Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1898-11-05

worth more than the actual value OF
the material of which it was COM
posed. This is equally true of gold and
silver. But it is not true when the bull
lion is purchased by the government,
and manufactured into money on the
governments account. A bank note, or
coin certificate signifies this advantage
ly the promise, THE United States will
pay the bearer five dollars" or what
eve the amount may be. That rests for
value upon the confidence of the peo-
pie. 1t will retain its value as long as
net issued to such an extent that the
confidence of the people is shattered.
This country has tried it. We have
seen the time when compelled by ne
cessity Of war, when 1t took a dollar
and eighty cents OF papert to buy n dol
lar of either gold or silver. We have a
satisfactory system OF silver coinage
now, and have had since the Sherman
purchase law went into effect, and un-
der which a large amount Of silver has
been coined-every dollar Of which is
as good as gold, not because it is re-
deemable in gold, but because the gov
ton between the two metals shall be
maintained. There has not been a time
since this law went into effect, except
for a short period OF two years ago.,
when the country was in a state of UNI
certainty, that it has not been posi-
bic TO take ten silver dollars into any
bank, and as a matter If accommoda-
ton have it exchanged for gold. Yet
there has not been a single time in his
tory when the exact relation between
the two metals has be- maintained,
nor where it has been the same except
As they have passed each other in 60
Ing up or down. There Is an unwritten
law that no statute law a destroy,
and no nation on earth has even evad-
ed it, that where two kinds OF money
II Of more, one of less value, have
been circulated together, the less val
liable drives the more valuable cut of
I circulation, and into retirement.
Il now desire TO speak upoI IA few
matters pertaining to the state. A cit
lien of your town, d republican, is a
candidate for the Office Of governor. !
was associated with him during the
fl st two years Of his service in the Of
! fee Of state treasurer. ! think | know
him well, and | am sorry that political
a~dversaries are trying to blacken his
reputation. | am sorry to have to read
tonight in n Of your Deadwood pa
pers what 1 should think any man on
earth would be ashamed to print, re-
garding this man Let me tell you a
few facts. At the close OF my first term
az governor of this state, Kirk G. Phil
| lips took his oath OF office as treasurer.
" alter w. Taylor had defaulted and
gone, and the treasury was empty. Ac-
cCrding to the Independent of this city,
l was to blame. Well, We wondered why
Taylor did not come and and settle
with the state, and were nervous ex-
cited and disturbed. The states war
rants kept coming IN, and were
stamped not paid for there was notp.
ing to pay them with. One man was
buying these warrants up at a tremen-
dous discount on a speculation, and
p,taded with him TO deSist, for he was
destroying the credit of the state be-
yond repair. A bill was hastily prepar-
ca, providing for the issuance Of $780,
COG Of a~nticipatory warrants, that is,
warrants for taxes on property that
had been assessed, but had not been
collected. This bill was hurried thro s>n
and was passed by, / believe, a onani-
nous vote and enacted into law. But
pending the passage or this bill a cit
izen Of this town, a friend of Kirk G.
state of South Dakota, wired Mr.. Phil
lips and asked If he wanted any money,
saying he was ready to take $500 OF
the new warrants. The mex morning
Harris Franklin had $4E5, 600 at Pierre,
and the bill providing for the issuance
of the warrants had not passed the leg
islature, and there vas a danger re-
garding its constitutionality. With this
money Mr.. Phillips called in the war
rants that had been stamped not paid,
and no nj knew where this money
came from but Mr.. Phillips and /. D. A.
Mcpherson, also of this city, was on his
way to Pierre, and when he arrived,
took $4,000 of the warrants, and the
credit OF the state was saved. The bill
was passed. and presented to the SUI
pI enc court, which helu that it did not
transcend the constitutional limits
The warrants were sstS, the treasury
was r~eplenished and we went along
Had the people known the condition as
lpau ~ haliava thew would have