The daily morning journal and courier., 1898-09-16
LOUNSBURY FOR GOVERNOR
Continued from Second Page,)

"-- NPepAtSeaAi 1AAANNhA1S etAu Spuiau llASlLA- cial methods.
 One thing we gained, which alone is worth all which the war has cost, and that Is the permanent power to issue certificates to meet deficiencies in rev. enues at any time.
 It is by no means an exaggeration to say that if the democratic party could have trusted it's own president to exer- else this power the issue of 262 millions of four and five per cent. bonds might have been avoided by the last adminis- tration.
 To the magnificent skill of Thomas B. Reed and the financial genius of Nelson Dingley and Lyman J. Gage this nation owes more than it can ever repay.
 But while the financial condition of the United States has been greatly im- proved by the DineIey tariff bill and republican legislation incident to the war with Spain, the bedrock of abso- lute safety has not been reached, and never can be while a single dollar of demand obligations remains outstand- ing and dependent upon the United States treasury for redemption.
 The Chicago platform of 1896 held two iniquities.
 Upon the first, the free coinage of sil- yer, we turned the rapid-fire guns of republican intelligence and riddled it with the armor- piercing solid shot of argument, but the second, that the right to issue notes should be taken from the banks and that all paper money should be issued directly by the government, our range finders did not locate.
 By far the most dangerous of the two, 1t still rears it's horrid head among our foes and, under the guise of greenbacks, among our friends as well.
 It is fiatism, pure and simple.
 In every dollar of silver coined, no matter what the ratio, something of in- trinsic value will be found.
 But piece of paper, forced by sover- eign power to be received as legal ten- der, has been condemned by the experi- ence of all mankind.
 A government does not possess the powers of a bank of issue.
 It has no returning stream of loans to meet the demand notes which it pays out
 It's income is either too great or small and wholly dependent upon chance con- ditions.
 Its note issues or expenditures bear no relation to the currency require ments of the business of the land.
 It pays out money for debts incurred. It borrows, but never lends, and can- not control it's reserves by changing the interest rate.
 Even it's promise to redeem in gold is dependent on popular caprice, with no tl,o 1o al 4I.o debt
 Within the memory of most of us this nation has been twice engaged in war.
 The first, the War of the Rebellion, was waged on promises to pay by both parties to the conflict and this one on a specie basis.
 In July, 1884, when Early threatened Washington, thirty y-nine cents in gold would buy a government promise to pay a dollar.
 Nine months later, when Lee surren- dered that same promise had doubled in price,
 With every recurring issue of notes and every political change, till resump- tion came in '79, every business trans action was affected for good or i'll.
 That the cost of the war was enor- mously increased by the issue of green backs is beyond dispute.
 Victory came to the north, and our promise was made good, but the Con- federate note became a worthless thing.
 How has it been in the war with Spain?
 NJr y,No hoS r,o p iJ1ror r,y, rrr1I no business transaction felt the malign influence of a depreciation of the cur- rency.
 And yet with the bitter experience of the past fresh in our memories, the democrats and populists in congress voted almost solidly to add one hum dred and fifty million demand notes to the three hundred and forty-six mill lion now outstanding and pile the whole on top of six hundred million of depre- ciated silver, and then add the further iniquity of coining the seigniorage on the bullion now in the treasury.
 Who can imagine the financial ruin which would have come to this country with foreign war begun with such a specimen of democratic financiering as that?
 Thank God, the war is over, but as long as party government rules this land, and a single dollar of demand ob- ligations exists, the danger remains.
 call upon the republicans of Connec- ticut to-day to plant their standard in the very front of this battle and accept nothing but unconditional surrender of every financial hepesy.
 The greenback is not money, but only 8 promise to pay money spent in the War of the Rebellion, and when con- gress refused to issue more to carry on the war with Spain it thereby said our former policy was a wrong one.
 With the coinage of the silver bullion and the seigniorage therefrom we shall be attempting the Herculean task of maintaining at a parity with gold more silver coin than Great Britain, France and Russia combined now have, and they have population more than dou- ble ours.
 It is enough to task all our resources to do this successfully.
 Why longer continue the unnecessary burden of greenback redemption when they can all be easily paid from gold in the treasury now and surplus reve- nues when the war expenses have been met?
 Wa are enterinp 11non another oop