The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-10-10
NO MONEY is TOO GOOD.
Nal. Mckinley Recalls the Days Of
State Banko and Wildcat
Currency.

Maj Mckinley said TO n delegation
from Indiana which visited his home on
September %:
/ believe in America for Americans
native-born and naturalizcd. (Applause.)
believe in the American pay roll.
daughter and applause.) And | do not
believe in diminishing that pay roll 10y
giving work TO anybody else under an
other flag while we have an idle man
under our flag. Tremendous applause.)
-Four years ago the laborer was agitat-
ing the question Of shorter hours. We
then had so much 10 do. | have heard
no discussion Of that kind for four years
daughter and applausc) But | have
never heard of the laboring man dis
cussing the desrability of having short
dollars. The complaint-the chief cause
of complaint Of our opponents is first,
that we have not enough money; and,
second, that our money is too good.
uaughter.) To the first complaint
answer that the per capita of circulating
medium In this country has been greater
since the so-called crime Of 1873 than il
ever was before (applause), and that il
has been greater in the last five years
than il ever was in all our history. Cries
OF That's right."O We have not only
the best money in the world, but we have
more Of IL per capita than most of the
nations Of the world. (Applause.) We
have more money per capita than the
United Kingdom per capita than Ger
many, than Italy, than Switzerland,
Greece; Spain, koumania, Seryia, Aus
tria, Hungary, Norway, Sweden, Den
mark, Russia, Mexico and the Central
and South American states, and more
than Japan or China. Great applause)
So that some reason rather than the lack
OF volume Of money must be found TO
account for the present condition OF the
country.
TO the second complaint that our
money is too good. il would seem 10 be
enough 10 say that the money OF any
country cannot be too good: and that
no nation ever suffers from having it's
medium Of exchange Of the highest and
best quality. Great applause) II has
been poor money-not good money--that
has been the cause Of so much loss and
ruin i'm the past, both 10 individuals and
90 nations (Applausc) The older men
OF this audience will remember that be-
fore the war we did business with an un-
certain and fluctuating currency known
as state bank money. Many OF these
banks and their notes were absolutely
sound: but for the most part they were
subject 10 a discount. fhe total mum
her of banks In 1860, exclusive OF state
bank branches, was 1870. OF this
number, the counterfeit detector,"
then In constant use. reported
S32 as broken, closed. failed,
fraudulent and worthless The notes
of these banks were In circulation
among the people and had been received
by them for their good labor and their
good products. They were absolutely
worthless and Of no more value than the
papcr upon which they were printed. Up
ON whom did this loss fall, my citizens
There is scarcely an old gentleman In this
audience who will not recall that IL fell
upon the laborng man and the farmers
of the United States. Cries Of That's
rightly I allude To this only 20 show
that those who suffer most from poor
money are the least able TO bear the loss
liz il the history OF mankind that the lea NJ
valuable money which will pass current
Is the money that az last finds It's resting
place among the poor people and when
the crash comes, the loss must be borne
by them. And | doubt II there is man
i'm this audience who has not among the
belongings Of his family or the family Of
his father some Of the old bank paper rs
n reminder Of what they lost CA voice:
II have SO az home mysclf.") cannot
imagine any interest that can be per-
mnncntly subscrved by having poor mon.
cy The bare suggestion Of such propo.
sition 10 n man Of reason meets It's In.
slant rejection.