The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1919-10-02
LOOKING BACKWARD
Twenty Second installmenf.)
Compiled BY Judge u. Il. Davis.


The Constitutions Of Kentucky have
always provided for the election Of n
Governor and Lieutenant Governor
and that upon the death or resignation
OF the Governor that the office shah
De- filled hy the Lieutenant Governor
JAMES II BLACK i~ Governor now by sue
ces~ion. upon the resignation Of Gov
cruor Stanley.
IN 1S1G. George Madison was elected
Governor but died before being INSTALL
"a into the office Gabriel Slaughter
had been elected Lieutenant Governor
and 10 was "a question whether or no:
new election should be- called or
whether the Lieutenant Governor elect
should succeed to the fun term. In
this controversy o. WAS decided that
Gabriel Slaughter should succeed TO the
fun term.
4 hundred Years ago this country
was recovering from the effects OF
war iu its Consequences and effect
upon the condition Of mankind
perhaps more worldwide than the war
lust closed Under the administration
81 Gabriel slaughter "a great political
conflict commenced which injured the
state for more than ten Years.
During the Napoieanic wars which
had just closed i'm Europe prices of all
commodities had risen for the purchase
of which the people had become load
ed with debt and the cry for relief from
debt was universal II was not more
possible then than now 20 produce cheap
commodities with high priced labor
with high priced material.
10 was uscertained a hundred years
ago that relief could not be obtained
hy an increase ~ paper money. In
single session Of the legislature in 1917
Is forty independent banks were char
tered with am aggregate capital Of ten
i million dollars. In the summer Of
4 ISIS the state was flooded with the
money Of these banks. Speculation
sprang up in an directions. Large loans
were rashly made and rashly expend-
I cd In the meantime the pressure Of
/. debt became terrible and the power 10
4 replevy judgments was extended from
4 three % twelve months During the sum
4 mer 81 1S1n the cry Tor further relief
i became overwhelming and the ma j0ri-
i ifv 81 both Senators and Representa-
Il tires were pledged 20 some measure 10
relieve the debtor from the consequence
h - ~ such rashuess
4 ~ the session Of $50 the bank Of
& Commonwealth was chartered. II was
"a Kind 81 State paper mill whose chief
and sole business was To GRIND ont pa
Il per money In endless pr0fusion. II was
y paper money with mo- guarantee Of re
y demption n was made payable and
"A recoverable for public and private debts
4 and for taxes. and the creditor who re
fused % receive 10 was forced 10 wait
n two years The only security for the
n paper money of this bank was the
Il pledge OF land owners by. the state wes'
n Of the Tennessee River I'm what Is nov
n known as the Purchase. The creditol
had his choice OF two evils one was 4
; receive payment OF his debt In this pa
= per OF the Bank Of Commonwealth
'whisn wrs w"rfp 'ess t snnn III M nj sf.
end Of that time do the best he could
running the risk Of new delays and
bankruptcy Of the securities
Politicians I'm those days inveighed
against capital and wealth the same rs
AZ present. The attempt % create some
thing ont Of nothing was fully tested
A The debts 81 the people could not BE-
iqudated with paper money printed by
the state. under a law requiring IL 10
81 BE- accepted In payment Of public and
private debts and taxes. The Purcha ..
/. contained the promised land" hut same
\ was not readily available as money.