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

Nor shall-thetr glory b forgot
While fame her record keeps.
And honor guards the followed spok
There valor proudly sleeps"
NATIONAL BANKING SYSTEM
The republican party came into DOW
er in 1851. and remained in power untn
the 4th Of March. 1893. . period Of thir-
ty-two years. During all this period the
republican policy controlled this na-
ton. For during a portion Of Nh. Cleys-
lands rule the house and senate wers
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 q state
banking system. and the country was
full Of wildcat money" Every man
was obliged to carry detector with him
SO that he might be able to tell whether
the money he received was good OF
Eot. II a bank was weak or in danger
OF failing he soon got rid of the pai@
tfcular bill that bore the name of that
bank, and II he owed q man a debt hs
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 it 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 q cent.
Then. again, during the civil war
when money was hard to find, our gov
eminent issued promises to pay, and
these promises. though a little risky
apparently at the time, were all mads
good. for the people had faith in the
government, and they knew II the
government were saved these promises
would be paid in full. When the war
was over the republican party COM
n,enced to pay these promises. and
when some $44.000,000 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
35 cent dollars did not Measure 20
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 its stamp on a piece Of
coin it vas money. II that were true
you might just as we'll have money IL
sued which would consist simply Of .
stamp upon a piece Of paper; and that
would be money payable In nothing 70
nobody and at no time.
RESUMPTION OF sPECIEPAYMENT
But the republican party. keeping
faith with all holders of the govern
obligations, declared on June I.
1879. that this great government must
redeem in specie every n of these OBJ
legations, and since that date all our
paper money has been worth 100 cents
the dollar.
The republican party also tried to
pay of the national debt. At the Close
OF the war we had an outstanding
bonded indebtedness Of $4,000, 100000
drawing interest, and after SO years.
when the government was turned over
the 4th Of March, 1899, it was $685.
0O0 ,000. We had paid $1,sO0,00o in prin-
ciral, besides the interest, an average
of $64,000,000 annually during .
years. How much was paid OF during
the democratic administration?
Not only did the republican party nc
complish the resumption Of specie pay
ment, the maintenance Of the public
faith, the payment Of three-forrths Of
the public debt, but It did more; It
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. for 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 OF 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 UNI
furnished and unimpugned. Z
when we came into power again.
the fires Of our furnaces we're out, our
slindles silent, looms still, the
mines boarded up. Is per cent. Of al
the railways Of the country in the
hands of receivers. public ~conldencs
destroyed. q million laboring people In
the streets out Of employment, OF.