The Denison review. [volume] (Denison, Iowa) 1867-current, 1898-10-04
Che money that the bank would re-


against any unexpected demand This
in a small way, illustrates what is con-
stantly being done in large way. You
have plow factory here. Its product
is sold to the western implement deal
er. The implement dealer sells the
plow to a farmer the farmer, if he is
prosperous. pays for it IN a check on
his local bank; or he buys it on time
and finally brings in some hogs or
grain which he sells and receives a
check therefor; he brings the check to
the implement dealer; the dealer de-
posits it at night in his bank, and buys
draft to send to your factory. Very
little money in the majority of in
stances changes hands, and the volume
OF currency in the world does not af-
feet the demand for plows on the west
ern prairies. Gov. Altgeld is mistaken.
His statement is not true.
Mayor Harrison also assumes several
matters which he fails to substantiate
with the proof. He assumes that the
money of this nation is now 'sof such
character and is so issued that the con-
troll of the national currency is in the
hands Of the sharks and harpies of
Wall Street" 1t is great deal easier
to say this than it would be to prove it.
The statement is SO easily made that it
fn 1n 10 In, 70 10
iterate and reiterate it. I think | have
heard the same thought expressed before.
/ have never heard anyone attempt to
prove it. Being plead and not proven
it should be ignored by the jury.
Mayor Harrison also assumes that the
gold and silver is the money of the
constitution. have heard that state
ment before. 1t is not original with
Mayor Harrison. Mayor Harrison fails
to quote the constitution to substan-
tate his statement. and if he did quote
the constitution it would not substan-
tiate his statement. All others who
have INDUCED in the same utterance
have failed to quote the constitution.
Neither the word silver nor the word
gold is mentioned in that remarkable
document. The constitution simply
gives congress the right TO coin money
and regulate the value thereof and of
foreign coins, and in the same para
graph the analogous authority to fix
the standard of weights and measures
is also given. 1t sounds we'll, how
ever, before an audience willing to take
things for granted without regard to
fact or history to imply that the single
standard is in violation of the constitu-
ton. 1t is not, however. Neither
would double or triple standard be in
violation of the constitution 1t is
simply left with congress to do in all
these matters as in its opinion seems
wisest and best.
Mayor Harrison's statement also i'm
plies that during the period when both
gold and silver were received at
the minis for free coinage at the ''his-
toric ratio. the nation both '.thrived
and prospered." This statement is not
original with Mayor Harrison. l have
heard it before. 1t is a good statement
to make, it has its influence, but it
ought not to be made, or if made, it
ought not to have influence unless it is
true. 1t is easier made than proven.
Both gold and silver was received at
the minis for free coinage at the his
toric ratio of 16 to 1, from 1884 to
1878. Prior to 1884 the ratio had not
been the historic ratio
But lest shall seem to beg the
question l am willing to cover the en-
tire period of the free coinage of silver
and compare the conditions then exist
ing with what has existed since. This
permits us to refer to the years from
1916 to 1924. In speaking of this per-
iod Thomas Benton says: No price
for property, no sales except those of
the sheriff and the marshal; no pur
chasers at execution sales except the
creditors, or some hoarder of money;
no employment for industry; no de-
mand for labor; no sale for the product
OF the farm; no sound of the hammer,
except that of the auctioneer knocking
down property. Distress was the uni
versal cry of the people; relief, the uni
versal demand, was Numbered at the
doors of all legislatures, state and
federal
Horace Greeley in speaking of this
same period says, Financial prostra-
ton was general and the presence of
debt was universal. In New England
fully one-fourth of the property went
through the sheriff's mill, and the pros
tration was scarcely less general else
where
'The period covered by the free coin
age of silver at the historic ratio coy
ers the depression from 1888 to 1s42.