The Denison review. [volume] (Denison, Iowa) 1867-current, 1898-11-15

NA 81
the last year six hundred millions more
goods in the foreign markets than we
have purchased abroad. This balance
OF trade the foreigner has been COM
PEELED to pay, and we now have in cir
culation practically one-half more gold
than we had in 1886, and it is still COM
ing in waves. There is more gold in
this country today. my friends, than in
any other country on the face of the
earth. The problem is no longer, what
shall we do for gold, but the problem IS
likely to be what will the world do with
the great volume of this metal now be-
ing produced in this and other countries
in excess of what the channels of trade
will absorb. Gold is now piled up by
the million in the big cities, and is
piling up in all our small towns in ex.
cess of all demands. If any one de-
sires gold, / will take the contract on
telegram to bring to this town ten,
twenty, thirty, or hundred millions of
gold, on condition only that it be paid
for.
Now, my friends, I think you can un-
derstand why it was that Mr. Cleveland
between 1898 and 1885, told Mr.. Carlisle,
his secretary of the treasury, to write
letter, and to say that before he would
permit gold to go to premium, and
our volume of currency to shrink two
thirds, he would redeem silver in gold.
That he would bond the country to the
last dollar of its capacity rather than
betray the trust imposed by the plat
form upon which he was elected. Much
criticism has been INDUCED in because
the government during Mr.. Cleveland's
administration bought gold with which
to redeem its greenbacks when it had
in its vaults large amount of silver.
The sole reason for this was to MAIN
tain the parity between the two metals.
Any other course would have compelled
any one needing gold for foreign COM
merce, to purchase it at premium,
which would result, as we have seen, in
the retirement of every dollar of gold,
and the shrinkage of every dollar of
silver and paper to the bullion value of
silver.
In parts of the state they have been
injecting into this campaign an imag-
mary issue; one based upon the socall-
ed McCleary bill. In order to discuss
this think it is necessary to go back
to the history of the greenback. Dur
ing the war we were unable to pay
cash and we issued greenbacks. You
and l may have some difficulty in get
ting people to take our paper, but the
|. government is not troubled in that
way. 1t can offer you greenback on
past due obligation and you have to
take 1t. You may say it is unconstitu-
tional but you will have to wait until
the government wants to buy some
thing of you, and then you can get even
with the government, by charging
twice what the article is worth. Dur
ing war times, and until the resumption
of specie payment, we did business on
a paper basis. Gold remained station
AIRY, but the greenback fluctuated with
the fortunes of war. When we, stand
ing on the greenback basis, were far
from gold we called gold high. AS the
greenback approached parity we called
gold low. All this time the greenback
was government obligation and it re-
mains government obligation until
this day. Let me illustrate. knew a
man who had trouble in his family.
His wife commenced divorce proceed
ings against him. He was unable to
pay cash and his paper became an OBJ.
ject of merchandise. The note broker
said, ''It will be sometime before be
will be able to pay cash; l will give on
ly seventy-five cents on the dollar fol
his paper" They commenced taking
evidence in the divorce case, and at
first it was strongly in favor of his wife
and the note broker would only pay
sixty cents on the dollar for the mans
paper. They took more evidence; il
was still prejudicial and the note broker
bid but fifty cents. Then there was a
suit commenced against him for tres
pass, and the broker would only pay
J forty cents for his note. Finally this
!, trespass case was settled and dismissed
and the broker offered fifty-five cents
On the dollar for his paper. More eyi