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The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, August 27, 1896, Image 1

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You Can Hake Money
$ $ % By advertising In The Herald
% % t any day in the year. Next
% % % Sunday's run will be the
% % % largest edition The Herald
$ $ $ has ever issued.
TWENTY-FIFTH YEAR. NO. 331.
MAJOR M'KINLEY
WRITES A LETTER
Accepting the Republican
Nomination
I TANGLE OF CONTRADIGTIONB
Calculated to Mislead Only the
Unthinking
FREE COINAGE MEANS RUIN
Because tbe Parity Could Not Possibly
Be Maintained
Vet He Always Has and Still Does Favor
Silver
We Can Have Bimetallism Whan England
Will Consent, and Must Have a
Tarllt In splte ol Her
Opposition
Associated Press Special Wire
CANTON, 0., Aug. 20.—Major Mc-
Klnley's letter of acceptance was issued
today: It is as follows:
Hon. John M. Thurston and Other
Members of the National Notification
Committee:
Gentlemen—ln pursuance to the prom
ise made to your committee when noti
fied of my nomination as the Republican
candidate for president, I beg tn submit
this formal acceptance of that high hon
or and to consider In detail questions at
issue In the pending campaign. Perhaps
this might be considered unnecessary,
In view of my remarks on that occasion
and those I have made to delegations
that have visited me since the St. Louis
convention, but in view of the momen
tous importance of the proper settlement
of the Issues presented In our future
prosperity and standing as a nation con
sidering only the welfare and happiness
of our people, I couhl not be content tq
omit again calling attention to the ques
tions which. In my opinion, vitally affect
our strength and position among the
governments of the world and our mo
rality, Integrity and patriotism aa citi
zens of that republic which for a cen
tury past has been the best hopes of the
world and the inspiration of mankind.
We must not now prove false to our own
high standards in government nor un
mindful the noble example and wise pre
cepts of the fathers, or of the confidence
and trust which our conduct in the past
has always inspired.
THE FREE COINAGE OF SILVER
For the first time since 186S, If ever be
fore, there la presented to the American
people this year a clear and direct issue
as to our-monetary system, of vast im
portance in its effects and upon the right
settlement of which rests largely the
financial honor and prosperity of the
country. It ls proposed by one wing of
the Democratic party and its allies, the
People's and silver parties, to inaugu
rate the free and unlimited coinage of
silver by Independent action on the
part of the United States at a ratio of
sixteen ounces of silver to one ounce of
gold. The mere declaration of this pur
pose is a menace to our fianacial and In
dustrial interests and has already creat
ed universal alarm. It involves great
peril to the credit and business of the
country, a peril so grave that conserva
tive men everywhere are breaking away
from their old party associations and
uniting with other patriotic citizens in
emphatic protest against the platform of
the Democratic national convention as
an assault upon the faith and honor of
the government and the welfare of the
people. We have had few questions in
the lifetime of the republic more serious
than the one which is thus presented.
NO BENEFIT TO LABOR.
The character of the money which
shall measure our values and exchanges
and settle our balances with one anoth
er and with the nations of the world, Is
of such primary Importance and so far
reaching In Its consequences as to call
for the most painstaking investigation,
and in the end a sober and unprejudiced
Judgment at the polls. We must not be
misled by phrases nor deluded by false
theories. Free silver would not mean
that silver dollars were to be freely had
without cost or labor. It would mean
the free use of the mints of the
United States for the few who are own
ers of silver bullion, but would not make
silver any freer to the many who are en
gaged In other enterprises. It would
not make labor easier, the hours of la
bor shorter, or the pay better. It would
not make farming less laborious or
more profitable. It would not start a
factory or make a demand for an addi
tional day's labor. It would create no
new occupations. It would add nothing
to the comfort of the masses, the capital
of the people or the wealth of the nation.
It seeks to Introduce a new measure of
value, but would add no value to the
thing measured. It would not conserve
values. On the contrary, lt would de
range all existing values. It would not
restore business confidence, but its di
rect effect would 1 be to destroy the little
which yet remains.
WHAT IT MEANS.
The meaning of the coinage plank
adopted at Chicago is that any one may
take a quantity of silver bullion, now
worth 53 cents, to the mints of the Unit
ed States, have lt coined at the expense
of the government, and receive for it a
silver dollar, which shall be legal ten
der for the payment of all debts, public
and private. The owner of the bullion
would get the silver dollar. It belongs
to him and nobody else. Other people
would get lt only by their labor, the
products of their land, or something of
valua. The bullion owner, on the basis
of present values, would receive the sli
ver dollar for 53 cents' worth of silver,
and other people would be required to
receive lt as a full dollar In the payment
of debts.
The government would get nothing
from the transaction. It would bear the
expense of coining the silver, and the
community would suffer loss by Its use.
THE DOLLARS COMPARED.
We have coined since 1378 more than
400,000,000 of silver dollars, which are
maintained by the government at parity
with gold, and are a full legal tender
for ithe payment of all debts, public and
private. How ore the silver dollars now
in use different from those which would
be In use under free coinage? They are
to be of the same weight and fineness;
they are to bear the same stamp of the
government. Why would they not be
of the same value? I answer: The sil
ver dollars now In use were coined on
account of the government, and not for
private account or gain, and the govern
ment has solemnly agreed to keep them
as good as the best dollars we have. The
government bought the silver bulilon at
Its market price and coined it. Having
the exclusive control of the mint, it only
coins what lt can hold at a parity with
gold.
The profit representing the difference
between the commercial value of the
sliver bullion and the face value of the
silver dollar goes to the government for
the benefit cf the people. The govern
ment bought tho silver bullion contain
ed In the silver dollar at very much less
than its coinage value. It paid it out
to its creditors and put in circulation
among the people at Its face value of 100
cents, or a full dollar. It required the
people to accept it at a legal tender and
ls thus morally bound 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 government, having
issued and circulated the silver dollar, it
must in honor protect the holder from
loss. This obligation It has so far sa
credly kept. Not only is there a moral
obligation but there is a legal obliga
tion expressed In public statute to main
tain the parity.
COULD NOT BE KEPT AT PAR.
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 different in value. The gov
ernment would have no part in the
transaction, except to coin the silver
bullion into dollars. It would share no
part of the profit. It would take upon
itself no obligations. It would not put
the dollars Into circulation. It could
only get them as any citizen would get
them, by giving something for them.
It would deliver them to those who de
posited the silver and its connection
with the transaction there end. Such
are tho silver dollars which would be
Issued under free coinage of silver at
the ratio of 16 to L Who would then
maintain the parity. What would keep
them at par with gold? There would
be no obligation resting upon the gov
ernment to do it, and if there were it
would be powerless to do it. The sim
ple truth ls, we would be driven to a
silver basis—to silver monometallism.
These dollars, therefore, would stand
upon their real value. If the free and
unlimited coinage of silver at a ratio
of 16 ounces of silver to 1 ounce of gold
would, as some of its advocates assert,
make 53 cents In silver worth one hun
dred 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. But that such
would be the result is against reason
and is contradicted by experience In all
times and in all lands. It means the
debasement of our currency to the
amount of the difference between the
commercial and coin value of the silver
dollar, which is ever changing, and the
effect wotfd be to decrease
property values, entail untold
financial loss, destroy confidence,
impair the obligations of exist
ing contracts, further impoverish the la
borers and producers of the coutnry,
create a panic of unparalleled severity,
and inflict upon trade and commence a
deadly blow. To any such policy lam
unalterably opposed.
BIMETALLISM.
Bimetallism cannot be secured by In
dependent action on our part. It cannot
be obtained by opening our mints to the
unlimited coinage of the silver of the
world at a ratio of sixteen ounces of sil
ver to one ounce of gold, when the com
mercial ratio is more than thirty ounces
of silver to one ounce of gold. Mexico
and China have tried the experiment.
Mexico has free coinage of silver and
goid at a ratio slightly in excess of 16 l /2
ounces of silver to one ounce of gold
when her mints are freely open to both
metals at that ratio, not a single dollor
in gold bullion ls coined and circulated as
money. Gold has been driven out of cir
culation in these countries and they are
on a silver basis alone. Until interna
tional 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 commer
cial nations of the world with which we
trade more largely than any other.
Eighty-four per cent of our foreign trade
for the fiscal year 1895 was with gold
standard countries, and our trade with
other countries was settled on a gold
basis.
MORE SILVER THAN GOLD
Chiefly by means of legislation during
and since 187S there has been put in cir
culation more than $624,000,000 of silver
or its representative. This has been done
in the honest effort to give to silver, if
possible, the same bullion and coinage
value, and encourage the concurrent use
of both gold and silver as money. Prior
to that time there had been less than 9,
--000,000 of silver dollars coined in the en
tire history of the United States, a period
of eighty-nine years. This legislation
secured the largest use of silver consist
ent with financial safety and the 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 Sherman law sought to use ail the
sliver production of the United States
for moneylat its market value. From
1890 to 1893 the government purchased
4,500.000 ounces of silver a month, or 54.
THE HERALD
LOS ANGELES, THURSDAY MORXING* AUGUST 27, 1896.-TEX PAGES
000,000 ounces a year. This was one
third of the product of the world and
practically 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, not
withstanding the unprecedented market
for the silver produced in the United
States, the "rice of silver went down
very rapidly, . aching a lower point than
ever before. Then upon the recommen-
datlon of President Cleveland both polit
ical parties united in the repeal of the
purchasing clause of the Sherman law.
We cannot with safety engage in further
experiments In this direction.
THE DOUBLE STANDARD.
On August 22, 1891, in a public address,
I said: "If we could have an interna
tional ratio, which all the leading na
tions of the world would accept, and the
true relation be fixed between the two
metals, and all asree upon the quanti
ty of silver which should constitute a
dollar, then silver would be as f'JJe and
unlimited in its privileges of coinage
las 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 preent ratio,
we would be still further removed from
any international agreement. We may
never be able to secure! it if we enter
upon the isolated coinage of silver. The
double standard implies equality at a
ratio, and that equality can only be es
tablished by the concurrent law of na
tions. It was the concurrent law of na
tions that made the double standard; lt
will require the concurrent law of na
tions to reinstate and sustain it."
FAVORS THE USE OF SILVER.
The Republican party has not been,
and is not now, opposed to the use of sil
ver money, as Its record abundantly
shows. It has done all that could be done
for Its increased use with safety and
honor by the United States acting apart
from other governments. There are
those who think it has already gone be
yond the limit of financial prudence.
Surely we can go no further, and we
must not permit false lights to lure us
across the danger line.
MORE THAN OTHER COUNTRIES.
We have much more silvei*in use than
any other country In .the world, except
India or China—ssoo,ooo,ooo more than
Great Britain; $150,000,000 more than
France; $400,000,000 more than Ger
many: $325,0000,000 less than India, and
$125,000,000 less than China. The Re
publican party has declared: In favor of
an International agreement, and if elec
ted president, lt will be my duty to use
all proper means to promote it. The
free coinage of silver In this cotintry
would defer, if not defeat, international
bimetallism, and until an international
agreement can be had, every Interest re
quires us to maintain our present
standard.
Independent free coinage of silver at
a ratio of sixteen ounces of silver to one
ounce of gold would insure the speedy
contraction of the volume of our cur
rency. It would drive at least 500,000,000
of gold dollars, which we now have, per
manently from the trade of the country
and greatly decrease our per capita cir -
culation. It is noH proposed by the Re
publican party to take from the circulat
ing medium of the country any of the
silver we now have. On the contrary.
It is proposed to keep all of the silver
money now in circulation on a parity
Tvith gold by maintaining the pledge of
Che government that all of it shall be
equal to gold. This has been the un
broken policy of the Republican party
since 1878. It has inaugurated no new
policy. It will keep In circulation and
as good as gold all of the silver and pa
per moneys which are now Included in
the currency of the country. It will
maintain their parity. It will preserve
their equality in the future as it has
always done in the past. It will not con
sent to put this country on a silver basis,
which would Inevitably follow indepen
dent .Tree coinage at a ratio of 16 to 1. It
will oppose the expulsion of gold from
our circulation.
FARMERS AND LABORERS SUFFER
MOST.
If there ls any one thing which should
be free from speculation and fluctuation
It is ths money of a country. It ought
never to be the subject of mere partisan
contention. When we part with our la
bor our products or our property, we
should receive in return money which
Is as stable and unchanging in value as
the Ingenuity of honest men can make
it. Debasement of the currency means
destruction of values. No one suffers so
much from cheap money as the farmers
and laborers. They are the first to feel
its bad effects and the last to recover
from them. This has been the uniform
experience of all countries, and here, as
elsewhei p, the poor and not the rich are
the grea ier sufferers from every attempt
to debase our money. It would fall with
alarming severity upon investments al
ready nvSde; upon insurance companies
and the!;r policy holders; upon savings
banks and their depositors; upon build
ing and loan associations and their mem
bers; upon the savings of thrift; upon
pensioners and their families, and upon
wage earners and the purchasing power
of their wages.
UNLIMITED IRREDEEMABLE PA
PER MONEY.
The silver question is not the only issue
affecting our money in the pending con
test. Hot content with urging the free
coinag? of silver, Its strongest cham
pions demand that our paper money
shall be issued directly by the govern
ment of the United States. This is the
Chicago Democratic declaration.
The St. Louis People's party declara
tion is that "our national money shall be
issued by the general government only,
without the intervention of banks of is
sue, be full legal tender for the payment
of all debts, private and public, and be
dlJtributed direct to the people and
through lawful disbursements of the
government." Thus, in addition to the
free coinage of gold and silver, we are
asked to enter upofi an era of unlimited
Irredeemable paper currency. The ques
tion which was fought out from 1865 to
1875 ls thus to be reopened with ail its
cheap money experiments of every con
ceivable form foisted upon us. This In
dicates a most startling reactionary pol
icy, strangely at variance with every re
quirement of sound finance; but the dec
laration shows the spirit and purpose of
those who by combined action are con
AIcKINLEY LEAVES NOTHING UNTOUCHED—NOT EVEN HANNA
tending for the control of the govern
ment. Not satisfied with the debase
ment of our coin which inevitably fol
lows the free coinage of silver at 16 to 1,
they would still further degrade our cur
rency and threaten the public honor by
the unlimited issue of an irredeemable
paper currency. A graver menace to our
financial standing and credit could hard
ly be conceived, and every patriotic cit
izen should be aroused to promptly meet
and effectually defeat.
HIGHLY REPREHENSIBLE.
It is a cause for painful regret and so
licitude that an effort is being made by
those high in the councils of the allied
parties to divide the people of the coun
try into classes and create distinctions
among us, which in fact, do not exist
and are foreign to our form of govern
ment. These appeals to passion and to
prejudice are beneath the spirit and in
telligence of a free people, and shoul 1
be met with stern rebuke by those they
seek to Influence, and I believe
they will be. Every attempt to array
class against class, "the classes against
the masses," section against section,
labor against capital, the poor against
the rich, or interest against interest, in
the United States is in the highest de
gree reprehensible. It Is opposed to the
national Instinct and interest, and
should be resisted by every citizen. We
are not a nation of classes but of sturdy,
free, Independent and honorable peopl",
despising the demagogue and never
capitulating to dishonor. This ever re
curring effort endangers popular gov
ernment, and is a menace to our liber
ties. It is not a new campaign device or
party appeal. It is old as the govern
ment among men, but was never more
untimely and unfortunate than now.
Washington warned us against it. and
Webster said in the senate in words
which I feel are singularly appropriate
at this time: "I admonish the people
against the object of outcries like these.
I admonish every industrious laborer
of this country to be on his guard
against such delusion. I tell him tho
attempt is to place his passion against
his interest, and to prevail on him, in
the name of liberty, to destroy all the
fruits of liberty."
PROTECTION OP SUPREME IM
PORTANCE.
An issue of supreme importance ls
that of protection. The peril of free sil
ver Is a menace to be feared; we are al
ready experiencing the effects of par
tial free trade. The one must be avert
ed; the other corrected. The Republi
can party ls wedded to the doctrine of
protection, and was never more earnest
in its support and advocacy than now.
If argument were needed to strengthen
its devotion to the "American system"
or Increase the hold of that system
upon the party and people, it is found In
the lesson and experience of the past
three years.. Men realize in their own
daily lives what before Avas to many
of them only report, history or tradi
tion. They have had a trial of both
systems and know what each has done
for them.
DEMANDED BY PUBLIC EXIGEN
, » CIES.
Wshington, In his farewell addres;,
September 17, 1776, a hundred years ago,
said: "As a very important source of
strength and security, cherish public
credit. One method of preserving it is
to use it as sparingly as possible; avoid
ing the accumulation of debt, not only
by shunning occasions of expense, but
by vigorous exertions in time of peace
to discharge the debts which unavoid
able 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 declar
ed: "It is essential that you should prai I
tically bear in mind that toward the
payment of debts", there must be reve
nues; that to have revenue there must
be taxes; that no taxes can be devised
which arc not more or less inconvenient
or unpleasant; that the intrinsic embar
rassment Inseparable from the selec
tion of proper objects (which is always
a choice of difficulties) ought to be a de
cisive motive for a candid construction
of the conduct o fgovernment in mak
ing it and for a spirit of acquiescenca
in the measure for obtaining revenue
which the public exigencies may at any
time dictate."
Animated by like sentiments the peo
ple of the country must face tha conilu
Hons which now beset them. "The pub
lic exigencies demand prompt protective
legislation which will avoid the accu
mulation of further debt by providing
adequate revenues for the expenses of
the government. This is manifestly
the requirement of duty. If elected pres
ident of the United States it will be my
aim to vigorously promote this object
and give that ample encouragement to
the occupation* of the American people,
which, above all else, ls Imperatively
demanded at this juncture of our na
tional affairs.
CONDITIONS IN 1892.
Our condition In December, 1592 was
set forth by President Harrison In his
last message to congress. It was an
able and exhaustive review of the con
dition and resources of the country.
It stated our situation so accurately
that I am sure that it will not be amiss
to recite his official and valuable testi-
mony:
' There has never been a time in our
history," he said, "when work was so
abundant, nor when wages were so
high, whether measured by the currency
in 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 participation in the general pros
perity. The new industrial plants es
tablished since October 6, IS9O, and up
to October 22, 1892, number 345, and the
extension of existing plants MS. The
capital invested amounts to $40,416,070.
and the number of additional employes
37,285. During the first six months of the
present calendar year 135 new factories
were built, of which 40 were cotton mills
and 48 knitting mills, 26 were 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 condi
tion of the country in December, 1892.
What has it been since; and what is lt
now?
EIGHT MONTHS LATER.
The messages of President Cleveland
from the beginning of his second ad
ministration to the present time abound
with descriptions of the deplorable In
dustrial and financial situation of the
country. While no resort to history or
official statement Is required to advise
us of the present condition and that
which has prevailed during the past
three years, I venture to quote from
President Cleveland's first message, Au
gust 8, 1593, addressed to the Fifty-third
congress, which he called together In
extraordinary session:
"The existence of an alarming and
extraordinary business situation," said
be, "involving the welfare and prosper
ity of al! of our people has constrained
me to call together in extra session the
people's representatives in congress,
to the end that throush wise and patri
otic exercise of legislative duties with
which they are solely charged, the
present evils may be mitigated and dan
gers threatening the future may be
averted.
Our unfortunate financial plight is not
the result of untoward events, nor of
conditions related to our natural re
sources, nor is it traceable to any of the
afflictions which frequently check nat
ural growth and prosperity. With plen
teous crops, with abundance promise
of remunerative production and man
ufacture, with unusual .invitation to in
vestment and with satisfactory assur
ances to business enterprises, suddenly
financial fears and distrust have sprung
up on every side. Numerous moneyed in
stitutions have suspended because
abundant assets were not immediately
available to meet the demands of fright
ened depositors. Surviving corporations
md individuals are content to keep in
hand the money they are usually anx
ious to loan, and those engaged In legi
timate business are surprised to find 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 every branch
of business.
CAUSE OF THE CHANGE.
What a startling and sudden change
within the short period of eight months
from December, 1892, to August, 1!>93.
What has occurred? A change of ad
ministration. All branches of govern
ernment had been Instrusted to the
Domricratic party. which waa commit
J It Don't Cost /Inch
$ S $ To Tench one-half the people
S S $ in l.os Anfcflesnnd Southern
I s $ s California, If advertisers use
j J $ $ the columns of The Herald,
S $ S and it always pays.
ted against the protective policy that
had prevailed uninterruptedly for more
than thirty-two years und brought un
exampled prosperity t t the country.and
firmly pledged to Its complete overthrow
and a substitution for tariff for revenue
only. The change having been decreed
by the election ill November, its effects
were at once anticipated and felt. We
cannot close our eyes to these altered
conditions, nor would it be wise to ex
clude from contemplation and investi
gations the Causes Whlefa produced them.
They ar,» facts which we cannot, ns a
peopl". disregard, and we can only hope
to Improve our preaeaj) condition by a
study of their causes, in December,
IMS, we had the same currency and
practically the same volume of currency
that we have now, It aggregated in
1802. $2,:;72.53:J,501; in ISM, $2.22:5.000,000;
In 1594. $2,323,442.3f>2. and in December,
183 S. $2,!fi4,000,0r0. The per capita of
money has been practically the same
during this wlinle period. The quality
of the money has been identical, all kept
equal to gold. There is nothing connected
with our money, therefore, to account
for this sudden, aggravated industrial
change. Whatever Is t" be deprecated
in our financs. It must be every where
admitted that our money * ias been ab
solutely good and has broupht neither
loss nor inconvenience to its holders.
A depreciated currency has not existed
further to vex the troubled business
situation.
WHAT MAKES HARD TIM ES.
A pretense is made to attribute the
haid times to the fact that all our cur
rency ls on a gold basis. Good money
never made times hard. Those who as
sert that our present Industrial and
financial depression is the result of the
gold standard have not read American
history aright, or been careful students
of events of recent years. We never had
greater prosperity in this country in ev
ery Held of employment and industry
than in the busy years from 1S C oto ISH2,
during all of which time this country
.was on a gold basis and employed more
gold money in its fiscal and business op
erations than ever before. We had, too,
a protective tariff, under which amide
revenues were collected for the govern
ment. Hind an accumulating surplus which
was constantly applied to the payment
of public debts. Let us hold fast to that,
system which wo know is good. It Is not
more money we want. What we want
is to put this money we already have nt
work. When money is employed, men
are employed. Both have 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 stagnated, the
llfeblood of trade is checked and con
gealed. We cannot restore public con
fidence by an act which would revolu
tionize all statutes, or an act which en
tails a deficiency In the public revenues.
We canot Inspire confidence by advocat
ing repudiation or practicing dishon
esty.
A TARIFF NEEDED.
We eanot restore confidence either to
the treasury or to the people without
change In our present tariff legislation.
The tariff of 1895, the only measure of a
general nature that affected the treasury
and the employment of our people
passed by the fifty-third congress, was
that general tariff act which did not
receive the approval of the president.
Whatever virtues may be claimed for
that act, there is confessedly one which
it does not possess. It lacks the essen
tial virtue of its creation, the raising of
revenues sufficient to supply the need
of the government. It has at no time
provided enough revenue for such needs,
but it has caused a Constant deficiency
in the treasury and a steady depletion
in the earnings of labor and lands. It
has contributed to swell our national
debt more than $262,000,000, a sum near
ly as great as the debt of our.govern
ment from Washington to Lincoln, In
cluding all our wars from the revolution
to the rebellion. Since its passage work
at home has been diminished, prices of
agricultural products have fallen, confi
dence has been arrested, and distress ls
seen on every hand.
TARIFF CONTRASTS. 1
The total receipts under the tariff act
of 1894 for the first twenty-two months
of its enforcement, from Sentember, 1894
to June, 189G, were $537,615,328, and the
expenditures $640,418,363, or a deficiency
of $82,803,035. The decrease in our ex
ports of agricultural products and man
ufactures during the first fifteen months
•of the present tariff, as contrasted with
the exports of the first fifteen months of
the tariff of IS9O was $220,353,320. Tho
excess of exports over imports during
tne llrst fifteen months of the tariff of
IS9O was 3213,972,968, but only $36,758,4233
under the first fifteen months of the
tariff of 1594, a loss under the latter of
$137,214,345. The net loss in the trade
balance of the United States has been
$106,983,607 during the first fifteen
months' operation of the tariff of IX9I as
compared with the first fifteen months
of the tariff of 1890. The loss has been
large, constant and steady, at tho rate
of $13,130,000 per month, or $50,000 for ev
ery business day of the year.
LOSING BOTH WAYS.
We have been sending too much money
out of the country or getting too lit
tle in. or both. We have lost steadily in
both directions. Our foreign trade has
been diminishing and our domestic has
suffered incalculable loss. Does not this
suggest the cause of our present depres
sion and indicate its remedy? Confi
dence in home enterprise has almost
wholly disappeared. Our shops are
dosed or running at half time at reduced
wages and small profits if not actual
loss. Our men at home are idle, and
while they are idle men abroad are oc
cupied in supplying us with goods. Our
unrivaled home market of the farmer
has also greatly suffered because they
who constitute.it the great army of wage
earners, are without the work and wages
they formerly had. If they cannot earn
wages they cannot buy products. They
cannot earn if they have no employment,
and when they don't earn the farmers'
home market is lessened and impaired
and the loss is felt by both producer and
consumer. The loss of earning power
alone in this country in the past three
years is sufficient to have produced our
unfortunate busigess situation. If our
Q*ntiniuul a*v Biynnii Pnaa.
cirv P7I3H.P :; *i* i'.ici >v.
on WA.yspoßrArio* lhss. 5 c^irs
THE CHAMPION
OF FREE SILVER
Diligently Prosecuting the
People's Campaign
THOUSANDS Of MME CHENS
Gather to Listen and to
Applaud
AMERICAN INSTITUTIONS
Too Glorious to De Subverted by Sycdl.
cale Gcvernnunt
American People Too Brave to Submit to
Foreign Domination
A Patriotic anJ Lo/ical UxpojUlon of the Coin,
aje Ouestion Orijtjd With Aj
olacse by flan "fired of
Honopoiy Rule
Associated Press Special Wire
BRIE, Pa.. Ati?. HC—William J. Bry
an mado speeches today in three citiea
of two states—Syracuse and Rochester,
N. V.. and Erie, Pa.—and incidentally
traveled several hundred miles to meet"
the thousands who gathered from the
surrounding country to hear him at
each place. 1
Today's demonstration culminated in
Erie, where the meeting of 350 delegates
of the Democratic societies of Pennsyl
vania made the presence of the candi
date particularly opportune. Here Mr.
Bryan made three stirring speeches to
as many different audiences in the even
ing being driven quickly from one hall
to another.
The first meeting was at Maenner
choir hall, which held 2500 persons, to
whom Mr. Bryan appealed to study the
issue of the campaign and vote their
convictions. His second appearance was
on the stage nf the AudiU.Vum, where
he faced an audience of equal size, and
the second speech was, like the llrst,
brief but stirring. Outside of the Erie
Opera liouse thousands more had as
sembled for a glimpse of the candidate,
when the people were admitted they
I filled the house in five minutes, and tho
I doors were closed upon hundreds. The
entrance of the presidential candidate
I upon the arm of ex-Congressman Jo
j scph Sibley Inspired a wild scene of en
thusiasm, which lasted several minutes,
and Mrs. Hryan's appearance in a box
with Mrs. Sibley produced mure enthus
iasm.
AT SVHACUSE
Thousands Slow Enthusiastic AD.nreclatlonot
Patriotic Sentiment
SYRACUSE, N. V., Aug. 25.— W. 3.
Bryan took up campaigning today al
most before the sun was up. After a few
hours' rest following the Utlca meeting,
which did not end until midnight, and
alter a hurried breakfast, he and Mrs.
Bryan boarded a local passenger train
which left Utlca at 7:15.
Bryan had little to say about the din
ner with Senator Hill, undoubtedly ono
of the most important events of his New
York tour. "It was merely a social af
fair," he said. Although the absence of
Hill from the political meeting which
followed the dinner was commented
upnn, a remark made by Bryan in his
Albany speech, that the support of thoso
Democrats who did not indorse every
plank in the platform was expected,
was commented upon as significant.
There is a general impression among
those with the candidate that he re
ceived assurances that Hill would de
clare for the ticket.
On Hanover square, Syracuse, 5000
people gathered to hear Bryan. He said,
in part:
"Mr. Chairman and Fellow Citizens—
In this land of ours, where government
derives its powers from the consent of
the governed and where an official for
a short time exercises an authority lv
law, it is only fair that those who are to
choose by ballot should be permitted to
come in contact with those who are
candidates for so hlsh a position, and
as in this campaign it is difficult for all
our people to find the necessary money
either of gold or silver, to visit the can
didate, I thought it might be worth whiie
for a candidate to visit the people. Then,
too, I thought it might be well for one
accused of being a candidate of a body
of anarchists to show himself in order
that you may judge whether he looks
like one bent upon destroying the gov
ernment under which he lives.
"I bellve, my friends, there is no one
in this land more in love with our insti
tutions than I.
• 1 glory in, the liberty of our people
and In the opportunities which our na
tion presents to every citizen and to
the children of all who live beneath our
Hag; that we can say to our children.
Whatever be our walk In life, whethher
we be rich or poor, whether we stand
among the known or unknown, we can
say to our children, 'AH the avenues of
industry are open to you if you can pre
vent the trust from closing these aye*
nues, and all the honors that r.re in the
hands of the people have a right to
choose their officials and rot the cor
porations and syndicates."
Our opponents—l do not mean the lit
tle ones who stand about sometimes up
on the street corners in the hope of soma
petty office and find fault with those.
Who are candidates —but 1 mean some of
the conspicuous opponents Whom wo
meet in this campaign, who have de
clared openly and publicly that they
must exert themselves to keep anarchy
and socialism from dominating in tha
United States, I want to assure you.

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