Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1898-01-28
GOV, SHAW At INDIANAPOLIS


lie M. Shaw spoke as follows:
II believe, gentlemen. you represent. to.
day the non-partisan purpose as well as
the financial sentiment of q very large
majority of the American people. Every
time the question has been, voted upon
they have declared for sound money and
national honor. Back in the seventies
the reputation of both public and pri|
vocated. Those who espoused the cause
insisted that the most sacred obligations
could be honestly discharged 10y the un-
limited Issue Of III, irredeemabls paper cur
the last speech of his ltfe). Il currency
payable to no one, at no place. and never
The issue was taken to the polls. and
by an overwhelming majority, repudia-
1T is worthy Of note that the green
back movement was pressed with greater
vigor between 1873 and 1878. while the sill
age laws but its adherents ' were ere never lever
victorious In a single state or congress
sional district. except as the result Of
fusion with one or the. other Of the lead
Ing parties The people favored resump,
enactment therefor Of 1875 and after the
demonstration of silver A people that
endorsed the prospective return to a
specie basis when such return meant the
the possible dangers therefrom were be-
ing urged and exaggerated, and when
none Of the good effects thereof wer,,
being realized, and in the fact Of ., plan
for the liquidation of national Obligations
by the free use of an iITedeeX1able paper
currency, must be presumed to have been
at that time at least well centcred in
sound financial principles. Have we since
been unwisely educated? 1t doth not SO
apnear.
subtle fcrm, and at Il time when self
| preservation appealed to many to join
Il ho
| Republication was proposed. I do not wish
| to be understood as charging those who
advocated the free coinage of silver at
the ratio with gold of l6 to with dis
| honesty; l prefer to regard them as en-
| titled to forgiveness. for certainly they
knew not what they did. Nevertheless.
avowed intention to provide for the as
charge of all existing liabilities. public
and private, with a silver dollar. or its
equivalent intrinsically worth but so per
at the time the obligations were incurred.
1.-The elementary principle that the
| standard coin Of all countries is worth
the material OF which It is composed and
gators of the new movement. They re-,
fused to consider the provisions Of the.
statute which makes the present gold
only when of full weight and within the
limit of tolerance. provided by law: and.
which provides that the same coin shall
| noses SleGal tender OlaltleS III I-iODOI-;
ton to its weight when below the limit
of tolerance. They failed to note the
common transactions Of every day life
when the foreign gold coin is exchanged
4 the gold coin of this for that of foreign
! lands absolutely in proportion to the ma
| terial Of which they are composed they
would not heed the demons str OF this
ard silver dollar Of Mexico circulates.
both at home and abroad. as compared
with gold in proportion to its bullion
| value.
Nevertheless by a popular majority of
over a million the country again de-
clared. even amid the most depressing
population found audienee in the Amer
lean heart and mind. Our people are
honest, and they are wiser than many
suppose. The safety Of the republican
! government was never clearly demon
! stratcd as on November 3. 1896 Either
! the verdict rendered on that day deter
4 mined that the value of the United States
! dollar shall be and remain In both debt
| silent Of e5:s grains of standard gold, or
rtat election determined nothing:
This being settled. what remains to be
pect something. They went to the eX-
IRENE limit of their opportunity in de-
handing security against financial de-
dustrial agitation. In view of the oft
repeated declaration for national honor
and the payment and discharge Of every
obligation, public and private, IN cur.
The law-making power to spread the yer,
dict Of 1856 on record, to render Judgment
In accordance Herewith. and to make the
will endanger every interest every indus.
| try, every enterprise. and make possible
| q panic of such cyclon!c force ana VIDE
| spread extent as to render what we nave
seen, in comparison, but summer
| zephyr.
1--WE must have paper currency. I be-
lleve the country at large: without re-
| We must have paper currency: and OF
sufficient volume for the needs of 4 great
and prosperous peonle. with many and
varied interests Those who believe in
the principles Endorsed at the polls in 1896
together with those who accept the YER
! dict then rendered as of binding force.
must be redeemable. directly or indirectly.
cxchaneeable or convertible. at par for
gold. The value of every, dollar of the
| United States money. whether OF coin or
of 25.S grains of standard gold. The gold
| coin must be the touch stone, the test.
the measure of value Of every dollar, by
whomsoeyer. issued or howsoever . ex-
| of which must be co-cStenslve with the
needs of the country. should all be issued
| by the government or by the banks. Tho
time has passed by when the cover ~ MT
| should issue part of the paper currency
| 1otfar than coin certlfcates) and the
banks part.
This currency must be elastic III there r.,
| the south on thrashins day than VII be
| needed seeding day. The same thing is
true of the east and the west and the
shall stand the test of all time must be
| automatic in its operations Wherever
| the demand exists there the currency
must spring IN in volume sufficient to
| rtC r,f troI =
| MERGE This can be accomplished only
! by clothing the banks with mower to Is.
! sue. Then n small tax should be Levied
| upon the circulation to protect against
| dangerous Imitation beyond the needs OF
! the country. and to insure contraction
when the demand ceases.
1.-THE government cannot provide any
| such automatic safety valves to regulate
it's own issue. Every financa1-rolitica.
agitation enren1ers a mania on the part
Of the people for boarding and every
manifestation OF aispositlon to n n
c:al lines. Every such agitation In turn
| paralyzes commerce anc. tends to throw
the balance Of trade against u.s. This. In
again intenslfes all other evils. All these
| tendencies are likely to bsrome epidemic
and are seldom understood or attributed
to the melting cause. The most nnf2r-
governmr.. IS powerlcss to relieve, 1t
cannot re:.enish its treasury. rs we have
seen. except by a loan and an increase
of the Understanding debt. The gov
| eminent is Ike the individual. It cam
| not raise money eXcent on assets. and
having none on hand it issues bonds ex-
tending over long period Of years. and
thus imposes new burdens on the people.
| This is given widest publicity and in
| tensifes the evils rendering the expedient
| necessary.
"The fact that the interests at stake
in this movement are financial. industrial
and commercial. will Justify 70 less care
than If they were political. The country
has learned that capital cannot be CO.
creed into activity. 1t can be invited.
but it is extremely shy. When 1t does
venture forth it is only when the coasts
are clear and the agitator is Mt rest.
| THAT you represent something b: sides
| tho Names your parents gave You VIII
not initiate against sllch recommended