The herald., 1896-10-01
GREATEST POLITICAL MEETING EVER HELD HERE

that it made money scarcer, gave chance
to the monopolists to work their will
and as a sponge to squeeze it when 1t
suited and allow it again to expand
when that was more profitable; it pro-
notes monopolies; causes panics and
costs the people of the country $100, ,000,-
900 per year to maintain 1t.
IT MAKES MONEY SCARCE.
"In 1893 in the extra session of con-
gress a committee of bankers, mer-
chants and planters came from the
south asking relief. They had large
cotton crop and other crops maturing.
They had applied at all the sources from
whence money is ordinarily obtained,
for money wherewith to handle their
crops. They failed to get it.. They had
security-good as gold in the markets of
the world-but even with the best secur-
ity they couldn't get the required ad-
vances. The demands for money at the
money centers was so great that their
demand had to give way to the more
pressing one. These gentlemen asked
us If we couldn't suspend the 10 cent
tax on state paper and by thus suspend
ing the law give them relief They went
away and with what assurances from
the treasury don't know, but I do know
that assessors were sent out throughout
their district and the property valued
and to the extent of 60 per cent of
the assessed valuation of their prop
erty was issued state bank currency.
Work went on, the wheels of industry
were kept in motion by this illegal cir
culation and even during the time of
financial panic hardship was averted.
Ii they had had-what we propose they
shall have--a sufficiency of a flexible
circulating media such hardships and
difficulty could not have happened.
DOES 1T FOSTER MONOPOLY?
In 1895 for the purpose of preserving
the parity the secretary of the treasury,
having previously issued bonds to the
extent Of $100,O00,000, determined to issue
So2OOo,0OO more. Just before arrange
ments were completed another institu-
tion, born of the conditions then exist
ing-the> Morgan syndicate, made UP of
half q dozen bankers of New York and
the same number of London bankers
told the government that if it wanted
money for those bonds they must be
sold to them. The secretary of the treas
ury said they would be sold in the same
way as usual, by bid The syndicate
then said that they were in a position to
draw the money out of the treasury after
the bonds had been sold, and do this un-
der the law.
1T was represented in behalf of the
Morgan syndicate that the bonds must
be issued to them at about SIS, 900, 900 be.
low their market value, else the issue
wouldn't benefit the government.
The president and secretary really
neileved that the syndicate controlled
the situation and bowed their necks
(They ought to have them shot off i
Not for that. I am not blaming the
president and secretary for bowing tc
What seemed to them inevitable. but
90 condemn them for standing and ad.
Vocating a system SO infamous in il, re-
suits to 100000 of people. loud cheer
ing) I am not willing for any system
to continue that will put this great ma.
tion at the disposal of half dozen citi.
zens and half a dozen aliens. 1 would
strike 1T down as would strike the
shackles of the slave.
The terms were: The bonds be sold
to them at private sale at Ia, the issue
10 run for thirty years. On the day OF
sale these per cent government bonds
were selling in the open market at 81. ~
The syndicate made sS,000,0OO, and the
consideration was that these ten men
should prevent a. drain on the treasury
for eight months. They fulfilled theft
contract and in SO doing showed how
completely they controlled the finances
of this country.
CAUSE OF BUSINESS DEPRESSION
we charge the gold standard causes
panics and depressions and many Of
the evils under which the people suffer
During the years between 1S73-79, fol
six years. this country suffered the Sc.
verest industrial depression known ir
its history. C. Wright, a Republican, bu1
an honest statistician, shows that agar
from lSS2-6 another period of depression
was encountered, and we know our.
selves that from 1926 we have been en-.
countering hard times unrelieved BY
even spasmodic recovery.
And yet the Republican party points
to the prosperous period Of the golt
standard! 1t was prosperous perhaps
for those squeezing the sponge, and fol
them only. No other period will furnish
such example as those twenty-three
years of industrial depression. The gole
standard instead of alleviating the tn u.
Bile accentuated it.
For the free and unlimited coinage OF
silver we say it will furnish a flexible
coinage. Silver money Is not capable o1
being monopolized when freely coined
That freedom of coinage which the Re.
publican party objects to is the very
safeguard of the peoples money. I'm.
der the double standard there never was
any cornering of money, and it did mo-
cost the country one dollar aside from
the cost of minting. Now, S100, 900, 900 c
year are needed to sustain the parity or
q gold basis.
SOME DIRECTORS SANSWERED.
"But some say: There is too much
silver There is so much of IL that IT has
ceased to be a money metal Indeed
they sometimes say that that is the very
reason that 1t was demonetized. or
the very day 1t was demonetized silvel
was selling in the London market at
per cent premium, at the ratio of 16 to
That is sufficient answer to that objec
ton.
Eyes, but they say you'll have a floot
of silver coming to this country tha
will overwhelm uS!'
'There are some 100000, 900 worth o.
silver in England and Germany which
they say will be shipped here to be coin
ed into American dollars. They'd pu
us to the expense of coming it first. Their
what? There are just three tLA.lgs tina
these foreign nations might do: They
might take it back with them that,
the worst thing 1 know they could OF
would do. We'd be out on mintage ant
they'd be out freight both ways, and fur
be worse off than ever, having this sill
yer in the shape of American dollars.
"They might throw 1t at us and rur
away, but I guess they won't do that
The only thing to be feared Is that thi.
silver will be used in buying our com
modities. (Cheers.) But say they won
receive pay in 53-cent dollars. Well, WE