The Denison review. [volume] (Denison, Iowa) 1867-current, 1898-11-15

IheG any OF CQom. caro- no more ZOE
them than for any other business man
Of this country. But I confess to you
that it gives me a sensation OF pleasure
to think that speak the same language,
live under the same flag, and balong to
the same generation with man who
can do such gigantic thing. Zap
plause.) My friends think Of it. If I
ever meet Mr.. Morgan shall tell him
that the people Of my town cheered
him. Laughter.) 1 have told this
instance three times and every time it
has been cheered. l speak Of it now
only because it was recently referred to
in this town, in words of condemnation
by a prominent speaker of the other
party, whose speech appeared in the
local press. 1t has nothing to do with
the case more than any other of the
several loans made by the government.
During Mr.. Ceveland's administers.
ton he borrowed two hundred and fifty
millions, including premiums over
$500, 100000 This was rendered neces-
sary because the government has al
ways found it necessary, and always
will find it necessary, to maintain the
parity between its several kinds of
money. There had been borrowed in
addition, at the time of the resumption
of specie payment one hundred mil
lions, total three hundred and fifty
millions. This was rendered necessary
because of the existence of three hun
dred and forty-six millions lin round
numbers) in greenbacks. The govern
ment has saved the interest upon three
hundred and fOrty-s six millions of green
backs, and has paid interest on three
hundred and fifty millions of bonds
made necessary by the existence of the
greenbacks; and in addition we have
had a panic compared to which every
other panic of modern times pales into
insigniicance. The fires went out in
the furn aces; labor found no employ
mcnt; the man with ship tied it to
the wharf; and the producer found no
market at home or abroad.
Who lost in this panic? 1 say every
man, woman and child in the United
States lost heavily. You say the banks
brought on the panic. say the banks
suffered, as they always suffer in every
panic. as severely as any class. The
First National Bank of Chicago, with
so great financier as Lyman j. Gage
as its president, charged up in the sum-
mer of 1895 one clean million to profit
and loss as the result of this panic.
The merchants lost, the manufacturers
lost, the producers lost and the labor
ers were thrown out of employment
and many of them were compelled to,
become beggars on our streets. After
such an experience, affecting so serious
ly the business interests of the country.
convention was held at Indianapolis.
To this convention the leading business
organizations, chambers of commerce,
boards of trade, business mems associ-
ations and the like all over the United
States were asked to send delegates.
Three sessions of this convention
were held. At the last session 1 had
the honor to preside over their deliber-
ations. know the class of men there
represented. They were not bankers,
although a few bankers were present, a
few railroad men were there. The roll
contained large number of manufac-
turers and large number of mer-
chants. 1 can give you type of the
men there. have friend in Chicago,
VINO in 1881 purchased nine million
bushels of corn, all of which was deliv-
cred to him within afew weeks. He
was not a corn speculator. He was 9
corn merchant. He bought corn and
found a market for it elsewhere, as
your merchants buy butter and eggs
and find market for them elsewhere
He needed more money to handle this
corn and he went out among the banks
of Chicago aud borrowed five million
dollars. They knew him to be con
sentative dealer. or he could not have
borrowed dollar. There were NJ
clouds in the financial skies, else nj
mans credit would have been good fol
five million dollars. Had there beer
any clouds he would not have dared
take the risk. That class of men wer,
represented in large numbers at Indian
apolis. They consulted; they reviewed
the financial history of the nations o
earth. and devised a general plan which
they thought would be sufficient Il
protect against repetition of the PAM,
Of 1893. It was non-partisan. Tn,
men there were too much experienced
in business to think that all of the wo'
entailed by that terrible panic was tn,
result of any one act of mismanage
ment. Some of my republican friend
say that this panic was brought abou
because of q democratic administra
ton. For the sake of the argumen
, admit this, but who shall give bond