The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-20

credit for being the only man In the world
who made the discovery that the panic of
1893 was brought about by the cause he named
and he Is entitled to the greatest credit be-
cause OF the fact that he never ran bank
or business or q manufacturing establish
ment or a railroad and was never engaged,
so far as we know, IN any commercial bust
ness He had an established reputation as
rhetorican and as a man who could make
an equally good speech on any side Of any
question. If the panic of 1893 was due to the
cause to which he ascribes it. then we are
liable to have .panics of that character every
year SO long as the existing conditions con-
tinue; but, my fellow citizens, that panic
was not local to the United States and the
depression that followed from it is not local.
but exists all over Europe, and, in fact,
nearly all over the world, and is most severe
IN the gold using countries. There was no
doubt in the minds of the public at that time
about England's maintaining the gold stand
ard, nor about Germany maintaining the gold
standard, nor about the other countries that
nad recently adopted a gold standard main
tanning 1t, and yet in all of those countries
the distress and paralysis is even more severe
dnan II Is In our own Mr.. Schurz may be
able to patent his idea in this country, but
his letters patent Will be worth nothing in
Europe.
BOND ISSUES.
But perhaps the strangest part Of the speech
is that which emphatically indorses and
commences the bond issuing policy of the
present administration. l ask you to consider
this moment. During times of profound
peace in less than four years the national
debt OF this country has been increased $780,
OOO,0oO; not to support the government, for
President Cleveland declared expressly that
TINS was not needed to support the govern
ment, as they had money in the treasury to
meet the current expenses. II was done for
the sole purpose OF maintaining the gold
standard by the government and of paying
gold ON obligations which on their face were
payable not in gold but in coin which meant
that they could be paid in other metal which
the debtor, that is, the government, might
select This has been the law and practice
for centuries and the governments of Europe
always act upon it. Mr.. Schurz suggests no
change Of policy and he offers no remedy
therefore, the existing conditions are to be
continued, and If 1t was Necessary to issue
$3.50, 100000 Of bonds in the last three years
we are warranted In assuming that it will
De necessary to issue similar amount in the
next three years, and that this will go on
DO you think that this is the right policy for
our government 10 pursue? Every time
bond is issued the oppression of the men
who toll is increased. The interest on these
bonds is not produced in the banks or In
the Offices of the cities. 1t has come out
of the industry of the country. 1t has come
from the products Of a country and the
who toll. The men who make and cultivate
farms, who build and operate railroads; the
men who build cities, the men who do the
work OF the land, the men who make our
civilization possible. For l say to you that
swallow-tail coats and big shirt fronts never
yet laid the foundation of empire; purple and
fire linen never yet built mighty state.
Perfumed handkerchiefs and bright neckties
are not the forces that sustain the flag of
our country in time of peril The people
who have to pay the interest on these bonds
and ultimately have to pay the principal
whose sweat and whose toll has to produce
the product to do it. derive not one farthing's
benefit from these bonds. The men who get
the benefit Of these bond issues are the
class of people who manage by the aid of
government TO lick the cream and devour
the fruit OF other mems industries. Let the
American people follow the suggestions Of
Mr.. SchurZ and our country will become
a bond Issuing country in perpetuity and the
further down the vista of time that the
American patriot glances the darker will be
the cloud and the heavier will be the burden
which his children must face.
Mr.. Schurz and Mr.. Cochran wrirg their
hands IN horror over what they call the
prospect Of sullying the national honor and
payirg our obligations or the interest on our
obligations in anything else than gold and
they point to the fact that in 1890 congress
declared practically that It was the policy of
this government to keep everything on a gold
basis, that the world had accepted this. and
for US to disregard that declaration would
place US in the light of regulators and dis
little substance 1t tales to enable a rhetori-
clan to fill the air with ghosts When was
our great debt created? Long before 1890.
And what Kind of money did we get for the
bonds We sold? We got paper for some and
gold and silver for the remainder.
NATIONAL HONOR.
Neither Mr.. Schurz nor any other mortal
has been able to point out wherein you wrong
CT editor when you pay him in exactly the
same money that he gave YOU. Neither he
no. any other mortal has been able to point
out wherein you do an injustice to any man
when you pay creditor In money that has
exactly tae same purchasing power. that win