The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1896-10-01
ALTGELD ON MONEY.
REPLIES TO GOLD ARGUMENTS
OF SCHURZ AND COCHRAN.
A Great and Appreciative Audience
Hears the Gospel of Free Silver as
in Chicago,

A Great and Appreciative Audience
Hears the Gospel of Free Silver as
ExpOunded by the Illinois Governor
in Chicago.
At Central Music Hall.
Gov. Altgeld spoke at Central Music
Hall, Chicago, Saturday night in reply to
Carl Schurz and Bourke Cochran. He
was greeted by mass of humanity that
filed every portion of the hall, and there
were thousands outside who clamored for
admission. but had to content themselves
with hearing lesser orators at overflow
meetings. The Governor dealt almost
wholly with the money question, and his
audience applauded him continuously and
gave evidence of its deep-seated appre-
citation of the speaker whenever oppor-
tunity offered. The Governor said:
Il hold in my hand a printed copy of the
speech of Mr.. Carl Schurz, delivered in
this city two weeks ago, and n like copy
of the speech of Mr.. Cochran, delivered
one week ago. Both have been adver-
tised as the ablest arguments in favor of
the gold standard that have yet been
made. We are warranted in concluding
that every argument and every fact that
can be marshaled upon that side of the
question is contained in these speeches.
1t would have given great relief to the
minds of thousands of patriotic men to
have had presented some balm for the
ills of our land. and as | love my country
more than party or honors. | am sorry
to have to say to you that in these long
speeches. containing as we are told the
law and the gospel of the gold standard.
there is rot a line, not n sentence, not
syllable that offers any hope to the Amer
lean people.
.'Thc straight-out adherents of McKin-
ley have panacea. They realize the un-
satisfactory conditions in our land and
propose to remedy chem by an increase of
the tariff. They feel that some hope must
be offered to the American people, and,
having nothing else to present. they ask
us to again try the idea of increasing the
tariff tax.
''They ask the people to shut their eyes
to the fact that the distress from which
we suffer exists all over Europe as well
as this country; that it exists in the coun-
tries having a high tariff and in countries
having Il moderate tariff and in countries
having no tariff at all, and is clearly due
to some cause that has no connection with
the tariff.
HCldihS hoEhtStSdu NiOtSs
''They ask us to smut our eyes to the
fact that it was in the spring of 1892,
while the Mckinley law was in force
and while Mr.. Harrison was President,
that the famous Homestead labor riots
occurred, being among the most bloody
that ever took place in this country; that
at that time the conditions of the laborer
were rapidly getting worse and the prices
of American products were steadily fall
ing. They ask us to shut our eyes to the
fact that the Mckinley law for the fiscal
year ending June 30, 1894, produced 4
deficit to the United States treasury of
$70.O00.0C0. They ask US to shut our
eyes TO the fact that neither the laboring
man of this country nor of Europe has de-
rived any substantial benefit from the
tariff. because the employer is always per-
mitted to fill his shop with cheap labor.
They ask us to shut our eyes to the fact
that the tariff is no longer Il matter of
theory but Il matter of history. 1t has
been tried and it has been found wanting.
with the adherents of Nc
Kinley it is question in this campaign of
seeing how often they can fool the peo-
pie.
Both Mr. Schurz and Mr.. Cochran
have been avowed enemies of this tariff.
They cannot and they do not offer it as
n remedy for any of the ills of the land,
and having no other remedy to offer and
seeing no prospect of Il change for the bet
ter under existing policies, they simply
tell the patient that if he will only lie
still he will suffer less than if he at
tempts to bestir himself.
I'm considering the question as to
whether the demonetization of silver in
the world reduced prices they shrewdly
leave Europe cut of consideration. shut
their eyes TO the fact that the effects pro-
iuced there are the same as those pro-
luced here, treat the whole question as
though it were local to our country, and
then argue that inasmuch as there had
not been many silver dollars coined in our
and those that were coined went
abroad. because of the fact that they
4 premium of per cent;
that. therefore, the demonetization of sill
YER in the United States could not have
Effected prices, because there was scarce
y any silver here to drive out of circula-
ion.
Coinage in the United States.
''Now let us look at the facts in regard
o the coinage of silver in this country 1t
S true that Jefferson for time suspended
he coinage of silver dollars. The reason
vas that half dollars were full legal
ender for any amount, just as much as
lollars were, and, inasmuch as the country
vas new and poor, it was thought that |
lalf dollars would be more convenient in |
circulation than dollars, and inasmuch |
Is they could be used in payment of debts |
he same as dollars it made no difference,
)ut the coinage was on the same basis as |
hat of gold, and any man having silver |
bullion could convert it into money, Just |
he same as though it were gold, and the |
reasury tables given out at Washington |
how that from 1906 down to 1873 there |
we're S1o4.31S,0I1 of silver coined in this |
ountry. In 1871 there We're 1,117.1 .127 of |
liver dollars coined-nOt subsidiary coins, |
tut dollars-and in 1872 there We're lis
800 silver dollars coined. being nearly |
vice the number ever before coined in
ne year. Bear this in mind. the two
ears before silver was stricken down
here were nearly twice as many silver
lollars coiNed as in any previous year.
1r. Schurz knew these facts, and yet he
'resents his figures in such way as to
make the impression that no silver had
een coined in this country, and therefore
We demonetiZed nothing.
His next claim is that we have had |
nOre money per capita in circulation in
S95 than we had prior to the demonetiza-
ion, and that. therefore, there was no
eduction in the volume of money, and
hat consequently demonetization had
othing to do with the fall of prices. He
ays that in 1895 we had total of S.
II 100000 in circulation. making 5000
er capita, while in 1878 we had only
1901 per capita in circulation.
Treasury Figures Wrong.
"Now, this is based on the tables given
ut by one branch of the treasury depart
lent, that is. the director of the mint,
nd sometimes copied in the reports of
ther branches of the treasury; but they
manate originally from the office of the
irector of the mint. and they are not only
-rong but are well known 10 be wrong.
II his report for the year 1892 the direc-
Dr. of the mint explains the origin of these
nbles. They ascertained what specie
here was in the country at the time of re-
and they have added to it year
Y year the coinage and what the custom
ouse records show to have been import
L. and they have deducted only what the
acords show to have been used in the
rts and what the records show to have
cen exported. and they assume that all
ne balnce is still in circulation. They
lake no allowance for what was carried
yer our southern boundary in quarter
a century unrecorded, nor for what was
irried over our northern boundary dur
IL that time unrecorded, nor for what
as carried to China during that time. nor
IT what was used in the arts for a quar-
II of century without Il record having
cen made of it. and they make no allow
nee for what was carried to Europe in
le pockets Of American citizens travelling
broad, and of which no record is made:
et in one Of his reports the director of
IL, :, Al, I