Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1896-09-17
report. Let nue. show you, my
friends, that instead of there being
decrease, there ought to have been an
increase each year. (Applause).
QUOTES JOHN SHERMAN

Senator John Sherman made
speech on June 6, 1890, and in the
course of that speech he used these
words: IF our present currency is
estimated at Sl,4OO,OO0,O0O and our
population is increasing at the rate of
3 per cent per annum it would re-
quire $42,000,0O0 increased circulation
each year to keep pace with the in
crease Of population; but as the in
crease Of population is accompanied
by still greater rate of increase Of
wealth and business 1t was thought
that an immediate increase of circula-
ton might be obtained by larger pur-
chases of silver bullion to an amount
sufficient to make good the retirement
Of bank notes and keep pace with the
growth Of population. Assuming that
100000 a year Of additional circu-
lstion is needed upon this basis, that
amount is provided for in the bill by
the issue of treasury notes in exchange
for bullion at the market price"
My friends, he says that we need
an increase Of something like fifty
millions every year, and yet instead
of having an annual increase Of fifty
millions a year, ia the last two years
we have a decrease Of about $l55,000-
600 (applausel, make deficit Of about
$255,000,000 in the currency Of the
country. Now, If Mr.. Sherman did
right in 1890 in saying that the peo-
Pile needed new money every year,
then, my friends, I want to ask you
why it is that the republican party, in
the face of the constant decrease in
the circulation Of money, has made no
provision whatever to satisfy the
needs Of an increased population.
Great applause). When we talk
about these matters our opponents
tell us that we do not understand
financiering. daughter and ap-
plsuse). My friends, we understand
mathematics, and man does not
have to understand much about
mathematics to know that a nation
that requires an increase in circula-
ton must suffer if, instead Of an in
crease, it has decrease in circulation.
(Applause). Not only does the repub-
lican party make no provision for an
increase of the currency to meet the
needs Of the people, but the republic
can party has been silent in regard to
the manner in which this currency
has been contracted. If the republic
can party succeeds we have every
reason to believe that the republican
administration will follow the ex-
ample set by previous administrations
and followed by the democratic ad-
ministration, and 60 into contracting
the currency instead Of increasing it.
(Applause)
EFFECTS OF CONTRACTION.
Now, my friends, l want to read
} you what one Of the great statesmen
! in the country said IN regard to the
effect of the decrease in currency. II
they will not take our word for it, il
they say that we are too young and
don't know enough aboutlt. Naugh-
ter and spplause). I say if those Of
US who are living now are not to be
accepted as authority let me read
from one whose name illumes the
pages of American history. Henry
Clay spoke on this subject away back
IN 40. Let me quote what he said
"Of all conditions Of society that is
; most averse in which there is a con.
slant and rapid dimlnution of the
, amount of the circulation medium
debtors become unable to pay their
, debts, property falls, the market if
, glutted, business declines and labor is
, thrown out Of employment. With
such a state Of things, the imagination
goes ahead Of the reality. Sellers be.
come numerous from the apprehension
that their property now falling will
fall still lower; and purchasers, scarce
from an unwillingness to make in
vestments with the hazards OF almost
certain loss. l have already stated
, that the country is borne down by q
weight Of debt. If the currency be
greatly diminished, as beyond all ex-
ample it has been, how IS this debt to
be extinguishedl Property, the re-
source OF the debtor relied upon for
his payment, will decline in value,
and 1t may happen that man, who
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