The herald., 1896-09-18

Z latfon Of the country and with the in
aS1n0tr1es of the country. (Cheers.) And
that unles the money does so We shall
fnd that dollar rises In value all the
time. Now when dollar rises in value
it simply means that prices will fall.
and falling prices are an injury to the
men who produce the wealth of this
country. Falling prices are good for the
man who has money and who wishes
to use 1t to buy the things falling in
price. Senator Sherman, who stands at
the head and front as the recognized
leader Of the Republican party and all
that portion Of the Democratic party
which is trying to elect Republican
for president, used the words in speech
which he made in behalf Of the Sher-
man bill on the 9TH day Of June, 1890:
"If our present currency" said Sena-
tor Sherman, "is estimated at 81, 400, 000,-
900 and our population is increasing at
the rate of per cent per annum, it
would require $420OO,O0O increased cir
culation each year to keep pace with the
increase Of population, and as the in
crease of wealth and business is contin-
uing at asstiH greater rate it is thought
TINT an immediate Increase of circula-
ton might be obtained by the purchase
Of silver bullion to an amount sufficient
to make good and retire all bank bills
and keep pace with the growth of pop
ulation. Assuming that $54, 900
year additional circulation is needed up
on this basis, that amount is provided
for In the bill for the issue of treasury
notes in exchange for bullion at the mar
ket price,"
Mr.. Sherman thus declared that
money must increase with poulation,
and, more than that, says that the
wealth and business should increase
more rapidly than population and there
fore he defends the Sherman bill on the
ground that it gives to the people about
$54, ,000,0 900 each year in new money. Re-
member that the very man who gave
that view Of the Sherman law thea
turned around and Joined the opponents
OF free coinage in repeating the Sher-
man law and leaving nothing to take it's
place. Instead of having s5400O,OOO of
new money each year. we have been de-
creasing our circulation for the last few
years. I have here a government pub
lication issued on the 1st of July, 1895,
which gives a table showing the de-
crease Of the money in circulation
among the people. According to this we
had in circulation in this country on the
30th day of June, 1894, s1660, 100000. On
the 30th of June year afterwards, in
1895. 1t had fallen to $1,601, 100000, fall
of $59,000,0 900 in the circulation in one
year, whereas Senator Sherman said It
ought to increase $4,000, 900 in that time.
So If you will take the actual deficit
and add to that the amount of increase
we ought to have had, you will find a de-
hcit of over one hundred million of dol
lars in circulation in one year. By the
30th of June, 1896, that had fallen $685.
100000 more in the actual circulation
among the people. You add to that the
$54000.000 we ought to have had as an
: increase and there was deficit of more
than $150,0O0,OOO in one year. In two
years the decrease in the amount of
money in circulation was $250,00 900
from what there should have been. Now,
my friends. these are not vain imagina-
tions; these statements are not the va
porings of lunatics and cranks. Gap
plause.) These are the statements made
upon the testimony Of one of our oppo-
nents SO short time ago that if they
themselves have forgotten, the truths
they stated are still alive.( Applause)
What provision does the Republican
party make for the supply of money
that you need? None whatever 1 am
not surprised that even men who have
been Republicans all their lives are now
IN favor of the free coinage of silver.
(Great applause.) 1 am not surprised
when find that Republicans who rec
ognize these principles of finance and
apply them to the money question de-
sert the Republican party this year
when 1t comes out and attempts to de-
fend the Democratic administration
which was repudiated by the Democrat
ic party itself. Great applause.) You
remember here in North Carolina the
Republicans have made more capital by
denouncing this administration than in
any other way. What do you think now
when the Republicans of North Carolina
become the sponsors for the Democratic
administration. (Wild applause.) 1 am
not surprised that earnest and sincere
Republicans prefer to stand with the
Democratic party in demanding bimet-
allism, which even If the Republican
party of four years ago was dear to
the American people through tradition
am not surprised that Republicans
who eight years ago stood on platform
that denounced the Democratic party in
its attempt to demonetize silver Join
with US today in denouncing bimetal-
Hsm, which had been the historic policy
Of the United States until 1873 and re-
ceived the support of all the statesmen,
Republican, Democratic, Whig and
everything we ever had in this country
Cloud and continued applause.) Let me
briefly call your attention to what
Henry Clay said In regard to protecting
the volume of money in this country, !
have been told that Henry Clay was the
only presidential candidate who had
ever come here during canvass prior
to my coming.
Let me tell you what he said in regard
to the contraction of the currency. This
speech was made in the United States
senate on January 20, 1910: "Of all the
conditions of society that is most ad-
verse in which there Is a constant and
rapid diminution in the amount of cir
culating medium. Debtors become un-
able to pay their debts"-and have YOU
had such condition during your life
time, my friends? (Cries of "Yes, yes.)--
property falls"-we have had that |