The Algona Upper Des Moines from Algona, Iowa on October 19, 1898 · Page 7
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The Algona Upper Des Moines from Algona, Iowa · Page 7

Algona, Iowa
Issue Date:
Wednesday, October 19, 1898
Page 7
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SUPPLEMENT mmm SOUND MONEY SOUND GOVERNMENT Republicans of Iowa Formally Open Their Speaking Campaign Saturday, October Eighth. ALLISON AND OOLLIVER Declare Republican Doctrine At Emmetsburg Meeting in the Tenth District. The Party Positively Pledged to the Maintenance of all Money at a Parity With Gold. Free Coinage at an Artificial Ratio Certain to Put the Country on a Silver Basis. Senator Allison Forcibly Reviews the Situation and Pleads for Honest Government. Congressman Dolliver-Eloquently Portrays the Necessity of Having a Republican Congress. The opening meeting of the republican campaign was held at Emmetsburg. Senator Allison's speech on that occasion was one of the most forceful presentations of the money question ever listened to. No other man in public life today is better fitted to speak on this subject than Iowa's able senator and his address left little to be said and none of his arguments gainsaying the debasing of our coinage escaped the blows of his logic. He said in part: The democratic party in this state in its platform adheres to the declaration of 1896 for free silver and emphasizes that declaration by positive repetition of its phraseology and by a direct fusion with all other parties subscribing to this dogma. Every fusion and democratic candidate for congress in this state Is so committed and pledged to favor the necessary legislation to accomplish it. The republican party, now as heretofore. Is pledged to the maintenance of the gold standard which has prevailed by positive statute since 1873, and in fact realized in 1879, when it became effective by resumption of specie payment and has passed the necessaryleg- islatlon from time to time to secure its maintenance, and every republican candidate for congress is pledged to the maintenance of this policy and' any further needed legislation that will continue it. Thus the issue is clearly stated and made upon the question of our money, and every vote cast in Iowa this tablished and a given number of ounces of the cheaper metal is equal to one ounce of the dearer. If this cannot be established then the standard in any country must be of one metal only, and must be of sliver or gold as the case may be, and can not be of both; and if in any country both metals are by law authorized to be coined for private parties without limit at any given ratio, then the standard will be that metal, which is the cheapest In the world'9 market at such ratio, that is, if the ratio was fixed at 50 to 1, gold would be the cheapest; if at 16 to 1 silver would be the cheapest, taking the present bullion value of the two metals. Mexico is an illustration of this. Both metals can be freely carried to the mints at the ratio of sixteen ounces of the one to one ounce of the other and coined on the sa.;ie terms, yet no gold Is taken to the niint and coined, because it is more val- ual.lfi in the market at that ratio than it is at the mint, and silver being the cV-eapev metal is coined under the coinage laws of the country, and the coins are of no greater value than the bullion from which they are coined." The senator said that no nation ever undertook the' use of both metals in violation of the law of equivalents, except by coining the cheaper metal nn government account in limited quantities, as we have done since 1878. He then referred to the fact that Alexander Hamilton and Thomas Jefferson spent many months in ascertaining to a fraction of a thousandth part the ratio of the market value of the two as bullion, when they recommended that congress adopt the two metals n,s coin. The ratio then established was .15 to 1, but it did not occur to them that the commercial ratio must necessarily govern. In pursuance of this thought the senator said: "So it may be declared to be a fundamental truth that the money Btandaril will be the market value of the metal, when melted being of the same value in bullion when sold in the markets as in the coin, and If the standard ts of more than one metal the ratio of equivalence between them must be such that a given number of grains of the bullion of the one will be equivalent to a given number of grains of the bullion of the other in the markets before coining. Bind of like values when melted and sold after coining. It follows, therefore, that if we are to try the Rxperl- ment under existing conditions of making our standard rest upon both metals we must recognize the fundamental truth of establishing such ra.tio of equivalence between them as that the market value of a given number of grains of the one will be equivalent to a given number of grains of the other, and if this is not done, as I have just demonstrated, t.hfi metal rated cheapest will be the standard. "The' ratio of equivalence between . upon the scene since then, our population has nearly doubled; and our wealth has more than doubled with no private debts no* in existence before that time created, and but few corporate debts, no gold or Silver then In circulation. Does that constitute the semblance of a reason why we should now perpetrate a wrong immediate and immeasurable upon this generation of labor, product and credit that has grown up under this change, because of an Imaginary or real wrong or mistake committed twenty-five years ago? It cannot be denied that since this law became effective In 1879 by the resumption of specie payments we have grown apace during these twenty-four intervening years in everything making a nation and people strong and becomes the standard of that country, great, distancing all prior similar periods In our history, and without a parallel in the civilized world. Concerning the argument that one- half of the metalic money of the world was "destroyed" by the "destruction of silver as money," he said: "It is not true as stated that me total volume of metallic money in the world controls the prices of all commodities, though It does exert to a degree an influence on prices by an abnormal increase or diminution of the total volume, such increase or diminution covering long periods. This was true after the great discoveries in South America, and again true after the discovery of gold in California and Australia between 1850 and 1860. "It is not true that any considerable or appreciable part of the world's money was destroyed by silver demonetiza- tion in the United States and In Europe. There has been no period of twenty-five years since the discovery of America when so much gold and silver hai> been added to the circulation as during the last twenty-five year* Since 1880 it Is especially true that tho production of the precious metals and their coinage has increased annually far beyond any period. Whilst there has been a considerable increase in the use of both gold and silver in the arts and increasing use of silver for tho last'quarter of a century, this Increase has not been large as affecting the money supply, and, as I have already stated, all the silver and gold not thus currently used in the arts produced from year to year has been used and added to the stock of money accumulated from prior years. This constant addition to the total stock of the coins arising from current production has been much greater than in former times." ''The speaker briefly reviewed the history of the production of the precious metal since 1492, using the tables made by Adolph Soettleer, showing the production by different years. Upon the ratio of equivalents the annual production was as follows: 1493 and 1GOO (107 years) was $ J 1,000,000 that the rate of Interest is diminishing. We hav« the largest per capita circulation of any commercial nation, but France, and our banking system Is much more widely extended than In that country. If the coinage of silver was free, we would undoubtedly lose our $700,000,000 of gold, or nearly $10 per capita, and the remainder of our circulation would be debased one-half in purchasing power. In conclusion Senator Allison said: "I have shown that instead' of there having been adlmlnution of the world's volume of money and a constant appreciation of gold, that the reverse is true as respects the last twenty-five years; that there Is more money in circulation now than then, and largely more, whether we take the aggregate volume of such circulation or take its volume as measured per capita. I have shown that prices should be Increasing rather than diminishing if the total volume of money controls prices. I have shown that the effect of the proposed legislation would be to bring us to a sliver standard, and instead, of increasing the volume of money would greatly diminish it. I have shown also that between 1873 and 1897 we have progressed more rapidly In all that makes a nation strong and great than ever before, and more rapidly than any other nation, and that from these considerations there Is no possible excuse for the proposed change from a gold to a silver standard, and that the talk of bimetallism under the proposed system Is a mere sham and pretense." CONGRESSMAN DOLLIVER'S SPEECH Urges the Supreme Necessity of Electing a Republican Congress. In opening h^b speech Mr. Dolliver spoke of the great necessity for the election of a republican house of representatives. Ho said at, time there was a momentous significance attached to the election of'members of congress, not on'.y to the Republican party, but to all those who have looked with anxiety .upon the te-ndtncies and purposes of the free sllvr-r (iemocracy. "A republican majority in the house puts an end to the political movement watch two years ago threatened the public credit and the integrity of American business by the proposal to change the standard of value and to debase the coinage of the realm by the unlimited issue of a coin to te called a dollar and to be gratuitously manufactured out of material valued everywhere at less than 60 cents. Make the Fifty-sixth congress republican," said he, "and there is not power enough in all the allies of populism to put life in that question. But defeat the republican party now, fill the chamber of the house of representa- ll!00 and 1700 (100 years) was 1700 and 1800 (100 years) was 1800 and 1850 ( 50 years) was 21,000000 35.000,000 '10,000,000 year will be counted as on one side or our present standard of gold and silver the other. I is thirty-three ounces of silver to one silver fluctuates so widely . The speaker then referred to the fact o j that a large and increasing body of and so ra pldly in the markets that It Iowa democrats repudiated the Mar- is i m p OSS ibie to establish any ratio that ehalltown platform, while at the same wfu not fluctuate from day to day, time in other states such as New York, wni i st the essential element of a money Connecticut and New .Tersy, the party standard j s tnat lt shall be substantial- 1850 nncl 3870 ( 20 years) was 185.000/jOO 1870 and 1875 ( 5 years) was 19G,0(>0,000 1875 and 1880 ( 5 years) was 'i 16 000,000 1880 to 1885 (5 years) was L17.MKI.GOO For the year 1896 226,&'JO,000 For the year 1887 223,090.000 For the year 1888 U50.000.0CO For the year 1889 27S.OJO.OCO For the year 1890 2S7.t'<-O.OlO For the year 1891 3i)7,uOO 000 For tho year 1892 o44.!)On,OCO For the year 1893 3<jS,0'.'U099 For the year 1894 396,000,(KM For the year 1895 417.000,000 Silver. $121,00'). 000 124.030,000 12-1,000,009 155,W)0,'GOO ifi3,ooo;ooo 177.0UO.OOO 198,000,000 214,000,000 213,000,000 218,000.000 213,Or,0/JOO 212,000.000 Year. Gold. 1586 $106,000,000 1587 106,000,000 1888 110,000,000 ]S89 124,000,000 1890 119,000,000 1891 131,000,000 1892 147,000,000 1893 157,000,000 1804 182,000,000 1895 200,000,000 IgoR 203,000,000 1897 .! 237,000,000 tives with recognized enemies of the standard of value to which all business an:l contracts of the American people are now adjusted, leave the president to be harassed and overdone by the fanatics of free silver, and no man can predict the anxieties and misfortunes yet in store for the commerce and industry REPUBLICANS OF ELEVENTH Gov. Shaw and Judge Thomas Are Greeted by a Massive Audience at Le Mars. A Masterly Effort by the Governor In Which He Skillfully Handles the Money Question. Judge Thomas Attacks the Democratic Platform For Making a Football of the Constitution. Governor Shaw was the principal speaker at the Le Mars meeting. He took the speech of Temporary Chairman Frank Q. Stuart at the Marshalltown convention as representing the position of the democratic party this year. He declared that If Mr. Stuart's views differ in general trend from those of Altgeld the difference has not as yet been noticed. Mr. Stuart, the governor pointed out, characterized the issuance of bonds to carry on the Spanish war as a "crime against civilization;" he lamented that the republican party was likely to afford the people of Porto Rico and the other newly acquired territory a "carpet-bag, gold standard, corporation and wholesale larceny sort of government;" he appealed to the shades of Jefferson and Jackson to protect these countries from "an army of financial wolves, backed and supported by the great American government," from "railway construction and land grant steals," and from "a thousand other organized corporate swindles, while the American flag Is kept flying from the promontories of those islands to the end that these financial ghouls, these human hyenas, backed by republican legal privileges, may, under due form of law, filch from the people everything susceptible of conversion into'greasy dollars." He referred, the governor further continued, to the government of Iowa, and said: "If the full truth and extent of republican larcenies are ever to be made known to thepublic, the state's books and accounts must be examined by democratic experts." He also referred to "expert treasury looters,".to an "organized gang who for years and years have had their long, slimy lingers deep in the state's treasury vaults." These extracts and others of similar tenor from the speech in question, the governor said, might be accepted as an official interpretation of the Iowa popo- cratic platform and a declaration of the position of that party in Iowa during the present campaign. Continuing, Governor Shaw said: lft - fomer «« * T Btands <"» yours in the consututin^ t 0013 ' conservators of take t i ° u cannot take the the been to remaining longer In . patjr whose has ,. he injec «°n, by the' that t0 a l! hea *s: and the fact land n ™ hom *less In this fair mSoh L A ° auses ^Publicans, as or or so, — ••- I'VPUUSLB i/i. ts\j- to seek and devlsp wnvi and means by which the needy can be cared for, and the helpless can ha succored. Marvelous are the "mprove- E?5 man™ ditl ° nS WUhb th?=1 Conditions Ever a dozen within the sound who can recall when the rtPr , w debtor was Imprisoned as a penalty for a failure to pay; when there were no exemptions; home and tools, implements, teams and wages were all subject to execution; when there was no stay of execution; when there was no redemption from, foreclosure when there was no homestead rlKht demanding the joint signature of husband and wife for its alienation. All these conditions have changed and all within a few years. "It seems hard and it is said that a comparatively few own comparatively much of the property of the world, but no one thinks it either hard or sad tha* comparatively few pay most of the taxes, support most benevolences, maintain schools, educate children, construct railroads, build all factories and afford all employments. Much has been done, and much more, I think, must be done to relieve and place upon an equality of opportunity the children of the rich and the children of the poor. But shall we curse him who hag financial ambitions while we honor and laud him who has- political ambitions? Shall we call him a thief and a scoundrel and a knave who wins success in business and extol and glorify him only who makes a success in military affairs? "Why does the business man, the merchant prince, the railroad king, who began as errand boy, or by pressing telegraphic keys, who has passed from grade to grade, from position to posl- tney have found something wrong In that time honored document and ata seeking a way to effect a remedy. Referring lo the constitution of the tfnltecl States, the Marshalltown convention declared In Its platform: "We hold that Us provisions for Its own amendment are utterly inadequate to give expression to the will of the people, and we therefore favor the amendment of article 5, of the constitution o£ the United States, to the end that whenever a majority of both houses of congress shall deem it necessary the congress shall propose amendments to the; constitution, which shall be submitted to popular vote and shall be valid as part thereof when ratified by a majority of the votes of the people of the United States at any general or special election at which such question shall ba Submitted to a vote." Were this the declaration of an In* dividual we would be led to doubt hla sincerity, or to believe that it was only the vaporings of an enthusiast. Bufi when we reflect that It was put forth as a solemn declaration of the principles of one of the great political parties ot the state, and is in the nature of a pledge of that party to put the principles of that resolution in force if It Is given the power to do so, then it becomes a matter of serious consideration for the people of this country- What does tha democratic party, by. the adoption of this resolution, propose? To eliminate from the constitution of the United States that provision that was adopted to Insure permanence and stability to that organic law, by requiring that amendments should ba proposed by two-thirds of both houses of congress and be ratified by the legislatures of three-fourths of the states before they should be valid, and providing In Its stead that the constitution; may be amended by the will of a majority of both houses of congress, and approved by a popular vote of the people. It is a proposition to set the con-" stitution of the United States afloat oit the waves of popular opinion, and makt» it subject to the whims of any political faction t< party that may, for the timo being, come into power. Instead oil standing as a perpetual monument of a) free government, reverenced by a free people for its stability, and unassailable by the veering tide of public opinion. It is to become a football in tho hands of politicians, to be changed, modified or wiped out altogether, as th« whims of any political party in power organizatlons have refused to follow) further the dogma of the Chicago convention, and he added: "It may be safely predicted that this campaign and the greater one following In 1900 will seal the doom of free silver as a national issue, and if sound not survive this election. The question has been discussed for many years in and out of congress, and was thoroughly discussed in 1896. and condemned by ly permanent. Honesty requires that if we are to use silver and gold together as our standard that we should rate them as thirty-three ounces of silver to one of gold in our coinage, if coinage is to be free. This now seems impossible with the constant and wide variations in the market value of silver. Ex-Governor Boies has a glimpse of this fundamental truth as disclosed in his recently published plan." The senator said that the fusion can- a large malority of the people of the dldates for congress were pledged to whole country, and thoroughly beaten i work and vote for the free and unlim- the in all the great producing states." Turning to a consideration of main question he said: "In the discussion of a few fundamental truths are essential: First. To inquire what is money, and what are Its uses? There are two kinds of money In every commercial country, standard money and representative money, viz: money convertible into standard money. The last is. good money when so h acepted in exchange The V se e two a k?nds of ited coinage of silver at the ratio of 16 to 1. which would establish a 44-cent ! dollar, fluctuating day by day, with the fluctuations of silver bullion. Continuing the senator said: "If what I have said be true, the certain effect of this legislation would be to establish a new and debased and constantly fluctuating standard of money, meeting no requirement of a stable standard and substituting it for our present standard of gold; applying this change to all transactions of the all the days and years since 1879. based money of the country in which they cir- ; on the standard of gold, also greatly - eulate. The material of standard money must have a market value, before coinage, which is sometimes -called Intrinsic value. The material of this money is either gold or silver bullion, and known as the precious metals for this reason. Therefore, being a measure of value, to be a perfect measure it must be liable to the least fluctuation In the markets, so that money loaned for a long «r short period will be worth In the market when the debt matures ' what it was worth when the T created, so that no Injustice win" be~done io the lender or the borrower. The like rule prevails as respects all time contracts. This material constitutes, when coined, the money standard of that country, and other money in the circulation must be rated to it. and kept at a parity in value with it. or it is not good money. The standard money in a country, some say, may be both gold and silver, and some say cannot be both, but must be one or the other. We know It can be made of either metal. But if it is to be of both there is one essential requisite prior to the establishment of the standard of the two,' which is that If a given quantity of one metal is not equal to a like quantity of the other metal as bullion, In the markets of the'world, they cannot be welded Into one standard, unless an equivalence of value be established by placing enough metaMn one to make it equal In value to the metal In the other. This necessity arises from the fact that from time immemorial & given weight of gold has, been rate* higher In value than the same weight of silver. This establishment O f an equivalence of value Is called th<? ratio between the two metals, "To, establish, suph a: ratio meajis that » given number of ounces o£ silver bullion shall sell In the m&rkeAs for prao- Wcilly the same as gpe, ounce of sola disturbing if not destroying the stupendous fabric of labor, industry and business built up during these years upon the existing standard. The Effect Ou Wages. "All wages, whether by the day, month or year, would be reckoned on this new standard, requiring a quarter of a century to readjust them to the new conditions: In the meantime causing immeasurable distress. All insurance policies paid for with money based on the gold standard would be paid in this depreciated money, all the five millions of saving depositors, with $2,000,000,000 of savings deposited, would be so paid; all the pensioners would be so paid; all the credits given on the basis of gold would be settled in money of this depreciated standard, and so on through the varied transactions of every man and woman in the United States. If I borrowed of you $1,000 last year I could compel you to take $440 next year. If I receive $10 a week wages the purchasing power of my wages would be reduced to $4.40 per week. The banks would all be forced into liquidation involving six thousand millions of debt and a like amount of credit. Stagnation and paralysis of ev- If ft f rac- *» « 1898 estimate 200,000,000 on the basis of half year. Cementing on this showing at length he said in regard to present conditions: "The gold production last year was $237,000,000, and this year it will be $260',000,000, or $90,000,000 of gold alone more than the production of both gold and silver in any year from 1493 to 1895, and $42,000,000 more than the production of both metals in any year from the discovery of America to 1885. The world's product of gold during three hundred and fifty years up to 1850 was $3,582,000,000. From 1850 to 1895, or for a period of forty-five years, the world's product of gold was $5,500,000,000, and for the last three years, including this current year, there have been added to the world's production $700,000,000 of gold. In 1873 in the principal commercial countries of the world the amount of gold held was $1,210,000,000; in 1897 the amount of gold held by the same countries was $3,792,000,000, or an increase of $2,582,000,000. In 1873 these same countries had in circulation $1,058,000,000 of silver, and In 1897 had ?!,729,000,000, or an increase of silver circulation to the extent of $671,000,000, or an increase of $3,253,000,000 of the money circulation of Europe and the United States between 1873 and 1897, or $800,000,000 more than twice the stock of all the silver and all the gold In circulation in Europe and the United States in 1873, every dollar of this increase performing the function of money. There is not a single nation in Europe that has not largely increased its stock of gold and considerably increased its 1 stock of silver except France and Germany, which together lost $150,000,000 of silver, being largely the silver sold by Germany between 1873 and 1879, whilst the United States has Increased Its stock of silver more than $600,000,000. Our own gold is constantly increasing in volume, both from importations and by means of our own annual production." Speaking of the argument of the free coinage advocates in regard to falling prices, he said: "Thus I have shown by incontrovertible facts that there is more metallic money now in the world circulating nationally and used internationally at its commercial value to the extent of thousands of millions of dollars more than was in circulation in 1873. This being true, it is correspondingly true that whatever may have caused a fall of prices during this period as respects certain commodities, prices have not fallen as respects agricultural products nor have they fallen as respects the wages of labor, these wages being higher now than they were in 1873, not only in our own country, but throughout the ery interest, occupation and industry would quickly follow. To make such a leap in- the dark must have for its foundation reasons akin to revolution, if any possible reason could be given for such Injustice and wrong perpetrated under the forms of statute law, Yet this •"'JB' what we are asked to do by out'votes in tpis state tW».year with our cpedlt now equal to that of any nation, and with no money strain in part of our country." e arguments fpr free silver were next taken up. In speaking of th* "crime of J878" he said: of this people." Concerning the duty of the sound money democrats,' Mr. Dolliver said that they rendered the nation an almost unexampled service In 1896. "The opportunity Is even greater today than it was then," said he, "nor is there any doubt that there are multiplied thousands of them who are again ready to exhibit that splendid fiber of manhood which turned away from the leadership of their party rather-than sacrifice the interest of their country." Concerning the outbreak of the free silver heresy, he said: The proposal was not a new one. It had been brought forward fifteen years before by the silver mining states in 'the interest of their local industry. Every argument in its behalf had been heard in congress for more than a decade, so that it may bi: truly said not a single Idea'had been added to the debate since Senator Jones of Nevada made his first speech on the subject nearly half a generation before. Silver Argument Answered. "The argument for free coinage, often presented, was never answered until the campaign of 1896. It had comfortably rested for fifteen years upon a huge mass of statistics and a collection of irrelevant inferences and heai-says. When'it came up for discussion before the American people in a serious form it was driven 1'icm the field of debate before the campaign was half over. "It rosts with the American people- now to say whether the business world is to be allowed to go on in security o- whether we are to give a new commission to the defeated leaders of 1896 to organize another raid upon the credit and integrity of the community. I do not oelieve it ought to be done. It is hard enough to make a living even in good times. And yet every vote cast in the United States today for a democratic congress is in effect a license to political agitators to disturb the peace of the business world. "I oannot believe it possible that the American people will vote to again put the world in doubt as to the-meanlng of the word dollar, or as to the purpose or intention of the American people to maintain the integrity of their existing contracts.". The speaker said that the latest official statement instead of showing a reduction in the volume of currency shows an increase in two years In the money of the United States of $337,000,000, nearly all in gold, and every bit of It as good as gold. If the free silver people had had their way it would 1 have taken all the mints of the United States seven years, running at their full capacity, to have made that many silver dollars. He said that the free silver leaders In 1896 claimed that the gold standard would decrease the volume of farm products which had already grown so low as to take the heart and life out of American agriculture. , Commenting on the results which, instead of being fis the silver men predicted, had in fact repaired the ruined occupation of the American labor, reestablished thousands of enterprises, so that in every industrial center the noise of the factory, the roar of the furnace, and the music of the forges was again heard, he said that any one who would consult Bradstreet's for September 9 and g'o over the price lists which compare prices July 1, 1898, with those for July 1, 1896, and then re-read the silver arguments of two years ago, would be convinced that the silver oratory of "I desire to call in question the wisdom of both speech and platform, and to point out as briefly as I may, and as clearly as I can the dangers I see in the teachings thereof. Lest I should be misunderstood I desire to say here and now and for all time, that I do not doubt the honesty of purpose of the men there ass'embled. I do not question their good intentions. I only question their methods and the instrumentalities with which they seek to cure real or fancied evils." Teachinu May Inspire Kvil. "I do not think the temporary chairman or any of the men associated with him politically would damage or harm the property of the wealthy or the property of corporations; but I am not prepared to say that their teachings may not inspire some one else to do. It is the unmistakable tendency of their teachings against which I individually pi-otest. Does any one suppose that we can teach that the wealth of this world has been corruptly wrung from the people by corrupt legislation, that the property now owned by corporations in fact belongs to the public, that the land on which so many of our people reside was stolen from the government by their granters, and not inspire in the breast of some one a dis- positon to right these wrongs peacefully if possible, by violence if necessary? "Without criticising and without questioning motives, I wish to record in advance my prediction that there is no place to- stay the course of the party now called democratic this side of open socialism. I do not now say that socialism is wrong. that communism I do not now say is error. I do not great productive and Industrial countries of Europe. So that this argument based upon the'idea of diminution of the world's' money and a corresponding falling Of prices because of such diminution wholly fails." Referring-to the charge that the government |s n°t friendly to silver he said the United States had dono all in its power to secure an enlarged use of silver. It had four times taken the initiative in trying to secure Intel-nation al agreement. It coins silver on government account so that the parity ,, r TW _ ._ , r _ may be maintained, We have an am- That act'wae passed a quarter of »*v pie volume of money which is shown " ; »e,8f Jy ft § e wa,1,lw fta.s I by Ha easy, procurement and. the fact that campaign was a vain parade of words without reason, In speaking of the Spanish war, Mr. Dolliver said that he did not doubt, that mistakes had been made in the hurry of preparation and inexperience, arising from nearly forty years of undisturbed peace. The investigation promptly ordered will bring to light all these abuses, and while It cannot: repair the damages that may have been done, will at least serve to guard our armies against similar mistakes In the years to come. now say that even anarchism is vicious; and I accuse no man and no set of men of being socialists, communists or anarchists. I only say that plainly in front, and not far removed but directly in line with the Marshalltown speech and the Marshalltown platform, will be found these several phases of the one great question of which we may speak generally under the term socialism. Menace to Society. "Who shall be safe, who shall insure property rights, if the principles enunciated, approved and promulgated at Marshalltown shall prevail? Did you buy your land of a railroad company? Who shall insure your title? The democratic party in the '50s made the first grants of land as subsidies to proposed •ailroad routes in different parts of the continent. The republican party, com- ng into power in the '60s, followed the >xample of the dominant party which it succeeded. All these grants are referred to as 'la.nd grant steals. If these grants of land were 'steals' then your title rests upon a purchase from a thief. Deed it back to the government lest, peradventure, he, who has outstrlped his teachers, shall surprise you some cloudy day by deeds from which his unwitting instructors would as promptly recoil as would you, as "What I have said must not be understood as wholesale, indiscriminate indictment of all those who stand opposed to the republican party. 1 recognize that among those who joined in the triple alliance in 1896, and again in 1897, and who still cling to the democratic party notwithstanding its radical revulsion from elementary democratic pr/nciples, are many who look with fear and apprehension at the teachings to which I have called attention. I have as good friends in the ranks of other parties as I have anywhere, and I both respect and love th "0ne of these men who has been the recipient of high honors at the hands of the democratic party, and who lus been the candidate of that party for " cc w*vv- } ^ ^^ —^ +Vi£i nHipr rlflV. state h< 'I am a tion, until the world of business and of commerce stoops to do him homage,why. do these men advanced In years still toll more hours per day, deny themselves more social privileges, give themselves less recreation, than the humblest clerk in their employ? Men of the Times. "These men, like Alexander the Great, are the product of their times. They are willing that the children of the poor shall be educated at public expense; that free school books shall be supplied. They rejoice at all provisions calculated to alleviate the conditions of the weak and the helpless. They consent to take such share of th» burdens as can be legitimately and fairly placed upon their shouders, but taking these burdens and bearing them manfully, they ask only for the opportunity to accomplish greater things in the line of their chosen pursuits. Teach your boys that all these men are the just objects of their condemnation and your boys will never strive for the positions now occupied by them. Teach your children that whoever succeeds in business is a scoundrel, whoever amasses a fortune is a thief, whoever gets rich is a villain and a knave ami a robber, and your children will never disgrace you by having anything. "I would rather these agitators against-the existing conditions "of their country would rob my boy of his right arm than to rob him of his hope. Bereft of an arm he miuht still win for himself standing room in this now crowded. Industrious, aggressive, ambitious world. Robbed of his hope, and no one, not even his children, will care to record or remember the story of his life. I know a man, the son of poor parents, who at the age of 19 years, by the premature discharge of a cannon, lost his right arm at the wrist, and his lert hand a half Inch in front of his thumb. He had nothing left but his hope. He went to school, and he told me while fighting his way through he had threaded his needle and sewed on his own buttons with that one -thumb on his left hand. He got an education. "They call him Judge now, and he Is the honored president of a bank with over three millions of deposits in a town the size of Council Bluffs. He accomplished this under recent conditions and beneath the stars and stripes. There is no other country kissed by the sunlight of heaven or over which floats may dictate. What does the course of the democratic party on these lines indicate but a general tendency to socialism and anarchy? From 1892 to 1896 that party sprang, at a leap, from being an advocate of sound and honest money to tho championship of an unstable and depreciated currency. And. not satisfied with that departure from old established principles, it t» now left to the democracy of this stata to inaugurate an attack on the constitution itself, with the object of pulling it down from that lofty position that It has always held in the estimation of our people as the guardian of the libnr- ties of a nation of freemen, and place it on the level of an ordinary act of congress. John P. AltgeJd has for yeara endeavored to Impress his anarchlal principles on the democracy of Illinois. But the democracy of this state haa done what Altgeld has not attempted, by inaugurating the movement to ro-< move from the constitution of the Unl* ted States the limitation ingrafted therein, for the purpose of maintaining its supremacy as the organic law of tho land. Are the people of this country ready to place In power a party that stands pledged to such a course? Or will you not rise up and return such party to> the realms of the past, as you did tha game party, on the the question of frea coinage, in 1896? This, In my Judgment, Is a question fraught with greater danger to our institutions, If the democratic party la serious in asserting It, than any other question before the American people. It is an attack on the organic law of thti country, the guardian of the liberties of the people. But I have an abiding faith in the good judgment of the people and, guided by this judgment, they will in this contest, as they have done) in emergencies before, repudiate by. their votes these heresies by retiring} from the field of political contest tha party that asserts them. any other banner where these -things are possible. Come, all who believe In thl possibilities of American manhood, whoMieve in the possibilities of America and, uniting with those who are likewise hopeful, help to make and keep the republican party the party of ad- vancedand ^progressive Ideas, the friend of labor, the friend of capital, and the helpful, inspiring ally^all. JUDGE THOMAS' ADDRESS. Does Constitution Mrs. 13. A. Bennett of Lamore, N. Phas an Angora cat farm, and says she cannot raise enough cats to supply the demand, which IB principally from the , Not Want the Placed at the Mercy of Public Opinion. Judge Thomas spoke at some length on the money and tariff Questions and then took up a point which has thus far received but little consideration at the hands of the republican speakers, the handle, ^ of the MarshalUown which seeks to atiacK tne nf tiip constitution. of the United States On this subject he said. The democratic party has always to be a party of conservatism, depart from what it has consid- - honored principles of the GREAT MEETING INTHETHIRD Congressman Henderson Announ« ces There Will Be No Chance of Fraud On Money Question. The Banker and the Pensioner, the Bondholder and Plowholder Use the Same Sort of Money. Secretary of State Dobson and Other Speakers Argue For Republican Doctrine. It was statute the - sadto me the without a party; 1 cannot of the ! for its rule of polltl- ave M.n KusM lo «•»»», stitution of the united stales e a ev« -emanated from a human tribunal. Political parties may change and Political opinions on questions of government may vibrate from extreme to the other-the constitu- still maintains Its place and in- one proceedings. q will be beaten this fall 60,000.' y hope they Q theru .existing evils,; Us ovr p«vBlon.uing the power of ar B e vrt dl i n t e "eems that our present day democracy fs inclined to depart from cQ thveneratlon paid to the cQMtltution o "ha have P.rec«dea them. In opening his speech Colonel Henderson said that during no period of ita history since the war for the life of the republic had the republican party doria more to merit its continuance in administering the affairs of the American people. Referring to the money question he said: "In the light of the last national campaign of 1896, with its verdict and oiir subsequent experience, it seems as though no one should be required ta discuss the money question in this campaign. President McKlnley was elected on a sound money platform anl represents the best thought of thla country and all civilized countries OH the money question. And he is opposed to the free silver 16 to 1 dollar, which wuuld force this country on to a free silver basis. "For four years from March 4, 1897, when President McKinley was inaugurated, that question was settled. There can be, there will be no change of front." The speaker then asked if the people were Buffering for lack of good money. He answered the question by saying that on July 1, 1898, there was in circulation among the people of this country $1,843,435,749. One year ago therm was in circulation $1,646,028,246, showing an increased circulation in a single year of $197,407,503, and during the lasfc two years the increase has been $337,000,788. ''The per capita circulation in tha United States July 1 last was $24.74, the largest In the history of the republic. : "The nearest the per capita circulation ever caiue to this was in 1S92, under President Harrison, when rc-pybli- can policies were making this nation happy everywhere—then it was $24.44. "The increase of gold circulation duri

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