OCR Interpretation


Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, September 03, 1896, Image 8

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn2001063133/1896-09-03/ed-1/seq-8/

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Letter of Acceptance of the Re
publican Candidate For
the Presidency.
Free Coinage of Silver, He As
serts, Involves Great Peril
to the Country.
Our Money Should Not Fluc
tuate and Be Free From
Speculation.
Tariff and OtherQuestions Dis
cussed From a Republican
Standpoint.
0ANTON', O., Aug. 27.—Major McK
ley's letter of acceptance was ued
during the day. It is as follows
Hon. John M. Thurston and Others. -lu
be rs of Notification Committee 01 itie
•v.v.••••Republican
National Convention:
Oentlemkn—In
1110
pursuance of theprom-
iso made to your committee when unfilled
of my nomination as the Republican can
didate for president, I beg to submit, this
formal acceptance of that high honor, and
to consider in detail questions at issue in
the pending campaign. Perhaps this
might he considered unnecessary in view
of my remarks on that occasion, ar.d those
I have made to delegations that have
visited
since the St. Louis convention,
but in view of tho momentous im porta nee
of tho ptoper sett lenient of the issues pre
sented on our future prosperity and stand
ing as a nation, and considering only the
welfare and happiness of our people, I
should not be content to omit again call
ing attention to tho things that, in my
opinion vitally affect our strength and
position among the governments of the
world and our morality, integrity and
patriotism as citizens of that republic
which for a century past has been the best
hope of the world and the inspiration of
mankind. Wo must not now prove false
to our own high standards in government,
nor unmindful of the noble example and
wise precepts of the fathers or of the con
lidonce and trust which our conduct in tho
past has always inspired.
FREE COINAGE OF SILVER.
Issue of Vast Importance I'rerateil for
Consideration.
•'For tho first time since 1868, if ever be
j. fore, thero is presented to tho Americans
this year a clear and direct issue as to our
monetary system of vast importance in
its effects and upon tho right sett lenient of
which rests largely tho financial honor
and prosperity of I the country. It is pro
posed by one wing of tho Democratic, par
ty and its allies, tho People's and Silver
parties, to inaugurate tho free and unlim
itod coinage of silver by independent ac
tion on the part of.the United States at a
ratio of 1(5 ounces of silver to 1 ounce of
gold. Tho mere declaration of this pur
pose is a menace to our financial and in
duntrial interests and has already created
tpi Ivor
sal alarm. It involves great peril
to the credit and business of the country
tt.peril so grave that conservative men ev
erywhere are breaking away from their
old party associations and uniting with
... other patriotic citizens in emphatie pro
test against the platform of the Demo
cratic national convention as an assault
upon the faith and honor of tho govern
ment and the welfare of tho people. We
have had few instances in tho life time of
the icpublic more serious than tho ono
thus presented.
No lleneflt to Labor.
The character of the money which shall
measure our values and exchanges and
settle our balances with one another and
with the nations of the world is of such
primary importance and so farreaching in
its consequences as to call for the most
painstaking investigation and in tho end
a sober and an unprejudiced judgment at
the polls. Wo must not be misled by
phrases nor deluded by false theories.
Free silver would not mean that silver
dollars are to bo freely had without cost
or labor. It would mean the free use of
the mints of the United States for the few
who are owners of silver bullion, but
would make silvei1 coin no freer to tho
many who are engaged in other enter
prises. It would not make labor easier,
tlio hours of labor shorter, or the pay bet
ter. It would not make farming less la
borious or more profitable. It would not
start a factory or make a demand for an
additional day's labor. It would create no
new occupations. Tt would add nothing
to the comfort of the masses, the capital
... of the people or the wealth of the uation.
It seeks to introduce a new moasuro of
value, but will add no value to the thing
measured. It would not conserve values.
On the contrary, it would derange all ex
isting values, it would not revive busi
jims
confidence, but its direct effect would
fee to destroy the little which yet remains.
Wliat Free Coinage Mean*.
The meaning of the coinage plank
adopted at Chicago Is that any ono may
take a quantity of silver bullion now
worth 5a cents to the mints of the United
States, have it coined at the oxpenso of
tho government and receive for it a silver
dollar which shall be legal tender for the
payment of all debts, public and private.
The owner of the silver bullion would got
the silver dollar. It would belong to hiip
and nobody else. Other people would get
it only by their labor, the products of
their land or something of value. Tho
bullion owner, on tho basis of present val
ues, would receive the silver dollar for 58
cents worth of silver, and. other people
would be required to receive It as a full
dollar in the payment of debts. The gov
eminent would get nothing from the
transaction. It would boar tho expense of
coining the silver and the community
would suffer loss by its use.
Tlie Dollars Compared.
We have coined since 1876 more than
400,000,000 silver dollars which aro main
tained by the government at parity with
gold and are a full legal tender for the
payment of all debts, public and private.
How aro the silver dollars now in use dif
ferent from those which would be in use
under free coinage? They are to be of the
some weight and fineness they are to
bear the same value? I answer:
The silver dollars now in use were coined
on account of tho government and not for
private account or gain and the govern
ment has solemnly agreed to keep them us
good as the- best dollars we have. The
government bought the silver bullion at
Its market value and coined ft into silver
moricy. Having exclusive control of tho
mintage it coins only what it can hold at
a parity with gold. The profit representing
the differei -e between the commercial
value of tho silver bullion aud the face
value of the silver dollar, goes to tho gov
ernment for the bciv.'llt of the people.
The government, bought the silver bullion
contained in the silver dollar at. very much
less than its coinage value. It paid it out
to its creditors and put it in circulation
amor.,g the people at its face value of ltXl
cents or a full dollar. It required the
P'Ople to accept it as a legal tender and is
thus morally hound to maintain it at a
parity with gold which was then as now
the recognized standard with us and the
most enlightened nations of the world.
The governmont'having issued and or .Mi
lated the silver dollar it must, in honor
protect the holder from loss. This obliga
I tion it has so far sacredly kept. Not only
is there a moral obligation hut there is a
legal obligation, exprdssed in public
statute to maintain tho parity.
They Would Not 111- Kept at I'nr.
These dollars, in the particulars I have
named, are not the same as the dollars
which would be issued under free coinage.
They would be the same in form but dif
ferent in" value. The government would
have no part in the transaction ex. e.it to
coin the silver bullion into dollars. It
I wauld share in no part of the profit. It
would take upon itself no obligation. It.
I would not put the dollars into eireulation.
It could only get them as any citizen
would get them, by trlving something: tor
them. It would deliver them to thoso
who deposited the silver, and its eonr.ee
tion with the transaction would end
there. Such are the silver dollars which
would be issued under free coinage of sil
ver at a ratio of l(i to 1. Who would then
maintain the parity What would keep
them at par with gold? There would be
I no obligation resting upon the govern
I ment to do it, and if there were, it would
be powerless to do it. The simple truth is
we would be driven to a silver basis—
f'° silver monometallism. These dollars,
therefore, would stand upon their veal
value. If the free and unlimited
coinage of silver ar. a ratio of 10 ounces of
silver to 1 ounce of gold would, as some of
its advocates assert, make 53 cents- in sil
ver worth 100 cents and the silver dollar
equal to the gold dollar, then we would
have no cheaper money than now, and it
would be no easier to get. Hut that such
would be the result is against reason, and
is contradicted by experience in all times
and in all lands. It means the debase
ment of our currency to the amount of
the difference between the commercial
and coin value of the silver dollar whii
is ever changing, and the effect would be
to reduce, property values, entail untold
financial loss, destroy eonildence, impair
tho obligations of existing contracts, fur
ther impoverish the laborers and pro
ducers of the country, create a panic of
unparalleled severity and inflict upon
trade and commerce a deadly blow.
Against any such policy I am unalterably
opposed.
REGARDING BIMETALLISM.
It Cannot He OMainnl by ladepcD t! II
Action on Our l'art.
Bimetallism cannot be socured by inde
pendent action on our part.. It cannot lie
obtained by opening our mints to the un
limited coinage of tho silver of the world
at a ratio of 10 ounces of silver to 1 ounce
of gold when the commercial ratio is more
than :it) ounces of silver to 1 ounce of gold.
Mexico and China have tried the experi
ment. Mexico has free coinage of silver
and gold at a ratio slightly in excess of
10i ounces of silver to I ounce of gold,
and while her mints are freely open to
both metals at that ratio, not a single
dollar in gold bullion is coined and circu
lated as money. Gold has been driven out
of circulation in these countries, and they
are on a silver basis alone. Until inter
national agreement is had it is the plain
duty of the United States to maintain the
gold standard. It is the recognized and
sole standard of the great commercial na
tions of the world with which we trade
more largely than any other. Eighty-four
per cent of our foreign trade for the fiscal
year 18:15 was with gold standard coun
tries, and our trade with other countries
was settled on a gold basis.
We Now Have More Silver Than Gold.
Chiefly by means of legislation during
and since 1878 there has been put in circu
lation more than $(534,000,000 of silver or
its representative. This has been done in
the honest effort to give to silver, if pos
sible, the samo bullion and coinage value
and encourage the concurrent use of both
gold and silver aft money. Prior to that
time there had been less than (),000,)QO of
silver dollars coined in the entire history
of the United States, a period of 89 years.
This legislation secures the largest use or"
silver consistent with financial safety and
tho pledge to maintain its parity with
gold. We have today more silver than
gold. This has been accomplished at
times with grave peril to the public credit.
The so-called Shormau law sought to in
crease all the silver product of the United
States for money at its markot valjie.
From 1890 to 18 )3 the government pur
chased 4,500,000 ounces of silver a mouth,
or 54,000,(X)0 ounces a year. This was one
third the product, of tho world and prac
tically all of this country's product. It
was believed by those who then and now
favor free coinage that such use of silver
would advance its bullion value to its
coinage value, but this expectation was
not realized. In a few months, notwith
standing the unprecedented market for
The Doable Standard.
On the 8M of August, 1891, in a public.
address, I said: "If we could havo an in-
ternational ratio which all the leading n«v
tions of the world would adopt, the true
relation be fixed between the two metals
and all agree upon tho quantity of silver
which should constitute a dollar, then sil
ver would be as free and unlimited iu its
privileges of coinage as gold is today. But
that, we have not been able to secure and
with the free and unlimited coinage of
silver adopted in the United States at the
present ratio, we would be still further
removed from any international agree
it
equality at a ratio and that equality can
only be established by tho concurrent law
of nations. It was the concurrent law of
nations that made tho double standard
it will require the concurrent law of mix
tions to reinstate and sustain it."
It Favors the Use of Stiver Money.
.The llepublican party has not been, and
FL* X^RT-- I'ADUI^ *.VHS
the silver produced in the United Slates, attempt to array class against class, "the
the price of silver went down very rapidly, I classes against the masses," section
reaching a lower point than ever before.
Then, upon the recommendation of Presi
dent Cleveland, both political jiarties
united in the repeal of the purchasing
clause of the Sherman law. We cannot
with safety engage in further- experiments
in this direction.
ment. We may never be able to secure |t h'8 guard against such delusion.
if we enter upon tho isolated coinage oft
silver. The double standard implies I^ouagalnst his interest and to prevail
on him in the name of liberty to destroy
all the fruits of liberty."
is not now, opposed to tho use of silver
money as its rec abundantly shows.
It has done all ti .-Quid he done for its
increased use with safety and honor by
Farmers and Laborers Sutler Most
If there is any one thing which should
be free from speculation and fluctuation
it is tho money of a country. It ought
never to be the subject of mere partisan
contention. WUen we part with our la
bor, oi(r products or our property, we
should receive in return monoy which is
as stablenud unchanging in value as the
ingenuity of honest men can make it.
Debasement of the currency means de­|
struction of values. No one suffers so
much from cheap money*as the .fanners
and laborers. They are' the iirst to feel
its bad effects and the last to recover from
them. This has been the uniform expe
rience of all countries and here as else
where the poor and not the rich are the
greater sufferers from every attempt to de
base our money. It would fall with alarm
ing severity upon investments already
made upon insurance and their policy
holders upon saving* banks and their
depositors upon bidding and loan asso
ciations and their members upon the sav
ings of thrift upon pensioners and their
families, and upon wage earners aud the
purchasing power of their wages
ANOTHER MONETARY ISSUE
Chicago Platform Declares for Irreileoin
able Paper Currency.
The silver question is not the only issue
affecting our money in the pending con
test. Not content with urging the free
coinage of silver, its strongest champions
demand that our paper money shall be
issued directly by the government of tho
United- States. This is the Chisago Dem
ocratic declaration. The St. Louis Peo
ple's declaration is that "our national
money shall be issued by the f-eneral gov
ernment only, without the intervention of
banks of issue, be full legal tender for tho
payment of all debts, public and private,"
and be distributed "direct to the people
and through lawful disbursements of the
government."
Thus, in addition to the free coinage of
the world's silver, we are asked to enter
upon an era of unlimited irredeemable
paper currency. The question which.was
fought out from 1805 to 1879 is thus to be
reopened with all its cheap nrmey experi
ments of every conceivable form foisted
upon us. This indicates a most startling
reactionary policy, strangely at, variance
with every requirement of sound finance
but the declaration shows the spirit and
parpose of those who, by combined action,
are contending for the control of the gov
ernment. Not satisfied with the del ise
ment of our coin which inevitably follows
the free coinage of silver at 10 to 1, they
would still further degrade our currency
and threaten tho public honor by the un
limited issue of an irredeemable paper
currency. A graver menace to our finan
cial standing and credit could hardly be
conceived, and. every patriotic citizen
should be aroused to promptly meet a lit
effectually defeat, it.
In the Highest Degree Reprehensible.
It is a cause for painful regret and solic
itude that an effort is being made by those
high in the counsels of the allied "parties
to divide the people of this country into
classes and create distinctions among us
which in fact do not exist and are rep ug
nant to our form of government. These
appeals to the passion and prejudice are
beneath tho spirit and intelligence of a
free people and should be met with stern
rebuke by those they aro sought to influ
ence, and I believe they will be. Every
against section, labor against capital, "tho
poor against the rich," or Interest against
interest in the United States, is in the
highest degree reprehensible. It, is op
posed to the national instinct and nterest
and should be resisted by every citi
zen. We are not a nation of
classes, but of sturdy, free, Independent
Bncl
hou"I'abl°
UI ncNur
This ever-recurring effort endan^rs popu
lar government and is a menace to our
liberties. It is not a new campaign do
vice or party appeal. It is as old us gov
eminent among mon, but was never more
untimely and unfortunate than
Washington warned us against it, and
Webster said in the senate iu words which
I feel are singularly appropriate at this
time: "I admonish the people against the
object of overtures like these. I admonish
every industrious laborer of this country
is
a
the United States acting apart from other wedded to tho doctrine of protection and
governments, .there are those who think was never more earnest in its sn
that it has already gone beyond the limit advocacy than now. If
of financial prudence. Surely we can go needed to strengths doX^'to
lights to '.ure us across the danger line,
More Thau Any Other Country. .T
We have much more silver in use than
any country in the world, except India or
China—$500,000,000 more than Great Brit
ain $150,000,000 more than France $100,
000,000 more than Germany £125,000.000
less than India, and $125,000,!XK) less than
China. The Republican party has de
clared in favor of an international agree-!
ment, and, if elected president, it will bo
be my duty to employ all proper means to
promote it. The freo coinage of silver in
this country would defer, if not defeat, in
ternation.il bimetallism, and until an in- Zhl'T?"1', *1°™ i™° '.,ccu,)
ternational agreement can be had even*
in forest requires us to maintain our pres
ent standard. Independent free coinage
of silver at a ratio of 1(5 ounces of silver to
1 ounce of gold would insure the speedy
contraction of the volume of our currency.
It would drive at least 500,000,000 of goid
dollars which wo uow have permanently
from trade of the country aud greatly de
crease our per capita circulation. It is
not proposed by the Republican party to
take from the circulating medium of the
country any of the silver we now have, on
tho contrary it is proposed to keep all of
the silver money now in circulation on a
parity with gold by maintaining tho
pledge of the government that flllof it
shall be equal to gold. This has been the
unbroken policy of the Republican party
since 1878, It. has inaugurated no new
policy. It will keep in circulation, aud as
good as gold, all of the silver and paper
money which aro now included in the cur
rency of the country. It will maintain
their parity. It will preserve their equal
ity in the future as it has always done in
the past. It will not consent to put this
country on a silver basis which would in
evitably follow independent free coinage
at a ratio of 10 to 1. It wili oppose the ex
pulsion of gold from our circulation.
to
menace to be feared sve are already
experiencing the effect of partial free
trade. The one must be averted, the
other corrected. The Republican part.v is
no further, and we must not permit false American system" or increa^ the hold of must everywhere be admitted' that our
I stem upon the party and people, it money has been absolutely good and has
brought neither loss nor inconvenience to
is found_in the lesson and experience of
the past three years, ^l^i realize in their
own daily lives what before was to many
of them only report, history or tradition.
They have had a trial of both systems and
know what each has done for them.
Demanded by the Public Kxigenciea.
Washington, in his farewell address
Sept. 17, 179(3. 100 years ago, said: "Asa
very important sourco ?V strength and se
curity, cherish public credit. One meth
od of preserving it is to use it as sparingly
possible avoid the accumulation of
b-v
shunning occasions of
expense, but by vigorous exertions lime
of peace to discharge the debts which un
avoidable wars may have occasioned, not
ungenerously throwing upon posterity
the burden which we ourselves ought to
bear."
To facilitate the enforcement of the
maxims which he announced he declared:
"It is essential that you should practically
bear in mind that toward the payment of
debts there must be revenue that to have applied to the
revenue there must be taxes that no lax
es can be do vised which re more or less
inconvenient or unpleasant that the in
trinsic embarrassment inseparable from
t-hix selection of proper objects (which is
always a choice of difficulties) ought to
lie a decisive motive for a construction of
the conduct of the government making
it, and for a spirit of acquiescence in tho
measures for obtaining revenue which the
exigencies may at any time dictate."
Animated by like sentiments the people
of the -Oilntry must now face the condi
tions which beset them. "The public
wS!?HeS" ,d?TnMi
pr0J\lpL
egislation which will avoid the ac-umu- I tionize all values, or
lution of further debt by providing ade
quate revenues for the expenses of tho
government. This is manifestly the re
quirement of duty. If elected president
of the United States it will be my aim to
vigorously promote this object and give
that ample encouragement to tho occupa
tions of the American people which,
abovo all else, is so imperatively de
manded at this juncture of our national
affairs.
Our Condition in December, 1803.
In December, 1892, President Harrison
sent his last message to congress. It was
ail able and exhaustive review of the eon
ditio'n and resources of the country. It
stated our situation so accurately that I
am sure it will not be amiss to recite his
official and valuable testimony.
"There never has been a time in our his
tory," said he, "when work was so abund
ant, or when wages were so high, whether
measured by the currency iu which they
are paid or by their power to supply
the necessaries and comforts of life. The
general average of prices has been such
as to give to agriculture a fair participa
tion in the general prosperity. The now
industrial plants established since Oct. 0,
1890, and up to Oct. 22, 1S93, number 31a,
and the extensions of existing plants, 108.
Tho now capital invested amounts to §4f,
446,060 and the number of additional em
ployes 37,286. During the first six months
of the present calendar year 135 new fac
tories were built, of which 40 were cotton
mills, 48 knitting mills, 26 woolen mills.
15 silk mills, 4 plush mills and 2 linen
mills. Of the 40 cotton mills, 21 have been
built in the Southern states.
This fairly describes the happy condition
of tho country in December, 1S92. What
has it been since, and what is it now?
Our Condition Kiglit Months Later.
The messages of President Cleveland
from the beginning of his second adminis
tration to the present time abound with
descriptions of the deplorable industrial
and financial situation of the country.
W'\ile no report to history or official stato-
Nit
is required to advise us of the pres
ent condition and that which has prevailed
during the past three years, I venture to
quote from President Cleveland's first
message, A ug. 8, 189:}, addressed to the
Fifty-third congress, which he called to
gether in extraordinary session:
"The existence of an alarming and ex
traordinary business situation," said he,
"involving the welfare and prosperity of
all our people, has constrained me to call
together in extra session the people's rep
resenta tives in congress to the end,through
the wise and patriotic exercise of lc 'isla
tive duties with which they solely are
charged, the present evils may be miti
gated aud dangers threatening the
future may be averted. Our unfortunate
financial plight is not the result
of untoward events, nor of conditions re
lated to our natural resources. Nor is it
traceable to any of the afflictions which
frequently check national growth aud
fj-robqierity. With plenteous crops, with
abundant promise of remunerative pro
duction and manufacture, with unusual
invitation to safe investment, and with
satisfactory assurances to business enter
prises, suddenly financial distrust and
fear have sprung up on every side. Xu
ierous monied institutions have sus
pended, becausc abundant assets were not
immediately available to meet the de
mnnds of frightened depositors. Surviv
ing corporations and individuals are con
tent to keep in hand the money they are
usually anxious to loan, and* those en
gaged in legitimate business arc surprised
to find that the securities they offer for
loans, though heretofore satisfactory, are
no longer accepted. Values supposed to
be fixed are fast becoming conjectural and
loss and failure have invaded
branch of business."
capitulating to dtshonor. istration all branches of the government
11WV
Pia-y
off hls
A PROTECTIVE TARIFF.,
Another iMiie of Supreme I porta nee to
the People.
Another issue of supreme importance it
that of protection. Tho peril of free silvei
mm
every
The Cause of tlie Change.
What a startling and sudden change
within the sho period of eight months,
from December, 1893, to August, 1893.
people, despising the denia- What had occurred? A changed admin-
government
had been entrusted to tho Democratic
party, which was committed against tho
protective policy that had prevailed unin
terruptedly for more than 32 years and
brought unexampled prosperity to tho
country, and firmly pledged to its com
plete overthrow and tho substitution of a
tariff for revenue only. The change hav
ing been decreed by the elections in Xo
vember, its effects were at once antici
pated and felt. We cannot close our eyea
to these altered conditions, nor would it
be wiso to exclude from contem
plation and investigation the causes
which produced them. They are
facts which we can not as a
people disregard, and we can only hope to
improve our present condition by a study
of their causes. In December, 1892, we
had the same currency and practically the
same volume of currency that .we have
now. It aggregated in 1898 $2,372,509,501,
in 1893 $2,333,000,000. in 1894 $2,323,442,362
and in December, 1895, $2,194,000,280. Tho
per capita of money has been practically
the same during this whole period. The
quality of the money has been identical—
all kept equal to gold. There is nothing
connected with our money, therefore, to
support and I account for this sudden and aggravated
"Z
SSSTJ!i£
SjEKd t'X
It
its holders. A depreciated currency has
not existed to further vex tho troubled
business situation.
Hood Money Never Made Hard Times. I
It is a mere pretence to attribute the
hard times to the fact that all our cur
rency is on a gold basis. Good money I
never made times hard. Those who assert
that our present industrial and financial
depression is the result of tho gold stand
ard, have not read American history
aright or been careful students of the
events of recent, years. We never had
greater prosperity in this ci fun try in eve«y
field of employment and industry than in
the busy years from 1SS0 to 189:3, tuning all
I of which time this country was on a gold
basis and employed more gold money in
its fiscal and business operations than ever
before. We had. too, a protective tariff
under which ample revenues were eol
lected for the government, and an ac
cumulating surplus which was constantly
Payment of (lie 1'ubite Debt.
P^tcctive I confidence by an aci Which would revolu-
a deficiency in the public revenues. Wo
cannot inspire confidence by advocating
reinuliation or practicing dishonesty. We
cannot restore confidence, either to the
treasury or to the people without a change
in our present tariff legislation.
OUR TARIFF LAWS.
Measures Passed in 1890 and 1894 Con
trasted.
The only measure of a general nature
that affected the treasury and the employ
ment of our people passed by the Fifty
third congress was the general tariff act,
which did not. receive the approval of the
president.. Whatever virtues may bo
claimed for that act, there is confessedly
one which it does not possess. It lacks the
essential virtue of its creation—the raising
of revenue sufficient to supply the needs
of the government. It has at no time pro
vided enough revenue for such needs, but
it has caused a constant deficiency iu the
treasury and a steady depletion in tho
earnings of labor aud land It has con
tributed to swell our national debt more
than $362,000,000, a sum nearly as -great
as the debt of the government from Wash
ington to Lincoln, including all our for
eign wars, from the revolution to the re
bellion. Since its passage work at home
has been diminished prices of agricul
tural products have fallen coniidence has
been arrested and general business de
moralization is seen on every hand.
The Tariffs of 1890 and 1894 Contrasted.
The total receipts under the tariff of
1894 for the first 22 months of its enforce
ment from September, 1894, to .Tune, 1S96,
were $557,015,329, and the expenditures
$1540,418,364, or a deficiency of $82,803,015.
The decrease in our exports of American
products and manufactures during the
first 15 months of the present tariff, as
contrasted with the exports of the first 15
months of the tariff of 1890, was $220,-53,
320. The excess of exports over imports
during the first 15 months of the tariff of
1890 was §213,982,968, but only i?56,758,023
under the first 15 months of the tariff of
1894, a loss under the latter of $157,214,345.
The net loss in the trade balance.,of tho
United States has been $190,083,607 during
the first 15 months' operation of the tariff
of 1894, as compared with the first 15
mouths of the tariff of 1890. Tho loss has
been large, constant and steady at the
rate of §13,130,000 per month, or $500,000
for every business day of the year.
Losing ill Both Directions.
We have either been sending too much
money out of the country or gutting too
little in, or both. We have lost steadily I
in both directions. Our foreign trade has
been diminished and our domestic trade
has suffered incal culable loss. Does not
this suggest the cause of our present de
pression and indicate its remedy? Con
fidence in home enterprises has almost
wholly disappeared. Our shops are
closed, or running half time at reduced
wages, and small profit, if not actual loss.
Our men at home are idle, and while they
are idle men abroad are occupied in sup
plying us with got ds. Our unrivaled
home market for the farmer has also
greatly suffered because those who consti
tute it—the great anhy of American wage
earners—are without the work aud wages
they formerly had. If they cannot earn
wages they cannot buy products. 11' our
labor was well employed, and employed
at as remunerative wages as in 1HS)2, in
,, ..
creased demand for his products and in
the better prices which he would receive.
Not Open Mints, Hut Open Mills.
active use of the money coined. Not open
mints for the unlimited coinage of the
silver of the world, but open mills for the
full and unrestricted labor of American
workingnien. The employment of our
mints for the coinage of the silver of the
lias lost none of its virtues and impor-1
changes in our tariff legislation as severely
as our laborers and manufacturers, liadly
as they have suffered. The Republican
platform wisely declares in favor of such
encouragement to our sugar interests, as
Let us hold fast to th it which we know is
good. It is not more money we want
what we want is to put the money we
already have at work. When money is United States attained the highest point
employed, men are employed. iJotli have in our history. The aggresatc of our
always been steadily and remuneratively
engaged during,all the years of protective
tariff legislation. When those who have
money lack confidence in the stability of
values and investments, they will not
part with their money. Business is stag
nated—the life-blood of trade is chocked
and congested. We cannot restore public
an act which entails
a few months every farmer in the land come, and tho feeling of distrust, and ho
would feel the glad change in the in- tility between tho sections is overvwhem
It is not an increase in the volume
of money which is the need of the times,
but an increase in the volume of business.
Xot an increase of coin, but an increase of cordial relations between tho people of all
confidence. Kot more coinage, but a more
world would not bring the necessaries and animate and govern the citizens of every
comforts of life back to our people. This
1
will only come with tho employment of After the lapse of a century since its ut
thc masses, and such employment is cer- terance, let us at length and forever here
taln to follow the re-establishment of a
tance. The first duty of the Republican every opportunity to advance tho cause of
party, if restored to power in the country, &ood government by promoting that spirit'
will be the enactment of a tariff law forbearance and justice which is so es
which will raiso all the money necessary sential to our prosperity and happiness,
to conduct the government economically joining most heartily in all proper cf
and honestly administered, and so ad- forts to restore the relations of brotherly
justed as to give preference to home manu-: respect and affection which in our early
facturers and adequate protection to home history characterized all the people of all
labor and the home market. the states. The war is long since over
Our Farmers and the Tariff. ^e aro not enemies, but friends," aud as
Our formers have been hurt by the
"will lead to the production on American!
soil of all the sugar which the American
people uso."
It promises to our wool and woolen in
terests "the most ample protection," a,
guaranty that ought to commend itself to
every patriotic citizen. Ne\ or was a rnoro
grievous wrong done the farmers of ouii
country th that "so unjustly inflicted
during the past three years upon the wool
growers of America. Although among,
our most industrious and useful citizens,
their interests have been praejjcally de
stroyed and our woolen manufacturers
involved in similar disaster. At no time
within the past 86 years, and perhaps
never during any previous period, have so
many of our woolen factories been sus
pended as now. The Republican party
can be roiled upon to correct these great)
wrongs, if again enti ustcd with the con
trol of congress.
REGARDING
Believes tlio
RECIPROCITY.
I.aw iu Force in '93 Should
Be lie-enacted.
Another declaration of the Republican
platform that has my most cordial sup
P°rt is that which fa vors reciprocity. Tho
splendid results of t/io reeiprocityarrange
incuts that were mad,'under authority of
I t!'" tariff act of 181)0 aro striking and sug
1 ae. The brief period they were in
force, in most cases only three years, was
not long enough to thoroughly test their
great value, but sufficient was shown by
the trial to conclusively demonstrate the
importance and the wisdom of their adop
tion. In 1893 the export trade of tho
I United States
ports that year reached the immense sum
of $1,030,278,1-18, a sum greater by .$100,
000,000 than the exports of any previous
year. In ly95, owing to the threat of un
friendly tariff legislation, the total dropped
to $847,005,lill. In my judgment, congress
should immediately restore the reciprocity
section of the old law, with such amend
ments, if any, as time and experience sanc
tion as wise and proper. The underlying
principle of this legislation must, how
ever, be strictly observed. It is to affortS
new markets for our surplus agricultural'
and manufactured products without loss
to the American laborer of a single day's
work that he might otherwise procure.
FOREIGN IMMIGRATION.
Laws Already in
Favors Extension of the
Force.
The declaration of the platform touch
ing foreign immigration is one of peculiar
importance at this point when our own
laboring people aro in such great, distress.
I am iu hearty sympathy with the present
legislation restraining foreign immigra
tion and favor such extension of the laws
as will secure the United States from in
vasion by the debased and criminal classes
of the old world. While we adhere to tho
public policy under which our country has
received great bodies of honest, in
dustrious citizens, who have added
to tho wealth, progress and power
of ihe country, and while we welcome to
our shores the well disposed and indus
trious immigrant who contributes by his
energy and intelligence to the cause of freo
government, we AViint no immigrants who
do not seek our shores to become citizens.
We should permit none to pm-tieipate in
the advantages of our civilisation who do
not sympathize with our aims and form
of government. We should receive nono
who come to make war upon our institu
tions and profit by public disquiet and
turmoil. Against nil such our gates must
be tightly closed.
OUR SOLDIERS AND SAILORS.
Believes in air and Liberal Adniinistx*a
tion of* the I11sion Hureiui.'
The soldiers and sailors of the union
should neither be neglected not forgotten.
The government that they served so well
must not. make their lives or condition
harder by treating them its suppliants for
relief in old age or distress, nor regard
with disdain or contempt the earuest in
terest. oue comrade naturally manifests in
the welfare of another. Doubtless thero
has been pension abuses and frauds in
the numerous claims allowed bv
the government, but the. policy
governing the administration of
the pension bureau must always bo fait"
and liberal. No deservingapplicaitt should
ever suiter because of a wrong perpetrated
by or for another. Our soldiers and sail
ors gave the government the best they
had. They freely offered health,strength,
limb and life to save the country in ho
time of iis greatest peril, and the govern
ment must honor them in their need as
in iheir service with the respect and grat
itude due to brave, noble and sell'sacri
flcing men who are justly entitled to gen
erous aid iu their increasing necessities.
NO NORTH, NO SOUTH.
Congratulates the Country on the Obliter
ation of Sectional L.ueH.
The country is to be congratulated upon
the total obliteration of the sectional lines
which for many years marked the division
of the United State into slave and freo
territory, and finally threatened its parti
tion into two separate governments by tho
dread ordeal of civil war. The era of rec
onciliation, so long aud earnestly desired
by General Grant and many other great,
leaders, Xor:li and South,
secti°us
has happily
sections is everywhere
vanishing, let us hope, never to return.
Nothing is better calculated to givo
strength to the nation at home, increase
our power aud influence abroad, and to
add to tho permanency and security of our
free institutions, than the restoration of
and parts of our beloved country.
If called by the suffrages of the people to S
assume the duties of the high office of
president of the United States, I shall
count it a privilege to aid, oven in tho
slightest degree, in tho promotion of tho
®Pirit of fraternal regard, which should
section, state or part of the republic,
aftcr,
wise protective policy which shall encour- "There should bono North, no South, no
age manufacturing at homo. Protection
heed the admonition of Washington:
East no
West—but a common country."
sha11
he my constant aim to improvo
we
1
™U.faithfully and officially co-
operate until the approving smile of Him
who has thus far so signally sustained and
guided us to preserve inviolate our coun
try's name and honor, its peace and good
order and its continued ascendancy among
the greatest governments on earth.

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