Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-05
ALTGELDON FINANCE
Illinois Ex-Governor breaches Pes
simism to a Brooklyn Audience.
PRESENT MONEY SYSTEM At FAULT
Pays His Respects to Last Illinois
Legislature in Passing.
HENRY GEORGE PRESIDES

! NEW YORK. July 5.-Ex-Governor John
p. Altgeld of Illinois addressed about 1900
people in the Academy of Music, Brooklyn.
| To-Day The meeting was under the aus
! pces OF the Democratic League of Kings
| county. Henry George presided and in
| troduced Mr.. Altgeld, who was greeted with
| nearly applause, which broke out repeat
ediy as he proceeded with his address.
Speech of Ex-Governor AltseId,
| Mr. Altgeld spoke as follows:
| To-Day the most wonderful nation on
earth Is In distress. Its children are suf-
| 1ering. and its foundation stones are slim
! ping away. May we not ask the reason
why? In the affairs of man, as in nature,
there Is no fixed status Everywhere there
| Is motion: there Is either growth or there
| is disintegration
| In the economic and governmental ar
| snsements there has been q steady sd
Vancement. All progress and growth had
| come from below; evolution works from
! the bottom and never from the top In SC
clety and in government there is constantly
Iorning at the top crust. which tends to
repress all there is beneath, and tends TO
| check progress. Established wrongs and
legalized injustice are always imbedded In
| TINS crust Reform is simply an effort to
| improve condition or right a wrong and
| every reform carried out has to force its
| way through this crust.
Il am not here to denounce-nothfng l.; so
| idle or so foolish as mere denunciation 1t
| accomplishes nothing On the other hand
| to shut our eyes to danger means death"
After reviewing the history of the United
| states through the times of Hamilton, JEFF
| ferson, jackson and Lincoln, Mr.. AltgclI
said:
During the war gold left tie country
| as 1t always does in times of need The
government carried on the war with paper
| money. and then sold bonds. Paper money,
| being all there was in circulation, became
| the standard of value among people. Prop
| erty and labor were sold On this standard :.
debts were based on it; business al ed
| itself to it. A bushel of wheat sold for s.,
and all other property in proportion. When
the government sold bonds it received rot
| specie, but paper money. and at times it
| took over two dollars of this money to buy
one of specie. A thousand dollar bond cost
on the average $500 in specie Thus the
| bondholder got II per cent interest On all
specie invested.
The Resumption Period.
when the war was over an effort was
| made to reduce the volume of paper to
| specie basis. and thus greatly increase the
| value of bonds. The farming and produc-
| ing classes could not stand the contraction
| which followed They could no longer buy
and when they ceased buying me mills of
America ceased running and business was
! paralyzed. The panic of 1873 was born,
and caused more ruin and misery than the
civil war. The war devastated the south;
| the panic paralyZed the republic.
Il VIII not enter upon 4 general discus
| sion of the money question, but will say
that every great abuse is intertwined with
| 1t, and you cannot ignore it; for it fixes the
! limitations on enterprise and material
prosperity. Has 1t ever occurred to you
! that the industry and energy of the human
: race would transform this world into a
garden If not hampered by money? There
| must ultimately come system of finance
or exchange that will have philosophic
basis, and will not restrict human effort.
But until this does come we must demand
the retroaction of the bimetallic system as
it formerly existed in our country, because
it was the best thus far given to the world.
After the civil war it was found that
our industrial and commercial institutions
were undergoing a change. The spirit of
concentration and enlargement, which is
shaping the civilization of the century,
was everywhere actice. Little shops gave
way to great factories; little stores to great
establishments; little railroads to great
lines. Everywhere there was consolidation,
and legislation was passed by nearly all
the states to further the formation of cor
porations. In one sense this movement
was beneficial: it tended to cheaper pro-
duction. and in many ways increased the
convenience of the public, and l believe
that it is yet destined to be a blessing to
the world But it brought with 1t unfore-
seen evils for which the world had made
no preparation.
"The universal corruption that is today
destroying our country comes from the
concentration Of capital, and the alarming
aspect is that it is practiced by men who
talk patriotism. and who stand high in the
estimation Of the public. 1t is idle to talk
| about purifying the government, so long
as men of influence and position offer vast
sums to corrupt it. Cut off the hand that
offers bride, and you will end corruption.
we must devise some way Of removing
overwhelming temptations on the one hand
and of distributing among all men the
benefits and advantages flowing from the
process of concentration. AS power never
limits Itself, we must find a method of
curbing 1t.
I'm no country and in no age have the
higher courts been on the side of the peo-
pie or of liberty. They are everywhere the
opponents and defenders of that force
which for the time being dominates the
land. "
You ask, what shall We do?' The ext
gencles must be met they arise The
great purpose Is to restore the basic prin-
ciples OF the fathers and to reserve the
present destructive policies; to meet the
new needs of the times; to end the corrunt
reign OF the dollar, and substitute the voice
OF TIE citizen; to have the government
control the corporations instead of bavinr
the corporations run the government. IN
restore financial system under which tho
worid had prospered, and which will not
|
land; to prevent the federal courts from
becoming mere conveniences for concen-
t[ated wealth; to do justice to the hanG
tnat tolis; to end monopolies, whether of
money, land. products or privilege. In
snort Inc purpose is to maintain free gov
eminent among men, and make farther
progress possible. ei
me nrst thing necessary is to assert orr
manhood to have convictions, and dare to
MAINTAIN them. Double-headed nlatrormS
ana coloriess men are the instruments nv,
Wnlch the abuses of the times are made
possible. '' ili"oe
say our country must be rescued nv
the democrats But be not deceived. Lob
pylsts and corruptionists who debauch leg
lslatures. or pollute the stream of Justice
are not democrats. So-called leaders who
use their position in their party to assist
corporations in getting an unfair advantage
over the public are not democrats
Illinois Carnival of Debaueherx.
I'm Illinois we have just had a carnival
OF official debauchery. such as the world
has rarely seen. The living have been rob-
bed; the unborn have been defrauded of
their rights and saddled with unjust bur-
dens; public property, privileges and fran
chises. worth untold millions, have been
crfxy to