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WEAVER AT COUNCIL BLUFFS.
THE FIRST SPEECH OF THE PEO
PLE’S NOMINEE.
B.
Delivered July 7, Before the Twin
City Chautauqua on the Silver
Issue.
Nir. Chairman, Ladies and Gentlemen:
It would have been a great pleas
ure to me to have listened to an ad
dress upon the subject in hand from
the Hon. Richard P. Bland, of Mis
souri, but circumstances having
called him bick to the floor of the
house of representatives I have been
improvised as his representative here
to-day, and I take pleasure in ap
pearing before you for the purpose
of submitting some views concern
ing this great question. It is a ques
tion far reaching in its consequences,
touching the well-spring of the whole
republic, and it is of sufficient im
portance, as it occupies the gateway
to the discussion of the whole range
of economical questions; it is of
sufficient importance to challenge the
attention of every American citizen.
M. Thiers, in his preface to the
history of the French revolution,
says that the people of France were
incapable of comprehending the
march of ideas. Had they been
capable of comprehending them they
would have avoided the bloodiest
chapter in the history of civilization,
namely, the French revolution. He
said they c®uld comprehend the ar
ray, the onset, the shivered diadems,
the blood flowing in the streets, but
tliey could not comprehend the
mighty revolution of thought. I
hope that the historian who shall
write the history of the political con
flicts of our day may avoid the
necessity of inflicting upon American
civilization the same criticism. He
who looks upon human government
lightly, he who turns an indifferent
ear to the necessities of a mighty na
tion like this, now numbering sixty
four mi I ons of ] e >ple and which
will number within the lifetime of
the majority of men and women
listening to me here to-day, hun
dreds of millions of people, fails to
comprehend the magnitude of our
civilization and the problem which
our great government represents.
Cromwell said to his painters when
about to paint his portrait, “Paint
me as I am; if you leave out these
scars and wrinkles I will not pay you
a penny.” He wanted the world to
look at the real Cromwell, and not
the ideal Cromwell, and what I have
to say here to-day, my fellow-citi
zens, I will say in all candor for the
ladies and gentlemen w’ho may dif
fer with me. but I wish to paint the
present condition of the republic
just as I see it with its wrinkles and
its scars. lam an optimist, for I be
lieve in the ultimate triumph of our
civilization and the destruction of
the obstacles which now impede its
progress, and yet I believe that I see
those obstacles and comprehend
them. Now we are in the midst—
not only at the threshold—of an ex
cited political campaign, but w r e are
in the midst, and have been for the
past eighteen months, of one of the
most tremendeous political upheavals
that extends into every part of the
republic. You might to-day, if you
could, drive a pin in the center of
this republic and attach a line to it
of sufficient length to describe a
circle that would include every
county w ithin it, and there is not a
county within the republic where
the people are not inquiring on the
very question I am going to discuss
here to-day, and this inquiry is not
confined to any class of political
theorists, but includes all the people,
and I am able to testify from per
sonal observation and long expe
rience before the public that I be
lieve there is a vein of honesty run
ning through all parties, and those
who think that the people who dffer
with them are dishonest, have failed
to comprehend themselves and make
a proper inspection of their own
heart and minds.
THE PEOPLE W ANT TO GET AT THE
EXACT TRUTH.
There is no question about that.
If I know myself here to-day I do
not wish to convey a w’rong impres
sion nor to be under a wrong im
pression myself. I want to inquire
first, what has caused this upheaval
of the people. Is any one so illogi
cal as to conclude that this great up
heaval is ephemeral without any
logical cause? Causes and effects
follow after one another like the
great W’aves of the sea. You have
seen them dash in fury upon the
shore. Just so, cause and effect fol
low one another. This great up
heaval is the effect of certain causes,
and when we get at the causes we
will be able to apply the proper
remedies.
And now’ I want to invite this
audience for a few moments to go
back with me in thought for a quar
ter of a centu'y or mere, back to
that b’eised peii>d ii the history of
this epublic when the bugles of two
armies sang truce, and when the
bl.ssed angel of peace folded her
wrings and said to those armies, “put
up thy swords; do thy selves no mere
harm, the war is over and the knife
shall be taken from the throat of the
brother.” Oh, my comrades, w’hat a
bright day that was. When we had
passed by Donelson, Shiloh, Corinth,
Chattanooga, Mission Ridge, Atlanta,
the Wilderness, Richmond and Get
tysburg—had passed them all and
we were still alive; the Union army
saved and the flag honored through
out the whole earth.
Without a star cut from its blue
field, what a glorious day it was and
how well life did seem to us W’orth
living then, didn’t it? I never have
seen the sun shine with the same
brilliancy as it did then in my life,
nor has life ever seemed to me so
well worth living as it did that day.
The memories rush into our minds
long gone by, still within our grasp,
and now with all these sacred memo
ries rushing upon our minds, I want
to ask this audience some plain ques
tions. I believe in the old method
of teaching by questions and
answers, and I am going to ask this
audience some questions and will
answer them for the purpose of prov
ing before your minds the exact con
dition of the country to-day. How
many people had we in the Northern
States when the war closed? Let
me say that no man can fail to un
derstand this upheaval to-day if he
answers these questions I am going
to answer. How many people had
we in the Northern States when the
war closed? Less than twenty-five
millions of people, but call it twenty
five millions for the sake of round
numbers. How many people in the
South at the close of the war? Less
than ten millions, but call it ten.
Thirty-five millions all told, both
North and South.
The next question I want to ask is
this : What was the financial con
dition of the country when the war
closed, in the Northern States? Why
I have one hundred witnesses to day,
men who were alive and engaged in
business at that time, and who tes
tify with one voice that the answer
I will give now is the correct one.
You never knew in your lives since
as good times as there were then.
Times were proverbially good, the
price of all products was high;
money was plenty and the people
were out of debt and were paying
for what they bought in cash. That
was the rule.
Now, what was the condition of
the people in the South ? Why,
they were trodden down by the two
armies; their property was de
troyed ; they had nothing left but
the water, and the air, and the land;
they didn’t even have fences upon
their plantations, for you, comrades,
will recollect we always took the top
rail, and they were humiliated be
sides. The prosperity that I speak
of was confined to the Northern
States.
The next question I ask is this :
Where was the money that was in
circulation when the war closed ?
Was it confined to the Northern or
Southern States, or distributed
among both? It was all up North ;
it was among the 25,000,000 of peo
ple ; the South had no money.
Whatever money we had, whatever
kind we had, was evidently in circu
lation among the Northern people,
the 25,000,000.
The next question I ask, and I 'will
try and make this plain, what effect
did the close of the war have on the
money in circulation in the North?
Let me illustrate it. Suppose I have
in front of me here to-day two
reservoirs of water; the one on my
left twice as large as the one on roy
right; the large reservoir filled full,
the small one empty. Now if I
should take down the partition w’all
between these two reservoirs, what
becomes of the water? A portion
of the large reservoir flows out to
fill the vacium in the small reser
voir ; that leaves less in the large
one. When the war closed the
North was the large reservoir and
the South was the little reservoir.
When you pulled down the bar
rier that separated the North and
South, what became of your money
up here ? A large part of it had to
flow out to rehabilitate that country
in the South. That left less money
in the North, didn’t it? How many
people in the South had no money 7 ?
Ten millions. Four millions were
black and had never known what
wages were ; had never known any
thing about the possession of a dol
lar except it had been given them.
There were ten midions of whites
and blacks down there. Now I
want right here to remark that the
worst mistake a lady 7 or gentleman
ever made about the government of
the United States is to suppose that
it resides at Washington. That is
not where it resides. Here is the
government —you are the govern
ment. Washington is only your
place of doing business; that is all.
And I now call your attention to
another fact. That which would be
good business management applied
to your family is good business
management when appied to Uncle
Sam’s while family. And, when
there were ten millions of Uncle
Sam’s prodigal children when they
' returned in a single day, ten millions
to their father’s house, without a
penny in their pocket; with that
tremendous addition to his family in
a single day I ask you, do you think
that was an occasion for a contrac
tion of Uncle Sam’s money? There
have been seven children added to
my family, and if I had contracted
my currency as the family 7 increased
I don’t know what weuld have be
come of my family. [Laughter and
applause.]
Now, the next question I want to
ask is this: Inasmuch as we have
learned now, and beyond dispute,
that all the money we had was in
the possession of the twen‘y-five
millions of people in the Northern
States, I want next to ask how much
money we had in circulation when
the war closed in the Southern
States, and I was afraid that if I
came before this assembly, not with
standing the fact that I have been
investigating this question from the
original books of the treasury, and
from the statistics of the last
thirteen or fourteen years, I was
afraid that y 7 ou would not believe
me or that some one might call in
question the accuracy of what I said,
charitable though you are, and I
thought that I would bring along
with me to day some witnesses that
nobody will dispute. The gentle
men who had control of that ques
tion at the time, whose duty it was to
keep the books, not as republicans,
though they were republican office
holders, but as servants of the peo
ple, so that their posterity might go
and investigate the books and read
from them and learn for themselves,
and I will introduce on that question
John J. Knox, the comptroller of the
currency; the comptroller shortly
after the war closed. No one of you
doubts his integrity either. He re
cently passed away, a few months
ago, and when he died the world lost
one of its greatest financiers ; a gen
tleman of large culture and great
financial ability and indomitable en
ergy, and I hold in my hand here a
document printed, not by any advo
cate of any particular school of
political economy; if, indeed, it does
represent any school, it is the school
opposite the one to which I belong
myself, a document printed at 128
Broadway, New York, and it is the
speech of John J. Knox, delivered
before the banker’s association at
Pittsburg in 1887, in which Mr.
Knox answered this question on
pages 20-21, about four yeai s after
the war had commenced, to-wit: for
August 1, 1865, which was as er its
close. The public debt amounted
to $2,845,906,000 and included
in this huge mountain of indebted
ness $1,540,000,000 of treasure;
more than $1,500,000,000 of which
was a legal tender, and if you in
clude thirty-day certificates and cer
tificates due one year after date as
part of the currency, the whole will
amount to considerably more than
three-fifths of the total national debt,
and three-fifths of the total national
debt of $2,845,000,000 would be
$1,707,000,000. Recollect that this
is federal money and that it does not
include $146,000,000 of national
bank notes then in circulation. That
will bring it up to $1,853,000,000;
nor does it include $58,000,000 of
bank paper then still in circulation;
that brings it up to ov r $1,900,000,-
000 of paper money; nor does it in
clude more than $100,000,000 of
specie that was then in use, and that
brings it up to over $2,000,000,000
of money of various kinds. I ob
ject, says some one; these seven and
three-tenths notes were not a part of
it. I have here the testimony of
Hugh McCulloch in his first report
to Congress made after the war
closed, December 4, 1865, and let us
see what Mr. McCulloch says about
it. From this statement it appears,
on page 184, that, without including
the seven and three-tenth notes.
money 7 of the small denomination in
circulation as money, and all of
which combined to swell the circu
lating medium we have, and then
gives a tabulated statement, etc.
There is the testimony of Mr. Mc-
Culloch that they did swell the cir
culating medium. They were re
leased as so much currency, and he
says that he paid it out to the army
in payment of their services as sol
diers. So that you cannot deduct
them. There you had then over
$2,000,000,000 ot money of one
kind and another, all in the posses
sion of 25,000,000 of people in the
Northern States. Now you can see
why prices were so high ;
WHY TIMES WERE SO GOOD.
What effect did that have upon the
daily business of the country? Let
me show you from McCulloch again.
He says here that the country as a
whole, notwithstanding the ravages
of the war and the draft that had been
made upon us, was far in advance of
what it was in 1860. “The people
now are comparatively free from
debt.” Why ? Same page :
“There is an immense volume of paper
money in circulation.”
Now, Mr. McCulloch, did they pay
as they went, or buy on credit as
they do now? Page 186 :
“It is undoubtedly true that the trade
was much more largely carried on for
cash than ever it had been previous to
1851. It is also true that there is a
larger demand than formerly for money,
but making the most liberal allowance
for the unwholesome demand arising
from these causes it is apparent that
there is a great redundancy of cur
rency.”
There was your condition at the
close of the war with your two bil
lions of money. The secretary in
this report recommended a contrac
tion, and Congress followed it in
1866 authorizing a contraction of the
currency. That was the amount of
money you had in the North of va
rious kinds. Only two billions of
money among twenty-five millions of
people. I know what lam talking
about, and have discussed this ques
tion over and over again and have
heard the answers a thousand times.
How much was that per capita for
twenty-five millions of people?
Eighty dollars per capita for the
people who were using it. Twenty
five millions of people.
Now then, you have been back
with me long enough in the dreary
shadow’s of the past. Now come
back with me to this blessed year of
our Lord 1892. Here’s where we
live. Thank God we are still alive
and have been permitted to witness
the wonderful progress that has been
made under the stars and’stripes since
we cemented the union together and
removed the disturbing cause which
led to that fratricidal wSr. We are
here now and I want to ask you an
other question. How maay people
have we now using the n o iey in cir
culation under the flag? Sixty-four
millions by conservation estimate.
Take twenty-five millions from sixty
four millions and how many does that
leave ? Thirty-nine millions. My
brethren do you comprehend today
the circumstances of this republic?
Do you comprehend that we have
thirty-nine millions of people added
to our money using population sec?
the bugles of those armies called us
to peace? This is more than 150
per cent, more people using that
money today than were using it when
the war closed. Let me give you a
rule, a maxim which I hope you will
never forge:.
I CARE NOTHING ABOUT YOUR POL
ITICS,
I address you as men and women.
Though you differ from me I have
not a word of criticism for you or
abuse of your parties. Ido not be
lieve in that kind of politics. So far
as my voice and influence shall go
during this campaign tlere will be no
personalities. (Applause.) It will
be confined to a discussion of the
great interest of sixty-four millions
of people, and for the countless pos
terity whose feet are soon to light on
this continent. Our children and
children’s children will be here with
in the next twenty years. A hundred
million will he here; they and their
posterity forever. How many peo
ple have we now using this money ? 64
millions. I pause to ask if there is a
gentleman here who will contend
that you can make such a tremen
dous addition to our money using
population as shat without calling for
an addition to our morey supply?
Let me give you that maxim now :
•‘The demand for money is equal to
the sum of the demand for all other
things.” Let me repeat it: “The
demand for money is equal to the
sum of the demand for all other
things.” No man demands or ex
pec’s a meal of victuals at a hotel
without first thinking of the money
to pay for it. You don’t beg your
coat; you buy and pay for your coat,
or promise to pay for it. The horse
is worth so many doll ns ; the cow
so many dollars ; the bonnet so many
d Jlars; the d ref s so many de liars;
the suit of clothes so many dollars.
The demand for money we repeat, is
equal to the sum of the demand for
all other things. Now, do ’you sup
pose that you can add 39,000,000 of
ptople to our population without in
creasing ihe demand for money?
“Well,” but says some one, “haven’t
we as much money now as we had
at the close of the war?” Come, my
brother, stop mouthing. As much
money now as we had at the close of
the war! Suppose I had only as
much money in my family with nine
ptople to eat as I had when there were
only two of us—with seven added
and the two old people hearty, and
say I have only as much to feed the
family on as I bad before the chil
dren were born, can I do it? “Well,”
but says some one, “haven’t we more
money now than we had before the
war closed?’’ I see we have 39,-
(100,00(1 more people using it, but
haven’t we more rm ney ? Have we
proportionately more money ? That
is the proper inquiry. In proportion
to the increase of the population, has
the increase of money kept pace ? I
do not wish you to take my word for
it. I have brought along again the
statement of the secretary of the
treasury, Mr. Charles Foster. Last
June he brought out a statement giv
ing the amount of money circulating.
Then it was $1,562,000,000. Now
he says it is about $1,600,000,000.
Nobody claims that there is more
than $1,600,000,000 of money now,
although we have 39,000,000 more
people using it. Yet the report of
the the treasurer here shows that we
have $400,000,000 less money while
we have 39,000,000 more people.
The population is entirely overlooked
by the secretary. He says not a
word about it, nor about the increase
of 150 per cent, of the money-using
population and a decrease of 20 per
cent, in the amount of money circu
lated. Yet you want me to come to
the Chautauqua and tell you what
is the matter. God bless you, if you
will put your hands in your pocket
you can feel what is the matter.
[Cheers.] It is an empty pocket.
These 39,000,000 of people that are
here are demanding money just as
the 25,000,000 were demanding
money before the war. Your secre
tary of the treasury insists upon this.
Why it is like making a great big
boy that is six feet six inches in his
stocking feet wear the same panta
loons that he wore when he was only
thirteen years old, and your secreta
ry of the treasury sitting down by
the cradle in which that boy was
rocked when a ten-pounder, putting
his toe on the rocker and singing:
“Hush, my baby, lie still and slumber,
Holy angels guard thy bed,
Heavenly blessings without number
Gently falling on thy head.’’
And is it any wonder that Ihe rol
licking lad kicks the whole cradle in
to flinders and says : “I won’t lie still;
I want a new pair of pantaloons?”
(Applause.) Why, my friends, we
have not money enough in this coun
try. That is the cause of this up
heaval. The demand for money can
not be supplied and hence the people
have organized this commotion
throughout the republic. Now that
there may be vagaries in their creeds,
that they may not have been able to
spring from the plow, and the anvil,
and the bench and give the world a
perfect system of political economy,
or to outline the details of legislation
which they think is necessary to lead
the people, would not be wonderful;
no sane person would expect anything
of that kind.
But the question is this : Do you
believe that this unrest among the
the people confined as it is, not to any
one political party, but is present in
every party today—do you believe
that these Republicans, that these
Democrats, that these People’s Party
men and that these Prohibitionists
are honest? This is the point. Are
they sincere and have they a real
grievance that it is the duty of all
political parties to take up and con
sider, and the duty of statesmen and
legislators to take under deepest,
careful and most prayerful consider
ation ?
AS TO THE REMEDY.
The first step to be taken is a con
servative step. No man who under
stands today the cramped condition
of our economical affairs would be
willing to hurl into circulation a large
amount of money spasmodically to
forestall the business of the country,
to bankrupt men and to hurry the
thing into confusion. No man who
understands himself or wishes for the
wellfare of the country would desire
to do a thing of that kind. We be
lieve the first conservative step is to
it instate silver as the hand-maiden
of gold by free and unlimited coin
age. And at the present ratio of 16
to 1. [Applause.]
I hold in my hands tables showing
the ratio of the relative value of the
two metals. From 1600 B. C. down
to 1889, through all the vicissitudes
of nations, the rise of empires and
wrecks of dynasties, and never, I
have said it here, I have the proof
that no scholar will deny, covering an
era of more than four thousand
years, never from the dawn of human
history from 1600 B. C. down to the
demonetization of silver by Germany
and the United States in 1870 and
1873, was there a time when silver
was not a premium over gold on the
ratio of 16 to 1. Not a year. It was
at a premium of 3 per cent, when it
was demonetized in 1873 and 1884 in
this country, and you know it demon
etized by itself.
It was never made the shibboleth
or creed of any political party, great
or small, prior to the time it was
done. The intention to demonetize
it was concealed from the American
people, and ihe manner in which it
was done and the influences at work
at the time are not creditable to the
history of American state smanship,
and the declaration made by the
Banker’s Journal in 1873, an extract
from which I have here, has been
corroboratad by the sworn affidavit
of a gentleman of unquestionable
business integrity now living at Den
ver, who personally converse 1 with
the man that came to this country
from the Bank of England for the
purpose of arranging for its demone
tization. But immediately upon its
demonetization by Germany and the
United States, silver began to de
cline. Why ? Its decline has not
been caused by any decrease in the
production of the precious. The in
crease of the production has not kept
pace with the demand for it. It is
less than a demand, and that its de
cline has been the result of unfriend
ly legislation and hostile demonstra
tion, both in Europe and America, is
the fact beyond a question of doubt.
“But,” says one. “if you were to have
the free coinage of silver, the free
and unlimited coinage of silver, what
do you mean by that ?” Give it the
same rights in the mints of the United
States, and under the law of this
country the government is compelled
to coin it free of charge and hand it
back to rne. That was the position
that silver occupied prior to the time
that it was stricken down in this
country. And as to the free and un
limited coinage of gold would say
that demonetization must be undone
and silver must be admitted to free
and unlimited coinage in this coun
try. “Well,” but says the objector,
“you will drive gold out the coun
try.”
That is Gresham’s law. Not Judge
Gresham, he is in favor of it. [Ap
plause.] “Gold will all leave vie
country and silver will take the place
of it. Europe will dump all of her
silver over here.” When a man said
that to me the other day when I was
standing on the platform at Portland,
Oregon, addressing an audience of
5,000 people, 1 said reverently :
“OH, LORD, LET EUROPE BEGIN TO
DUMP.”
What will they dump it over here
for? To give it to us ? I guess not.
They have not a penny’s weight they
can spare. They are on the stretch
for more. If they bring it here at
all they will exchange it for our com
modities, won’t they ? They wouldn’t
hurt you farmers if you could sell
your wheat and corn and oats for a
normal price where you would real
ize a small margin over and above
what you spend in the producing of
your crops. “Oh well, but they will
exchange it for our gold” says the
objector. By the way ladies and
gentlemen, do you own gold, any of
you? No. Who does own it? These
sharp, shrewd yankee bankers own
it, and gold is more valuable than sil
ver? Yes. And they are going to
exchange for something worth less
gold. Why, as ihe boys say : ‘Tin y
don’t have to.” Oh, well, but Eu
rope will give enough to make it a
temptation, as you know. Suppose
this is so, who is hurt if there is
nothing but silver metal money here ?
Have you ever, any of you, been ex
posed seriously, dangerously, to re
ceiving too much silver ? Why, said
a gentlemen the other day. He
wasn’t talking to me. He had no
coat on, checked shirt, his eyes were
sharp black eyes. He was whittling
with a jack knife. His pants, well
they hadn’t put patches in them be
cause the hole would wear longer
than the patch you know. lie said,
“If these free silver fanatics are al
lowed to go into power, what are we
going to do when we go abroad ?”
(Cheers.) Why yes, he wanted us
to legislate . for him when he went
abroad. I have heard that argument
before. I saw a gentleman once who
had been abroad. It was at Wash
ington. He came into the street-car
clad in immaculate w r hite, a nice,
flashing diamond, his baton one side
of his head and his hair parted in the
middle ; he carried a go d-headed
cane and wore kid gloves, and a
couple of ladies in the car recognized
him and said, “How do you do, Mr.
Smith?” “How are you, ladies?” he
replied. “Mr. Smith, where do you ex
pect to spend the summer months this
summer ?” they asked. “Well,” he an
swered, “After I go to Sahwatoga
for about six weeks, I think I shall
go to Lake Jawge for a couple of
weeks, and then I think I shall go to
Euwope.” They want us to legislate
for gentlemen who want to go abroad,
and what are we going to do when
silver is worth seventy cents bullion
on the dollar, and when it leaves our
shores three marine leagues it is no
longer a dollar, and as bullion is
worth only seventy cents? What
are we going to do when we who go
abroad want exchange? What are
we going to do ? Now, my friends,
this nation can make money that will
circula e bejo id the three marii el
leagues from shore. Your gold is!
not money when it reaches the old’
world; it is bullion. Your silver is
not money when it reaches the old
woild; it is bullion Your nation
can only make money for its own
people, and, as Senator Sherman said
a few days ago in the Senate of the
United States, “The trouble with the
Ameri an dollar is that you cannot
get rid of it. If you pay it out, it
comes right back to you.” That is
the kind of a dollar for me, exactly.]
(Cheers.)
What we want is a dollar worth
less as bullion than it is as money
then it will stay at home. We wary!
to make money for American people
and not for Asia and for Europe
At one period in our history, back
about the time I was born, 1834, oiffl
gold was over weight, our gold coinkj
and this country, the Congress of tl J
United States, realizing that fact th: J
it was worth more as bullion in tl i|
world, than here as coin, they passel
a law reducing the weight of o n
gold dollar, or our gold coin, soil
would remain at home. We war!
silver coins that will ciiculate I
America, and if there is anything tl
pay in the shape of balances it mi J