The Washington times., 1904-07-24
Addresses a Party Rally
at College
Point.
SPEAKS ON MONEY ISSUE
Lays Bare Democratic In
sincerity Upon Finan-
cial Questions.

COLLEGE POINT, L. l.. July 2S.-Im-
mense crowds gathered here today to
attend the Republican rally. celebrating
the semi-centennial of the party
Secretary Shaw was the chief figure
Of the meeting. He made a speech
which is Interpreted as sounding the
keynote of the campaign
Tins evening the Secretary left for
Oyster Bay. He viii remain with the
II esiCent until tomorrow afternoon.
Secretary Shaw. after receiving an
enthusiastic send-off. said:
NO one has a right to claim for he
Republican party that all OF its adhe--
ents have intuitively and primarily Leen
right on every proposition
Contrary Proposition.
Neither has 1t a right TO claim that
each and all of its political opponents
have been intuitivelY and primarily
wrong on all propositions
Put the Republican party has the
right To claim. and does claim, that the
consensus of mature Republican judg-
ment has been reasonably sound and
measurably consistent II also mas
right to claim. and does claim. that the
consensus Of opposing opinion has US
I ually been wrong, and if not wrong Pri-
marily it has become wrong after ma
ture deliberatiOn. and that II has seldom
! been consistent with itself for any
/ great number OF consecutive years
In proof Of these logical. and | hope
not altogether unphilosophical, prOpO-
sitions. IA time 10 refer TO th6
record OF the tHO principal parties on
/ only one general subject
] There Is no question so essential 10
4 the prosperity and commercial advance
/ ment OF people as sound financial poll
/ Cies. Great Britain, Germany, France
and most commercial countries OF Eu-
rope, have great central government
/ banks, such as the Bank Of England.
/ the Bank OF Germany. the Bank Of
/ France etc. These institutions under
! appropriate legislative restrictions, IS
4 sue currency Gas distinguished from
( coin) for the use OF the people. and
therefore in aid Of commerce. We have
/ adopted a different policy.
National Bank System.
when the Republican party came
into power 1t evolved a plan Instead
Of creating great central government
/ bank patterned after European insti-
tutions. il authorized a large number
of national banks placed them under
the supervision of the Secretary OF the
Treasury. and gave them authority 10
issue redeemable currency under ap-
prOpriate safeguards and restrictions.
Without claiming that the national
banking act Is perfect. or that our cur
rency system is free from objection. !
think the world joins us in the verdict
that It is the best system known 10 man.
/ For its existence the people are m
debted 10 the Democratic party for an
aggregate Of only three votes In the two
houses Of Congress
Il cite the fact as an Illustration
I that fine consensus Of mature RcpuDll-
can Judgment on banking and currency
is reasonably sound. and that the con-
SenSus Of mature judgment OF the oppo-
Sition party on the same great question
is both unsOund and Inconsistent, and
also indefinite our philosophical strang-
er. having talried a while in this cOun-
try, might possibly cite the attitude OF
the Democratic party on ranking ano
currency i'm proof of MS original de
IductiOu that some political organizations
IHr- not materially aided by either OBJ
|servation, or study, or experience
Destroyed United States Bank.
Having destroyed the United States
Bank. and falling 10 provide sub
Istitute the Democratic party allowed
The country to- drift as it would. No
act Of Congress. until 1861. ever au'
thorized the issuance Of a single dollar
of currency by the Government. and
barring the charters authorizing tht
two United States banks, no act OF
Congress prior 10 1863 ever authorized
the Issuance Of a dollar Of currency by
. any bank.
The same act which authorized the
issuance Of national bank currency was
the first act Of Congress that ever
lplaced any restriction upon state banks
or Industrial corporations or private
{ fFsTrlE
kind OF character. and IN any volume
which the people could BE- induced Il
accept.
Icrltic party in 1882 Four years later
denounced the issuance Of notes lntende
to circulate as money by national bank
as In derogauon OF the constitution,
and i'm 1890 il demanded the retiremen
OF national bank notes as fast aS Gov
- Icrnm,ut paper or silver certificates ca
= be substituted for them. This Is tn
, last official uttcrance Of the party o.
. the subject and represents the 1ttltud
|gf the opposition on the great SuDJeC
Iof banking and currency our philu
soDhical strange. If still IN the country
viii possibly cite this in proof Of III
original deduction that the longer som
p people study "a question the more thor
s Oughly wrong they become.
Depleted Treasury.
The Republican party. when it cam
into power. found the Treasury depict
90. Government credit practically eN
T. hausted. and no banks under Govern
T. nent supervision, and, therefore n
authorized and stable currency. as dis
p ungu!shcd from coin. in the hands {
b. the people. During the civil war, whic
= Immediately followed Republican acces
"a sion the Government. IN addition 10 III
q issuance OF bonds, made a forced loa
1 / of $500. 600 600 in United States note
K | commonly called gTeeubacEs.
''ThiS volume of notes, though not =,
/ yress!y redeomabIe In gold. was alway
recognized by the party responsible fc
their ssuauCe, and by th@ business con
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