Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1898-10-28


never been with any nation when q
man could take gold and silver to the
mint to have 1t coined, and make 1t
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, OF
cein certificate signifies this advantage
~ the promise. 1.-THE United States will
pay the bearer I'VE dollars" or what
Ever the amount may be. That rests for
value, upon the confidence Of the peo-
PIE. It will retain its value as long az
net issued to such an extent that the
confidence Of the people Is shattsred.
This country has tried It. We have
seen the time when compelled by ne
cessity Of war. when it took q dollar
and eighty cents Of paperto buy one 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
eminent declares that q certain rela-
lt'cn between the two metals shall be
maintained. There has not been q time
since this law went into effect, except
Tor a short period OF two years ago,
when the country was in a state of I'M
certainty, that it has not been posi-
BILE 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 pe~A 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 can destroy.
and no nation on earth has even evad-
It,, that where two kinds of money
one of more. n of less value, have
circulated together, the less val
liable drives the more valuable cut of
circulation. and into retirement.
Il now desire to speak upon a few
pertaining to the state. A cit
of your town, a republican, is a
candidate for the Office of governor. 1
was associated with him during the
fiji two years of his service in the Of
fee of state treasurer. I think 1 know
him we'll, and l am sorry that political
a~dversaries are trying to blacken his
reputation. I am sorry to have to read
tonight in one Of your Deadwood pa
pers what I should think any man on
earth would be ashamed to print, re-
garding this man. Let me tell you a
facts. At the close of my first term
as governor Of this state, Kirk G. Phil
lips took his oath of Office as treasurer.
W alter w. Taylor had defaulted and
gone. and the treasury was empty. Ac-
ccrding to the Independent of this city,
was to blame. Well, we wondered why
Taylor did not come and and settle
With the state. and were nervous, ex-
and disturbed. The states war
rants kept coming IN, and were
stamped mot paid for there was notn.
ing to pay them with. One man was
these warrants up at a tremen-
dous discount on a speculation. and
.eaded with him TO desist, for he was
the credit of the state be-
ycnd repair. A bill was hastily prepar-
providing for the issuance of $780,
COG Of a%nticipatory warrants. that is,
for taxes on property that
had been assessed, but had not been
collected. This bill was hurried thro. s;n
and was passed by. l believe, a onani-
mous vote and enacted into law. But
pending the passage OF this bill a cit
lien Of this town, a friend Of Kirk G.
Phillips. a man with confidence In the
state Of South Dakota, wired MI. Phil
lips and asked If he wanted any money,
he was ready to take $25, 900 of
the new warrants. The next morning
Harris Franklin had $4z5.0OO at Pierre.
and the bill providing for the issuance
OF the warrants had not passed the leg
.isiature. and there was a danger re-
garding its constitutionality. With this
money Mr.. Phillips called in the war
rants that had been stamped mot paid
and no n knew where this money
came from but MI. Phillips and I. 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
pleme court, which helu that 1t did not
the constitutional limits.
The warrants were - the treasury
v,aa irenlAniahad aud vA went along.