Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-08-20

could get the worlds entire product las
we could nOD it would take three years 10
fill the void of $500, coo, coo of vanquished
gold. The nations OF the world Will not
melt down their coined silver to deposit
it in the United States treasury and receive
merely silver certificate.
But the third alternative is one OF meet
malign pOrtent. It Is proposed to use the
interest bearing bonded debt of the United
States in order that the miner or owner OF
of silver may take his bullion to the mint
meanwhile and get evidences of govern
ment debt two for One-a privilege not
granted to or claimed by any farmer, arti-
san, manufacturer or producer upon Gods
heritage. say it is proposed to SO use the
interest bearing bonded debt of the United
States. Now, what does that mean? It
means an Increase OF the bonded debt.
People who have got their bonds as invest
ment to derive their living from in the
way of annual incomes, any one else,
are not going to put up their bonds in de-
post in the treasury to get a treasury silver
certificate.
And SO the chasm could not be filed in
that way. neither by gold, by silver, or
by the issue OF bonds So this chasm
could not be filled They admit it
meantime, in the very face of the danger
of it? We are in the midst of commercial
distress almost unexampled in our history.
panic such as the world has seldom seen.
It would throw 5000, 600 men out Of en-
ployment. It would depress and starve
the wage-earner, and it would deprive him
of being the best consumer and purchaser
that the American farmer has, and by that
means inflict ruin upon our agricultural
population. (Applause.)
In that state of things the abyss must be
filed. No nation could stand such a con-
traction. The most radical remedy would
be absolutely necessary to restore it, and
there would be two only-one would be
to get back to the honest, solid standard
on which all the commercial nations, in
Guiding the United States, stand now, or to
issue an irredeemable paper money, per-
fectly limitless or illimtable in it's amount
And when that comes to pass silver will
vanish in the face of paper as gold will
vanish in the face Of silver. (Applause.)
And then you would have another chasm,
another issue of money. The wreck is COM
plete and the United States stands entirely
on an irredeemable paper money basis.
precisely the place that we occupied after
the war, and from which we struggled with
SO much passion Of honesty and love of
national honor to emancipate ourselves Do
you want that again? Cries OF no. no.
But to look a little deeper into this SUBJ
ject, the misery goes further that would
be inflilted. We have been talking here
tofore about lawful money, and I mean by
that money issued by the governments of
the world, the United States included
But did you ever think how little of the
business Of this world, or of any COM
munity like st. Paul, is done on what is
called lawful money? Statistics would seem
to show that 95 per cent of the transac-
lions between man and man in the United
States is by way of checks. In cities they
are balanced against each other in the
clearing house, and Il few thousand dollars
balance money closes the days transac-
tions. Where clearing houses do not exist
4 mean in towns and villages-the de-
posting of the checks in the banks and the
collections by the banks adjust balances in
the same way.
Now, this is the greatest currency Of
civilization. Numbers are Inadequate to
express its infinite superiority in numeri-
cal relation to the lawful money OF
which we have been talking. This is the
currency that no statutory fat can expand,
although it can cause it to contract. 1t is
a currency which will contract instan-
taneously to its very minimum by the OPP
Grafton of the Democratic and Populstic
theories as announced in their platforms
What does that mean? 1t means simply
that the merchants, the manufacturers,
the employer, the man Of every kind who
pays out money to his fellow men or for
labor, either for material or for labor, or
for farm products, will cease, so far as
he is concerned, to issue that currency,
and that the lack of confidence will pro-
duce disastrous contraction in that cur
rency.
The clearings in the United States last
week were $S11. 0OO, OO0-in the clearing
houses alone, mind you. and not through
the influence or interpesition of the banks
where there are no clearing houses. The
clearances of the city of st. Paul last week
were something over 100000. Does any
man think that any such amount of money
as that was actually passed from hand to
hand in payment in st. Paul last week
81, COO OOOEor in the nation-SS11 .0O0. 600
to adjust their business transactions? 1t
was done by this currency of civilization
which no nation can produce, which no
nation can regulate or control, and say
that this currency, more important than
silver or gold or national paper, will be
struck down at blow if the Democratic
and Populistic platforms be realized.
But you have heard from our free coinage
friends here that other nations have sue
cessfully coined silver freely and without
limit. And there are many good people
who believe that France is doing it, and
that the Latin Union, so called, is doing it.
1 would like to know why they can not tell
the entire truth about this thing. Let us
not deceive each other, and let nobody
deceive US. The Latin Union was composed
Of France. Belgium, Italy, Switzerland and
Greece. 1t was formed in 1863 by treaty
between those powers, whereby each agreed
to take the coins of the other signatory
powers at its mint at the ratio of 151a to l.
But Germany suspended the coinage of
silver. She had ceased to coin it, and so.
in 1873, after those great nations, headed
by France (the most scientifically governed
country in the world, and the one which
has the most accurate financial ideasl, I
say those countries, after Germany sus-
npndpd the coinage of silver limiteu their
silver coinage in 1878, and by 1876 they
suspended it. France. the strongest mone-
tary nation in the world, with her allies
undertook with all her power, to do precisely
what the free coiners of the United States
are asking this government to undertake