The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-06-13
COXEY'S IDEAS
ABOUT FINANCE,
He Tells Why the Govern
ment Should Make More
Money.
CAUSE OF THE PANIC.
Not Tariff Repeal, but Too
Little Circulating Cur
rency.
GROVER THE ONE DEMOCRAT.
The Commonwealth Says Cleveland
Is the Whole Party and He Is
a C0nSpiratOr.
GROVER THE ONE DEMOCRAT.

Jacob s. Coxey, late leader of the Army
of the Commonweal, gave his views of the
financial question at Metropolitan Temple
last evening. 1t took over two hours for
him to complete his address, although he
spoke with remarkable rapidity, appar-
emily never stopping to take breath or col
lect his thoughts. His argument was in
terspersed literally with anecdotes, which
were new, and were told very cleverly.
e. Nj. Wardell, chairman of the Populist
State Central Committee, introduced the
speaker, whom he welcomed on behalf of
the Populists of the State, in brief speech
of eulogy. Mr.. Coxey said, in part:
1t is necessary for the American people to as
semble together to discuss the greatest ques-
ton which has ever been before them, just the
same as physicians gather in consultation
when the patient is very low with dangerous
disease. We find the shelves of your mer-
chants overlooking with the necessaries OF life,
and yet there are thousands in our land suf-
terlng Tor the want OF these necessarles and
only one barrier between them, and that is
money. Then is this not a diseased condition
in our country?
In the spring OF '93 there was 81 .OOO, 900. 900
of actual money in the pockets of the people.
There was $40, 100000 more of credit money.
Then England placed $lO8 100000 of securi-
ties on the market, turned them into gold and
commenced to withdraw it. Then the Eastern
newspapers commenced to write editorials to
the effect that the withdrawal of gold would
ruin all the banks in the country. This
frightened the people, and they rushed to the
banks and withdrew their accounts. The
manufacturer took his paper to the banks, but
they said they must protect their depositors,
and they would not discount it.
Then the manufacturer was forced to close
down his works. That is exactly the way in
which the panic of '93 was brought about
and it was simply because of conspiracy
among the gold bugs of Wall street.
The speaker here told of firm in Mas
silon which had been compelled to is ue
notes, or yellow backs, as he called them,
of its own. These yellow backs passed in
the community the same as money for
most purposes. This, he claimed, was
made necessary, because Congress had not
issued sufficient money. He continued
How did it operate against the mechanic? If
he went to pay the taxes on his home the Col
lector would refuse to take it. He would have
to get discount, a shave, restriction of its
actual value simply because Congress had re-
fused to do its duty How does it operate
against the mechanics family? His wife goes
into a store to purchase groceries with one of
do business with her unless she buys a full
dollars worth of goods because he will not
give her currency in change for note upon
which he must wait for payment.
What was the issue the Republican party
went before the people on in 1894 and on
which Mckinley would like to go before the
result of the fear of the repeal of the tariff
Was it because of the fear of the tariff that
Russell & Co. were forced to issue yellow
backs? Certainly not. The tariff had abso-
lutely nothing to do with 1t. When the money
famine was at its height what was the very
first act of the Democratic party2 When say
the Democratic party refer to Grover Cleye-
land, because he is the entire Democratic party
to-day.
He was calling Congress tog ether at the die
tates of the powers of Wall street to repeal the
0n1 IoEu that w furni ShiOO n Of Of oil
the purchasing clause of the Sherman bill
That law was repealed in the interest of the
gold gamblers OF Wall street. Why? Because
they wanted the Government 10 be prevented
from making money. They had their agent,
Grover Cleveland, for he has ceased to be the
agent of the American people, call Congress
together for this purpose.
How did Cleveland use his immense patron
age in forwarding this purpose Take the
case of Breckinridge OF Arkansas not Mr..
Breckenridge of Kentucky. Breckenridge voted
for the repeal of the purchasing clause, con-
trary to the express mandate OF the people of
his State. They recalled him, and what did
Grover do He gave him one OF the greatest
foreign missions, and last week Breckinridge
in his knickerbockers was helping to put the
crown on the Car OF Russia. Every one who
has a thimb leful OF sense ought to know by
this time that the leaders of the Republican
party. as well as the Democratic party, are op.
posed to the use of silver as money
Ny friends, 1t is you people who elected
those people to Office. You believed in them
and they betraS ed you. That was their fault.
IT. after they have betrayed you, you elect them
again, and again they betray you, that is your
fault, and yours only.
John sherman said in debate on the repeal
of the purchasing clause: Repeal this law,
and in ten days the skies will clear and every
wheel will be turning" Ny friends. has every
wheel been turning in California? 1t has not,
and John Sherman knew 1t would not when he
made that statement.
What is it that fixes prices? The demand for
goods. Put the people all in empl oyment and
they are in position TO consume, and up will
go the prices.
The speaker devoted considerable time
to an explanation of the non-interest bear