Mexico weekly ledger., 1898-06-09

the citizen, from citizen - citizen, OF
from the citizen to the government
Stop the Endless ChAin.
while a bank note can never be is
sued for value received, but II placed
in circulation by being loaned on notes
| discounted at various rates OF interest,
and never represents anything but the
credit of the maker, backed by the in
terest bearing bond Of the government,
hence it Is q creature that saps the
vitals of the producer at both ends, as
1t draws interest every day that it is in
circulation, while the bond upon which
Il rests also draws interest at all times,
and both of these interests must even
tually be paid by the products Of labor.
(Applause.l
but s~uppoeing NO greenbacks or
treasury notes had been in existence
during the late crisis Of 1898, and only
bank notes had been in circulation when
q securities were suddenly thrown
upon US from all the European countries
and gold demanded for their redemption
God help this country II the banks
alone would have been relied upon TO
meet that unprecedented demand-spe-
che payments would have been suspended
at the very threshold Of that demand and
Q crisis would have been precipitated
upon US more destructive and appalling
than any in the history Of our country.
"There would have been no averting
the endless chain danger then, for a
bank note is merely a promise to pay
on demand, and there would have been
no way of getting rid Of that except by
suspension and general paralysis of bust
ness and complete bankruptcy Of the
country. This course was averted by
tho banks, because their promise to pay
now can be redeemed by the very green
back or treasury note that you seem to
object to, for remember that was not q
mere speculative charge III our treas
ury, but was an absolute and positive
want and necessity because of the finan-
cial straits in the money marts of the
world. [Applause.l
81 am not afraid of the endless chain
with $3.50, 900, 900 greenbacks, but my
distinguished friend from Pennsylvania
lMr. Dalzelll says, Where will you
stop Why, Mr.. Chairman, we will
stop right here after issuing the $780,
900, 900. But I might also reply to my
colleague, sir, Where will you stop is
suing your bonded interest bearing
debt? Applause. Where and when
will your hungry NAV be fed? When
will the money changer and the banker
stop? The people of this country can
stop whenever they please, and I have
sufficient confidence in the integrity and
wisdom of the American people to see
that the volume Of greenbacks will not
exceed the amount that is necessary to
keep them at par with every dollar and
as good as every dollar. (Applause.
Bond Issue Invites Disaster.
"You talk about deprecated currency,
my friend from Pennsylvania, and you
cite the rebellion. All, have you forgot
ten history? That vas O war between
ourselves, where one half of the country
was fighting against the other half.
That was a war when the balance was
lowering and shaking and God only
knew which side would be victorious.
That was a wal in which only half the
country was taxed to redeem and keep
up the credit of the greenback. That
was a war in which you had issued
greenbacks and repudiated them by not
making them receivable for duties on
imports. Applause.
yet, Notwithstanding all the cir
cumstances, the greenbacks carried you
safe through that most terrible of all
wars that ever existed. [Applause.
How much easier, then, to float a less
volume of paper money, not repudiated,
rs that was, but which will be q legal
tender for all debts, public and private,
and for the redemption of which the
whole of this great republic can be tax
ed, and especially in a wal with a for
eign fifth rate countryI
1.-THE issuing of bonds, instead of in
creasing the currency, means an abso-
lutte decrease of the circulating medium
at the very time we most want an in
crease, because TO the extent that the
bonds will be taken by the people and
the money placed in the treasury there
will be a contraction of the currency.
In fact, it is like lighting a candle at
both ends.
"You draw the circulating medium
from the people by taxation at one end
and then draw the circulating medium
from the people by the sale of bonds at
the other. Thus, instead Of stimulating
business and lubricating the wheels of
commerce, you destroy business by clog
ging them" [Great applause.
Now, be it remembered that these
glowing words were uttered not by a
wild eyed Populist from Kansas or by
q Bryan lunatic from Missouri, but by
N of the high priests of Republican
ism from Pennsylvania, the state of
William Penn, Matthew Stanley Quay,
pious John Wanamaker and Governor
William A. Stone, manager of "the hog
combine" If I had spoken these words,
every goldbug paper between tho two
oceans would have denounced me as a
fool, an anarchist and a traitor, but
here Brumm-Brumm, a Repub-
lican congressman from the very hotbed
of Republicanism-and gives voice to
what a great many other Republicans
think, but have not the courage to say.
The goldbug ~swaggerers dare not de-
ounce him as a fool, anarchist, traitor
or %ruffian, for he is one Of the "elect,"
and don't you forget it. Brumm' s speech
shows that in forcing a 5000, 900, 900
bond issue when there is no necessity
for it the Republicans are playing with
fire and are likely to get burned. He
would not have thus boldly spoken ont
in meeting if he had not been certain
his constituents would sustain him,
which shows that even Pennsylvania is
fighting ground.
Mglub&