The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-05-19

Today the program will be continued
and many fine addresses will be made.
! Tonight the association will be concluded
with the browning feature of the gather
! ing. magnificent banquet at the Masonic
| Temple. This afternoon the visitors will
! be taken through the city in Seeing
| Wichita" street cars.
Calderhead's Speech.
Congressman Calderhead said:
My Friends-I am about TO pay a pen
atty for one Of my own weaknesses, and
I regret that you are about to suffer
part Of it. / knew a long time ago that
/ was to make an address on this SUBJ
Ject at this time. but l did not prepare
myself until it was too late. The truth
is that a the time that | agreed to make
the address l anticipated a winter Of
work in the banking and currency com
mittee; but instead of that / have had q
winter of work in the invalid pension
committee and very little to do in the for
mer committee
l do not want you TO think from the
size of this manuscript that there is
enough of it to be cruel: there is just
what l have been able to prepare once
l arrived in the city. The first page of il
was written yesterday morning and the
rest Of it this forenoon. There was no
time left for me since the adjournment
Of congress, on account of the number
Of errands that l was required to run
for my constituents through the depart
ments
In talking TO you about money ! can /
not look at the subject or talk about it |
from the viewpoint that you do. l have
so little Of it that | can not speak very !
much concerning the value Of it. i have |
never had enough to lend anybody. l |
have always stood on the other side of |
the counter from you and the subject !,
looks different to me from what it does |
10 YOU. l can not help thinking but that |
you are in the position Of the Scotch |
man who was starting out in business |
career and prayed: "Oh. Lord l dinna |
pray Thee to gle me great wealth; 1 only |
ask Thee to show me where it is" And .
that's all l ask. OauShter)
On the other hand, when get through |
telling how | am situated, I suppose you
would think about me as the man did
about the geologist who was lecturing,
and said to his audience: MY friends.
with a geologist time is of no value and
no consequence. Ten thousand years is
10 him as but a day" And fellow back
in the audience slapped his knee and
said: Great Scott, to think that should
loan man ten dollars who should hold
views like that" Gaughter.)
The Question of Currency.
! do not know what you shall do when
l get through giving you my views.
started this manuscript for the purpose
of being a little careful on this subject, |
and you will pardon me if l try to read it
it is the first one | ever attempted to
read to an audience.
| am afraid you made a mistake when |
you asked me TO address you on this
subject, and l made a mistake when I
promised to do so. But at that time I
had no thought that another line of
arduous work would occupy my time so
much 1t has left me but a few hours
for thought upon a subject that offers
such a wide field for discussion. For ten
years the subject has been considered
by the keenest and most analytical minds
Of our country. During all that time
there has been a general agreement
among all who have written or spoken
on the subject that our currency laws |
need revision. Some Of the best minds
have said that the financial system of
our government ought to be wholly
changed. There is a growing belief that
our government ought to go out of the
banking business. and allow the people TO
make and supply the currency of the
country according to the demands of the
business of the country, subject only to
such government regulation and control
as would make that currency safe and ,
sound Volumes have been written upon ;
the history of all currency and banking
The government policies and systems of
all nations and all times have been /
brought forward for comparison and re-
view. Every kind of currency that men
have used has been named and cata-
ogued. Methods of business in all coun-
ries have been compared. Our own ,
financial system has had its history open !
ID and read. It's faults have been pointed ,
,ut. It's strength mas been demonstrated +
Two things have saved it: Its absolute
safety and its national character. {
Through all these years of debate and
discussion the people have had no doubt ,
bout the safety of the currency. And !
icing national currency it has been the r
ame for ell of us in every part of our ,
COUNTRY. Every dollar has the same value
Is every other dollar in every mans
lands. There is the same currency for 6
he rich and for the poor; for the banker
nd for the day laborer. But we have I
aid d great price for this. From 1873 TO /
goo we paid interest on the bonds for q
100 O0o, 900 gold to keep 1916, ole green
JACKS afoat
The Treasury Reserve.
Then when the revenue fell short and >
n adverse balance OF trade called for
,old to ship out the greeuback was used
. take the gold out Of the treasury and a
ye had TO sell s262 N00. 900 of bonds to re- O
,lace the gold and maintain the green K
Jack, and as soon as We could liquidate
fter that We provided for Si5Jo0o 90 re- a
erve. and ever since we have kept Si5G.- q
% 600 idle and pay % per cent interest 4
nuually on that amount OF bonds to keep l,
he greenbacks afloat. There are some OF +
IS who think It would be less expensive :
o pay of Sl5o 900 with that gold and y
hen only have 10 pay interest on bonds
nough TO pay of the balance OF the n
reenbacks and have SSa6,6Sl 0l6 OF gold .
ut in the country doing business. And
etter still. to pay of the greenbacks and .
Il the gold out into the business Of the
ountry. and let the treasury go out OF 81
he banking business.
Then there are the silver and gold GER
ifcates. $500 SOS silver dollars aud Slls
- So subsidiary coinage: s74-fe.ISl silver
oliars are out in circulation and St73.-