The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-03-18
SILVER LEADER ENTHUSES OGDEN
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made by men, but often by fate itself
They come because in the evolution of
society and government, they must be
disposed of. Unsettled questions. said
great statesman, vex a nation till
they become settled.
Prophecies Fulfilled
IN 1886 it vas the fortune of the ma
tion to be confronted with the finan-
cial question. It was almost the sole
issue. At that time certain prophecies
and warnings were put forth by the
Democratic press and speakers as TO
what would be the result if Mr.. Nc
Kinley should be elected. The prophe-
cies were:
First, that the gold trust would be-
come primely firmly entrenched in
power; second, that the gold standard
would be adopted; third, that credit
money of all kinds would be destroyed,
and, fourth, the enforcement Of COM
bines and trusts. Only three days ago
these predictions were verified. Presi-
dent Mckinley signCd a bill carrying
out the financial policies predicted by
the Democrats.
You will amber that after the
CicCNlDn III dIUlCSI DGIOIt Nll1
was certain there assembled at Indian
apolis a so-called financial convention,
which promulgated policy invoking
the gold standard, just such policy as
has been adopted by the administra-
ton. For a time after the election
many Republicans, especially those in
the west, contended that the Repub-
icans were the true friends of silver,
and that the administration party
-,rr1I IN foil frs
rency, yet this financial bill. in the
language of Mr.. Overstreet, who intro
duced it, establishes the gold standard
and imposes the duty On the secretary
of the treasury of maintaining that
standard.
I'VE also maintained during the cam
paign that the national bank systems,
ought not to control the credit money
OF this nation. In other words, we said
the silver policy of the west and south
offered an inseparable barrier to the
policy desired by the banking inter
ests. I hope I am talking to Repub-
Leans, Populists and silver Republi-
cans. as well as Democrats, for these
are questions that must be met and
should be considered fairly by men of
ali parties.
National Debt Perpetuated.
zone of the avowed purposes and one
u TIE consequences OF LQlS QnanGldl
bill is the perpetuation of the national
debt. Selfish people claim that a ma
tional debt is blessing. People with
money to invest favor it, and servile
statesmen favor it, claiming that it
interests money people ! the govern
ment. The bulk of our national debt
would expire in 1907. That added
by Cleveland would run little longer,
and that incurred in the Spanish war
lgf1DDp UAf hTff tho 1f ~r-afr1A he
paid off IN 1907. This financial bill will
bring about way for making such a
debt perpetual. In this bill the secre-
tary OF the treasury lis given power to
increase or diminish at will this debt
by Issuance of bonds redeemable in
GOLD. This is too great a power and
one too much identified with the inter
ests of the nation to be committed TO
one man.
Heretofore the national banks have
been allowed to receive bank notes to
the amount of only 90 per cent of the
bonds they buy. Now they may issue
TO the amount of 100 per cent which
is a clear gift to them Of S245, 600 600.
They put $4,000, 900 into the Republican
campaign fund in 1896 and have reap
ed, not IS to l, but $241R to 81 No Won
der they favor it. (Applause) If Bryan
had been elected, and proofs of any of
the things said about him had come so
soon, can you imagine the wave of in
dignatiOn that would have swept over
the country?
But they say such a course is neces-
sary in order to bring fexibility, which
is a good thing, provided it is the right
kind Of fexibility. But the national
banks may retire notes any time they
so desire. Imagine, if you can, the ire
mendous power thus placed in the
hands of the banking system. 1t is a
power the government only should pos
sess. and should be exercised only with
the utmost care by congress.
Permeated With Monopoly.
THE bill is permeated from top to
bottom with the maggots of monopoly.
Suppose congress should pass a bill
permitting a syndicate in New York to
make treaties, another in Chicago to
impose taxes, and another in San Fran
cisco TO collect them. Would not the
bill be declared Illegal? Yet our con-
stitution provides for the government
aloI-e TO coin money and regulate the
currency. 1t is now delegated to these
banks. We have heard Of great mOnop-
olies, but the greatest Of all is the
money monopoly. There is not a bust
ness profession, man, woman, child.
farm, building or institution that is
not affected by it. (Applause)
"A little boy asked his father why
the Lord made the earth before he
made man. The reply was that as soon
as man was made the earth was the
first thing he wanted. daughter
IF there were no other issue there
would be many things to discuss. Ii Is
true that times are going to be good for
a little while; money is going 10 he
plenty, institutions will be running to
geS bonds. But don't forget the after
math. 1t is the history of everv period
Of imitation in all countries. 1T causes
more distress than all other causes in
the world, and about the time fba re-
action sets in. then look out for CON
traction forced by the banks. who have
absolute power 70 regulate the cur
Tency.
Rule of the Trusts.
1T was also predicted that ALI forms
OF monopoly would find full frlition in
this Republican policy. Let us see Ie
there anything from tools To locono~
tiVes, from cradles to collins, that is not
affected in some way by some eorno Cs
trust? Combines sit enthroned. We
have had two attorneys general One
has been placed on the supreme bennh
and the other is expected to be- STINT
larry rewarded. The trusts have fat.
tened on high prices paid by the con-
sumers; CApplause.) 1t is Impossible