, upon The deposits OF you
people Then t!e business OF tho country
depended upon their employees allowing
their money 10 remain On the hankp as a.
posts For as quick ns they would lraw
their money out the bankers would MAYO
no money to discount noies with agl the
manufacturers. not being able 70 get sneir
notes discounted. could not get money To
pay their men and meet their notes and
would be compelled 10 oesc down thrlr
ployment.
This Is tr1Ac description Of what ygas
used in employing the people and making
their exchanges in the sprini; OF 1898.
lie then proceeded 70 relate Some dc
tails OF the trouble Tho Cherry Valley
Iron works OF Lotouia. Pa, had So On
IN the bank, but tho bank wus unable
TO pay Is. Money was secured To- paw the
last payroll due the mon and they were
toid that tho null would hive TO be shut
down. but they. Ike sensible men. agreed
TO continue work until money could H..
secured 70 meet the rolls Russell 4 co
or Mhssillon. Ohio, manufacturers OF cn-
gints had been selling their machtn.rt.
on credit and had been discouutlng their
notes at the bank When the panic
came they were unable To obtain accom-
mediation and they. therefore prpoer,i,-i
10 issue money OF their own Il hava
brought one OF their yellow backs along. %
snid 'oXty, TO demonstrate TO YOU how
tho business of this country suffered 10
cause the government had failed 10 mr.,
form its duty in providing n sufnrier,
quantity of money for the transaction Of
the business of the country"
He said he had owned one Of the fra,
Issues of these notes bat had lett 1t Win
the ways and means committee Of tbs
mouse when he addressed that body. ana
~ incidentally mentioned TINT his eneeeb
upon that occasion would be- printed IL,
the Galveston-Dalas News. and he nro.
ceeded to compliment that naper for ita
Fairness In printing political news. say.
Ing such was unknown In his part OF Inc
country. '''
He said the Galveston and Dallas Now.
had both agreed to print the speech N,
made before the committee In their lssu,
or March and advised all friends OF ths
cause TO purchase a copy and circulate n
Continuing. he said congress IL tho onl,
authority which con say how much none,
IS to he furnished to the pconlc. WheT
that authority fails to furnish enough
the business men must issue their ''vnllov
back" notes as did Russell & Co. and IN,
emnloves are the losers. Each note 10,
81 Indicates that somr mechanic haa 80
a'ed 81 OF value and has tho promise &c
pay of his employer for that amount
II the mechanic viii take that to IN,
collector and offer n In payment of hi,
taxes he will be refus a. and then he Is
forced to go TO the money lender ana dis.
count the proceeds OF his labor n 'tho
wife were TO take the yellow hack 10 tho