The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-01-29


no 200 years. nay 400 years, OF the worlds
history can compare. have been proud OF
my blood. have been proud OF the Ameri-
can people. What have We not ac-
complished? In all the world there is no
history like ours. We began "A feeble folk
on the coast. with the great interior filled
with savages. We began right We began
with declaration that every man is a man.
and that men are better than money: that
the great purpose and object Of govern
ment Is the protection OF men. Nobody then
dared TO say that the Interests OF trade and
commerce should not give way to the lib
erty and freedom OF men. Gradually we
have grown. until to-day we are the great
est people In the world. No other nation
has 20, 900 homogeneous people. No other
nation has the resources and the wealth. OF
ours
Thus spoke Senator Teller, of Colorado;
and Il Is undenlable that this great progress
has been contemporaneous with gold as the
standard OF value In the United States
But Mr. Bryan complains that the gold
standard was adopted without any party
asking for IL. His knowledge OF history
must be limited or his memory defective.
Bcnton's Opinion of Cold.
who asked for e? The democratic
party, II it's great leader Thomas III. Ben
ton. may be considered as a fair representa-
tive for n was Benton himself who in 1884,
on the floor OF the senate, declared the OBJ
jects OF the bill which then restored gold
10 our currency system and made II the
monetary standard lie did not think 1t
necessary. he said, TO descant and eXpatlate
upon the merits and advantages OF gold
currency. lie would. however, briefly emu
merate its leading and prominent ad-
yantages. and this is the way In which he
stated them
81. 1t tgol0 had an intrinsic value.
which gave It currency all over the word.
TO the fun amount OF that value. without
regard 10 laws or circumstances.
80 II had uniformity OF value which
made IL the safest standard OF the value or
property which the wisdom OF man had
ever yet discovered
90 It's portability. which made Il easy
for the traveller 10 carry Il about with hun.
- Its indestructlbility. which made 1t
the safest money that people could keep IN
their houses.
30 Its inherent purity, which made II
the hardest money TO be counterfeited, ana
the easiest 10 be detected. and. therefore,
the safest money for the people 10 handle
g Its superiority over all other money.
which gave 10 its possessor the choice and
command OF all other money
Il It's power over exchanges. gold being
the currency which contributes most to the
equalization or exchange and keeping down
the rate OF exchange TO the lowest and most
uniform point
IS It's power over the paper money. gold
being the natural enemy OF that system.
and with fair play. able TO hold II la check
.. II is constitutional currency, aud
the people have a right 10 demand II for
their currency as long as the present con-
stitutlon Is permitted 10 exist
And it was the democratic idol. Andrew
Jackson who, as president OF the United
States, signed the act Let Us defend the
wise action thus naugurated by Air.
Bryan's alleged political ancestors re-
peat that Ia 1884 was auguratcd the pre-
ent gold standard The law which brought
this result did net formally close the mint
TO silver. but by a carefully arranged dis
elimination II put the penalty Of hnhncia
loss upon whOmsoeyer offered silver Tor
coinage at the mints.
The proposed reforms In our currency
and banking system are as abhorrcnt 70 the
silver propagandists as the general prolo-
sltlon TO maintain the present gold stand
ard. This 10 them is a stone OF stumbling,
a rock OF offense' They charge Il 20 be
scheme TO give TO the national banks fun
and complete control OF the paper money
OF the nation. II Is a strange phenomenon
"a people very respectable In number and
IN general Intelligence becoming hystcrical
and excited by demagogic outcrics against
the bankers as q class, while 20 the bankers
individually the same people commit with
confident assurance their hard-earned
money.
The Proposed Plan.
what Is II proposed 10 do? The secre-
tary OF the treasury has recommended GER
tain measures which he thinks Will operate:
Il To commit the country more thorough
~ to the gold standard. and remove, as tar
as possible. doubts and fears on that point
and thus strengthen the credit OF the
United States both at home and abroad
% To strengthen the treasury in relation
to IT'S demand liabilities in which are IN
cluded greenbacks, treasury notes, and the
incidental obligation TO maintain on
parity. through interchangeabllity with
gold, 80 far as may be necessary, the press
ent large volume Of silver certificates and
silver dollars.
IS To do this in such a way as not 70 con-
tract the volume OF circulation in the hands
OF the people.
u TO take an initial step toward sys-
TEN OF bank note issues without the con-
ditlonal deposit OF public bonds as security
therefore. IL we prosper as people the
revenue OF the government ought TO be
somewhat in advance OF It's expenditures,
and the public debt OF the United states
gradually reduced and finally eNtlnguished.
Looking al the question widely, from my
best point OF knowledge and experience, l
feel that, II these could be secured, the con-
dition OF the government and It's relations
TO the currency would be mucn safer and
stronger than now, and that, through the
operation OF national bank note currency,
the commercial and Industrial interests or
the United States would be greatly ad-
Vanced.
''To put the government In n more secure
position toward its demand liabilities. the
secretary proposes to withdraw SOC, 0OO,O 600 OF
such liabilities and put them In retirement,
to be paid out again only In exchange for
gold, the gold received TO be put aside and
paid out only In exchange for It's own obli-
cations, and so on ad intlnitum. To avoid
contracting the circulating medium, II Is
proposed TO encourage banks TO expand
their note issues TO an equal sum As the
law requires bond security for such Issues.
Il is proposed TO sell the banks these ga per
cent bonds at par. or at the market price
N above par, and TO allow them In addition
TO issue their unsecured notes 10 circulate
as money to an amount not TO exceed 70
per cent OF their capital against the gen.
eral credit and assets OF the bank.
Uncle Jafse's Fish.
Uncle Jake lives In Florida, weighs
about $50. and Is very fond OF fishing.
The other day he went down to the
bridge a; the foot Of his orchard, and
after batting his hook and dropping
10 into tina xVutpr settled himself with