Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1896-10-01

othor a. e ono eHu OF the country To the
- II IN FAVOR of it without being naid for
Mr. Bryan, believe. did that wor1,i ~.
lLaughter.1 ne HUMAN race.
silver Men Were for Gold.
NOW what has the Republican nartv
si1uon mnas mas the United States done for
congress passed a law proyidine, far tho
roi1ii puisory purchase and coinage of two
.nlllion dollars worth of silver averu
.v'nta' authorized the coinage of fo,,r
-, .uiiiion and that went on year after vear
sc up 70 1870 Before Mr.. Cleveland was
d;a tn.o once in 1894, when that splen-
s.u patrlot, that wonderful orator. that
spiendld American, James q. Blaine Ierea :
ensefIng1 was living God bless his mame
an no memory forever). Mr.. Cleveland urgsd
lne suspension Of that coinage. STATING az
nis reason the fear that If it were not
Iot penoeo the silver dollars would accumu-
s sale TO such an extent that being Of a dif.
Ierent commercial value than gold thew
mouiq orlve gold out of circulation and nut
ene united States upon a silver basis
oonsress paid no attention to him. Wbv
sentiemen, gold had not only been adonted
tne standard by the great commercial
nations OF the earth, including the ITnitad
States, but some of these honanz. si1ver
SENATORS mad argued strenuously in favor
y. II. MI. Stewart had said in the sena to
VI the United States: we have resources
apunoant to get gold. Forty million peo-
PIE can furnish all the money that is neces-
sary; They will get it. When gold is in
vlted to country like this with such an
INDUSTRIOUS people as we have, with our
INDUSTRY and our resources. I saw there
VIII De no difficulty about getting sufi-
clent gold He went on to saw that we
must nave gold, the country must be upon
q soio standard, for that was the stable
vada also declared that so exact measure
~ IL OF human effort that when it is ex-
ciuslVely used as money it touches the
very heart OF honesty That means that
IL IS so exact that if you have it in YOUR
pocket you may go away, you may leave
You may feel absolutely certain that. come
what may, it will stay by you and will not
nuctuate In value. That is why Mr.. Jones
oI nevada wanted us to go on gold basis
until the great silver mines were opened
IN which they were interested and they
nao vast silver product to find a Gus
toner for.
Enactment of the Sherman Law.
NOW, gentlemen, in 1896 we passed an
act and l voted for it, my colleague here
and l, which is called the Sherman act
Tor the purchase of 100000 ounces of
silver every month. The secretary of the
silver bullion the notes of the United
States, payable in coin. 1t was declared
In that act that it was the policy of the
United States government to keep silver
and gold at parity with each other. The
government went on purchasing silver
bullion and issuing paper upon it and coin
ing silver dollars until 1893 That act
passed by us in 1890, I have no hesitation
In saying, in my judgment was a mistake.
It was mistake because there was no
limit in duration of time to these pur-
chases. They were to go on and on if the
act were not repealed for dozen or
twenty or thirty years. We passed that
bill as compromise. 1t was passed to de-
feat the free and unlimited coinage of sill
yer. You remember the senate had passed
free coinage bill at that session in 1890
by very large majority, and we felt that
we must adopt compromise measure of
that kind in order to defeat the passage
ultimately of free coinage bill, and the
putting of the country, as we thought,
upon a silver basis. But what happened?
Men began to see that if that coinage went
on, the purchase of silver year after year,
and the issue of government notes based
upon it, pretty soon we would have as
much of that silver money or it's repre-
sentative as we had gold, or more, and
gold would go out of circulation and we
would be on a silver basis. Many of you
recollect that in 1893, for that reason, gold
willing to invest a gold dollar if they
think they may have to take a poorer
dollar in return for it. The panic Of 1893,
while a financial panic in large part, was
not altogether due, in my judgment, to
the silver act of 1890. l think you people
of the United States are largely RESPONSE
BILE for the panic Of 1898, when you defeat
ed Benjamin Harrison for reelection in
1892, with the Mckinley law in operation,
and elected Mr.. Cleveland upon platform
which declared that protection to Amer
lean industries and American labor was
unconstitutional. We passed quickly from
the highest tide of prosperity to a time
of trouble and panic. You remember the
mines were shut down, factories closed,
furnace fires were banked, men were
thrown out of employment, banks began
to break. and it became necessary TO rescue
the country from impending financial
trouble. Mr.. Cleveland recommended the
repeal of the Sherman Purchasing act. 1t
took long hard fight against the silver
barons and the free silver Democracy OF
the South to repeal 1t. Mr.. Cleveland is
entitled to great credit for the fight which
he made for honest money ana 10 main
tain the credit of the country in that
emergency So are the Democrats who
voted with him, although 1 think the ma
iority of the votes in favor OF that repeal
IN tha limited States senate were RepuD-
lican votes just the same. lApplause.1
Liberal in the Use of silver.
"Now, gentlemen, has the United States
beer illiberal in it's use of silver? To-day
we have $500, 900 900, or Whereabouts, OF
gold: and we have nearly 600,OO00oo Oh
silver-not demonetized silver, because
since 1878 every single silver dollar mas
been. under the laws Of the United States,
a legal tender, receivable for taxes and
governmental dues, unless by private con-
tract it was exempted from tender. Hash
the United States treated silver pretty
we'll? Now what is proposed? 1t is pro-
nosed that congress shall now pass law
opening the minis of the United States TO
the free and unlimited coinage of silver.
A voice-And gold.
"And of gold; yes. Now, what would De
The effect of it? If you consult the expert
ence of nations there is no more DOUBT
about the result of it than there is that TO-
morrow morning will follow tonight.
yoice-To the silver mines OF the
world. >. /.
ssThat is opening the minis not to the
,,roduct of the United States alone, but to
the silver product Of the whole world. MT.
Rrvan. making a speech at Concord the
other day. down in North Carolina, stopped
three minutes to make speech tLausn-
ter I want to read it to you sometimes
in his speeches he says. We believe thas