Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-24
HOW TO RESTORE CONFIDENCE.
Mckinley Says "DefeHt the Party
That Destroyed It,"

Mckinley Says "Defent the Party
That Destroyed It."
In his remarks to one of the delegations
visiting him yesterday, at Canton, Ohio,
Maj Mckinley said:
THE complaint-the chief cause Of COM
plant Of our opponents-is, first, that we
have not enough money, and second, that
our money is too good. Naughter) 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 it ever was before. Applause)
And that it has been greater in the last five
years than it ever was in all our history.
(Cries of That's rightly We have not only
the hest money in the world, but we have
more of it per capita than most of the ma
tons of the world. Applause)
ITO the second complaint, that our money
is too good, it would seem to be enough to
say that the money of any country cannot
be too good, and that no nation ever suf-
fers from having its medium of exchange
of the highest and best quality. Great APP
plause) 1t has been poor money-not good
money-that has been the cause of SO much
loss and ruin in the past both to individ-
uals and to nations. Applause) The older
men of this audience will remember that
before 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 to a
II
1860, exclusive of state bank branches, was
1910. OF this number, the counterfeit de-
tector,' then in constant use, reported $50
as broken, closed, failed, fraudulent and
worthless
Greatest Sufferers From Poor Money.
1.-The notes of these banks were in cir
culation 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
paper on which they were printed Upon
whom did this loss fall my fellow citizens?
There Is scarcely an old gentleman in this
audience who will not recall that it fell
upon the laboring men and the farmers Of
the United States. (Cries of That's right
and applause) allude to this only to show
that those who suffer most from poor
money are the least able to bear the loss
1t is the history of mankind that the least
valuable money which will pass current ia
the money that at last finds its resting
place among the poorer people, and when
the crash comes, tna loss must be borne by
them. And l doubt If there is man in this
audience who has not among the belong
ings Of his family, or2the family of his
faiher, some of that iold/bank paper as a re-
minder of what they lost. "a voice: L have
$40 at home mysef.D =
II cannot imagine any interest that can
be permanently SUBSCRIBED by having poor
money. The bare suggestion of such a
proposition to man Of reason meets its
instant reJeG ton. You Will remember that
from 1852 to 1879 we did business with pa
per money exclusively; we had neither gold
nor silver. And you will remember that
gold was constantly at premium, ranging
from ~ to 100 per cent Then when a man
wanted to borrow money, he had to paw a
higher rate of interest than he has had to
pay since 1879 on gold basis Applause. !
When We were doing business with a de-
, preciated paper money, interest was very
| much higher to the borrower and to the
debtor than it is now. l can recall when
here in Ohio the ruling rate of interest for
that paper money was 10 per cent annually
and often l per cent a month, or II per
ce.t year. Do you remember that. men
of Indiana? When in the days of the green
back currency you paid frcm 10 to II per
| cent for your money?
Fall in Rate of Interest.
1.-The ru ing rate here in Ohio for wha
| some people are pleased to call .aDo-cen
| dollar Is orr per cent today. 1t ma,
| run as high as s. and possibly that ha:
been the ruling rate, during the last TIVE
| or three years. but that is because dis
| trust has fallen upon the country, ant
| men who have money will not part will
| 1t and take chances without a higher rat,
| of interest. (Applause.) Money can b.
borrowed at Z lower rate OF interest thai