Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-10-08
NO MONEY is TOO GOOD.
Maj. Mckinley Recalls the Days Of
State Banks and Wildcat
Currency.tse3t 49, sssssse----aasFSzzSsz

= Maj. Mckinley said to a. delegation
from Indiana which visited his home on
September %:
.native-born and naturalized. ,(Applause.)
/ believe in the American pay roll.
daughter and applause.) And I do not
believe in diminishing that pay roll by
giving work to anybody else under an
other flag while we have an idle man
under our flag. tremendous applause.)
-Four years ago the laborer 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
GUESSING the desirability of having short
dollars. The complaint-th chief cause
of complaint Of our opponents is first,
that we have not enough money; and,
second, that our money is too good.
Naughter.) To the first complaint I
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 before (applause), and that it
has been greater in the last five years
than it ever was in all our history. (Cries
of chats rightly We have not only
the best money in the world, but we have
more of it per capita than most of the
have more money per capita than the
United Kingdom per capita; than Ger
many, than Italy, than Switzerland,
Greece, Spain, Roumania, Servia, Aus
tria, Hungary, Norway, Sweden, Den
mark, Russia, Mexico and the Central
and South American states, and more
than Japan or China. Great applause.)
hat Il lo>, T.,
of volume of money must be found to
account for the present 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 having its
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 individuals and
to nations. (Applause.) The older men
of this audience will remember that be-
fore the war we did business with an un-
certain and fuctu1atinlg currency known
banks and their notes were absolutely
sound; but for the most part they were
| subject to discount. The total num-
| Der of banks in 1860, exclusive Of state
| bank branches. was 1910. OF this
number, the counterfeit detector,' =
! then in constant use. reported
S32 as broken, closed. failed,
! fraudulent and worthless" The notes
of q these banks We're in Il circulation
| among the people and had been received
t3by them for their good labor and their
saood products. They were absolutely
Iworthiess and Of no more yalue sfhan The
rIape .r uI,on which they were printed Up.
Lon 81 HON did this loss fall, my citizens:
There Is sscarcely an old gentleman in this
audience 3 q viii not recall e that i fell
of The United States. {Cries of .Thaf's
riqilt. allnde to this only to show
[ that those who suffer most from poor
money are the least abb to bear the loss
It IS the history Of mankind that the least
valuable money which will pass current
| is the money that at last finds its resting
place among the poor people and when
| the crash comes, the loss must be borne
by them And doubt if there is man
| in this audience who has not among the
| belongings Of his family or the family OF
| his father some of the old bank paper. as
a reminde of what they lost. CA voice;
II have $40 at home myself.') cannot
| imagine any interest that can be per.
manently subserved by having poor mon
ey. The bare suggestion of such q propo-
sition to a man of reason meets its in,
slant rejection.
L .