The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-10-18
HERBERT on SILVER.

Speech He Recently Made-Denounced
Decentralization.
Washington, October 10.--Secretary of
the Navy Herbert was the first member
Of the Cleveland cabinet who declared
that he would not support the Chicago
ticket. Mr. Herbert is perhaps the most
extreme gold man OF tho administration
He was not always for gold. The follow
Ing extract from speech of MIR. Herbert
made in the house of representatives May
70. 1890. ought TO be read with interest ut
this time. He said:
"A sound currency and plenty OF 1t is
essential TO the prosperity OF a people
Silver and gold are the money of the con-
stitution. The bonds of the United States
were originally PAID IN currency. re-
publican congress made them payable in
com, by which 1t has been estimated the
bondholders made Il profit of $500, 900 900
The next step the republican party took
10 Increase the value of these and all
other bonds was to Join in the movement
That had been started by the capitalists OF
Europe to Increase the lalue of their Sc
curities and demonetze silver. These can
ltalsts thought there was too much money
The worknGmen and land owners
were everywhere prospecting. All business
was thriving, because OF the increase of
money that annually came from the mines
of Australia and California when this
movement began. But the rich men. the
owners of bonds and other sources of fixed
incomes. got control. These incomes were
becoming less valuable. and they induced
many European governments TO demonetize
silver. The American bondholder fell into
line. He controlled the republican party,
and the republican party controlled the
| government, So silver was demonetized
Tho next step was to retire the green
| back sllation and leave no currency but
| gold and silver National bank notes BY
| the act OF 1915 republican congress dl-
| iected the secretary OF the treasury to
| destroy all the greenbacks as they came
into the treasury. 1t was the financial poll
| icy of this party that had caused the panic
of 1873, the effects OF which were still lin
gering like a deadly blight over this land
| and this act of 1875 but deepened the
gloom. 1t was passed by an outgoing con-
gress, Just as the victorious democracy
was coming into possession OF the house,
| as II did in December 1875.
This was the financial condition the
democrats of the Forty fourth congress-
were confronted with. They tried to re-
| monetize silver, but they failed. They tried
| other measures OF relief, but they failed.
| The senate was republican and the presi-
| dent was republican. But in the Forty
| nth congress aided by public sentiment
they had created the democracy did sue
| coed in stopping the retirement of green
| backs and did succeed in partially remonc-
thing silver l voted for both these meas
| ures We were compelled to accept Tho
| law providing for the coinage OF not less
| than two nor more than four millions of
| dollars. But the silver dollar the dollar
{, of the poor man. was restored as a legal
| tender Since then we have coined al least
| So 600 900 per annum. II was the democracy
| too, that forced through the law providing
| for the issuance OF silver certificates based
on silver dollars In the treasury. These
| silver laws alone have saved us from an
| other panic hut stil we have not money
| enough for our expanding business and
| growing population.
| 'In my opinion we would not be suffer
ing so much as we are today from the de-
| preston that exists II the treasury depart
| ment had coined each month up 10 the limit
| of the law. Yet more money alone would
not and could not give 10 the farmers OF
this country the relief they need 1t mat
| ters not what the volume of the currency
| NAV he so long as so large a per centage
| Of their earnings is drawn from the arg-
| cultural class and drained into the pockets
| CT the mouopolics who are bleeding them
| to death the farmers can not nave real
prosperlty They must have rcliet from
! unjust taxation. too. Allow inc FARMER tc
| work for himself and not Tor another ana
| thcn no will ask no iavors OF any man
, thot no docs not stand ready To pay Tor
| OF MS coin tho silver dollars, let MS turn
| loose a, loest a hundred millions Of the re-
! .orvc that is in the National banks and
| locked M unnecessarily in the treasury OF
The United states Let us reduce not rev
enues alone. but taxation also, ana let tht
| noonlo keen their money in their own peck
ore and then We shall have the government
AGAIN that The fathers founded and the peo-
rle will rise up and Mess US