Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1898-11-05
Nor shall their glory be forgot
While fame her record keeps,
And honor guards the followed Sd.
There valor proudly sleeps"

Wnlie Iame ner record keeps,
And honor guards the followed spo3
There valor proudly sleeps"
NATIONAL BANKING SYSTEM.
The republican party came into pow
er in 1861, and remained in power unth
the 4th Of March, 1893, a period of thir-
ty-two years. During all this period the
republican policy controlled this ma
ton. For during a portion of Mr.. Cleve-
lands rule the house and senate were
not in accord with him.
During that period the republican
policy related to finance and the ques-
ton of taxation. When the republican
party came into power it found a state
banking system, and the country was
full of wildcat money" Every man
was obliged to carry detector with him
50 that he might be able to tell whether
the money he received was good or
Lot. If a bank was weak or In danger
OF failing he soon got rid OF the par
ticular bill that bore the name of that
bank, and IL he owed a mar a debt no
would travel all night in order to get
the bill to him before the bank would
break. The first thing the republican
party did was to cure this evil and
hence il established a national banking
system. and as a result of that system
should every bank In the country fail.
every outstanding bill would be paid In
full, and no man would lose a cent.
Then, again, during the civil war
when money was hard to find, our gov
eminent issued promises to pay, ann
these promises, though a little risky
apparently at the time, were all made
good, for the people had faith in the
government, and they knew IL the
government were saved these promises
would be paid in full. When the war
was over the republican party COM
menced to pay these promises, and
when some $44, 600, 900 OF these were
paid the cry went up that We must stop
payment for we were contracting the
currency.
The people who had run in debt on
thirty-five cent dollars were finding out
that in getting back TO a sound money
currency was depressing them and
property which they would measure by
So cent dollars did not measure SO
much when we went back to 80 cent
and 60 cent dollars. Then a party arose
in this country which said that a stamp
made money, and that when the gov
eminent put it's stamp on a piece OF
coin it was money. If that were true
you might just as well have money Is
sued which would consist simply OF a
stamp upon a piece of paper; and that
would be money payable in nothing to
nobody and at no time.
RESUMPTION OF SPEC1EPAYMENT
But the republican party, keeping
faith with all holders of the govern
ment's obligations, declared on June 1.
1879, that this great government must
redeem in specie every one OF these OBJ
legations, and since that date all our
paper money has been worth 100 cents
on the dollar.
The republican party also tried TO
pay off the national debt. At the close
OF the war we had an outstanding
bonded indebtedness of $4,000, DOC, oOs
drawing interest, and after 81 years.
when the government was turned over
on the Attn of March, 1893, It was $685.
OOO, 900. We had paid $1,000, 900 In prin-
ciral, besides the interest, an average
OF s64, 000, 900 annually during ~
| years. How much was paid on during
| the democratic administration
Not only did the republican party &C
| complish the resumption OF specie pay
| ment, the maintenance of the pubic
| faith, the payment of three-fourths OF
| the public debt, but it did more; 1t
| lifted from the people the burden OF
| taxation. And now no man feels the
| weight of this great government, ex-
| cept in the blessing it showers upon
him every day of his life.
PROTECTION VS. FREE TRADE.
Another system Of taxation is the
tariff, levied, first, tor revenue; second,
for protection to American industries
and American workmen. And under
that policy we are able to raise the
millions of money to pay off SO much
OF debt, and resume specie payment
and maintain the public credit and
thus turn over to the democratic party,
this government with public credit I'M
furnished and u%nimpugned.
when we came into power again,
the fires of our furnaces were out, our
slindles silent, our looms still, the
mines boarded up, rs per cent. Of all
" thu