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Senator Allison Speaks on the Political Issue of the Day At a Great Republican Gather ing at Marshalltown, lowa. How Prosperity Went From Us With the Advent of Dem ocratic Policy And How It Has Returnsd Since Tariff Agitation Has Been Stopped. Following is the text of Senator Al lison's speech, delivered at the great Republican rally at Marshalltown, la., Sept. 26: Mr. Chairman and Fellow Citizens: I congratulate you on this auspicious open ing. This assemblage is an indication of the interest Republicans take in the result. That victory will come to us, cannot be doubted; that its magnitude will depend upon effective organization and effort should be realized; organization rests with the state committee, the local committees and auxilliary clubs; effective effort rests with each citizen before, and on election day. Happily, the distress of two years ago is gradually passing away, and hope for, and confidence in the future, has taken its place. The causes that led to this distress and that give hope of permanent prosper ity in the future require our careful study because of the lessons they teach. These causes are not wholly political,but largely so. In their political organizations they are easily analyzed. The growth and prosperity of any coun try largely depends upon the virtue, intel ligence, economy and industry of its peo ple. These, in turn, are promoted and stimulated by wise laws faithfully and intelligently administered. Thus the pub lic policies of a nation become important to each individual composing it. The National Growth. Our national growth and strength is the work of a single century, and. is the mar vel of history. ' An eminent statistician and writer recently said, in the North American Review, that: "If we take a survey of mankind in an cient or modern times, as regards the physical, mechanical and Intellectual force of nations, we find nothing to compare with the United States in the present year 1895. *’ ‘The physical and mechanical power which has enabled a community of wood cutters and farmers to become in Iras than 100 ysars the greatest nation in the world is the aggregate of the strong arms of men and women, aided by horse-power, machinery, and steam-power applied to the useful arts and sciences of every-day life.” To which he should have added: Aided and sustained by the best form of government ever devised by the wisdom of men, wisely guarded and supported by the virtue of an enlightened people. This writer demonstrates with almost mathematical exactness the forces that created this national fabric of unexam pled strength and vigor, and compares the present energy or working power of the United States with other countries, and shows that it is equal,or nearly equal, to that of Great Britain, Germany and France united, although their population exceeds ours by 50,000,000. The effective re sult of this working power is found in the products of the factory, the shop and the field, and is the product of them all. The intellectual power of the nation has kept pace with the physic*! forces and contributed to them all. The census of 1893 discloses that 87 per cent of our population over 10 years of age •an read and write. That we are in ad vance of Europe in whe expenditure for education, expending annually $2.40 per inhabitant, whilst Great Britain expends •nly $1.30, and France and Germany much less; and in this regard our own state stands pre-eminent, expending annually for this purpose more than $4.00 for each inhabitant: a sum greatly in excess of the average of the United States, resulting in our small percentage of illiteracy as com pared with other states and with the Union. We cannot measure this intel lectual force with the exactness of phys ical force or energy, yet illustrations are abundantly at hand disclosing our superi ority in this regard. They are found in the inventive genius of our people, in books, magazines and newspapers widely distributed and read, as disclosed through postoff.ee returns. The pieces handled in etxr mails exceed those bandied in all the states of Europe, and at a cost of one third the cost there. Summing up this intellectual force, the author whose sta tistics I have quoted in part, says: “It may be fearlessly asserted that in the history of the human race no nation ever before possessed 41,000,000 of in structed citizens. ” The result of these physical and intel lactual forces has been an enormous in crease in the aggregate wealth of the country as shown by each decennial cen sus, reaching In 1090 the enormous sum of $06,000,000,000, 94 ]>er cent of which has been created in the last fifty j ears. l>Utribution of Wealth. If we analyze the distribution of this wealth in our country, we find that the geographical section in which we dwell compares favorably with every other, al though comparatively new. We cannot profitably compare oar growth with the South, or the extreme West, for reasons apparent, but we cau with profit compare our growth with the older Atlantic sea board states. Ifixce compare the states embracing the five states carved oat of the Northwest Terrltorv, and the seven more northerly states formed from the Louisi ana purchase, namely, Missouri, lowa, Kansas, Nebraska, Minnesota and the (wo Dakota*, twelve la ail, with (be North Atlantic seaboard state* embracing all of . New England, Mew- York, New Jersey, Pennsylvania, DelawaM and Maryland, eleven in all, we And that the wealth of 1 New England between 1800 and 1800, cov -1 erlng the period of a single generation, in * creased three-fold. That New York, New Jer*ey, Pennsylvania, Delaware and | Maryland increased more than four-fold, and the twelve states Northwest, I have j named, increased more than eight-fold. Two-fifths of the total wealth of the United States is to be found between the «* ‘twelve states I have named; so that our *. wealth is 02,000,000,000 greater than the b wealth of the eleven state* on the Atlantic ••aboard, and our per capita wealth is nearly equal to theirs, the accumulation of two hundred years, whilst these twelve states only fifty years ago were without large cities and centers of wealth, and, with the exception of Ohio and Indiana, were inhibited by a sparsely-settled popu lation of agriculturists far in the interior of the country, with no access to markets, except that provided by natural water ways. The total wealth of the country between 1860 and IS9O increased $49,000,- 000,000, one thousand millions more than the present estimated wealth of Great Britain, aud of this increase $21,- 000,000,000, or more than two-fifths of the total increase in the United States is in the twelve prairie states I have named. The aggregate wealth per capita, in the United States, has more than doubled in these thirty years, and if we consider the two decennial periods from 1870 to 1890, it appears that in these twelve states our an nual increase of wealth per capita has been twice that of New England, one third more than that of the Atlantic sea board states of New York, New Jersey, Pennsylvania, Deleware and Maryland, that the average annual increase of wealth in the United States in these twenty years has been s4l per inhabitant, whilst that of the prairie states I have named has been $50.31 per inhabitant. This aualyzation shows whatever the causes were that produced this wealth in the United States, during these three years in its distribution these prairie states received and retain their full share, and that it was not created aud did not go in unjust proportion to the states of the Atlantic seaboard. lowa. If we look at lowa for these thirty years we see that our population increased from 674,000, in 1860 to 1,912,000 in 1890, or about three fold, whilst our wealth increased daring the same period from $247,000,000 to $2,289,000,000, or nearly ten-fold. According to the statistics of our state board of agriculture the value of farm product * in lowa in 1893 was $378,000,000, and the products of our manufactures reached $125,090,050 in 1890. Of the 380,000 homes in lowa more own their own homes than in ar.y other state in the Union, and the average mortgage debt upon our farms is less, with few excep tions, upon each mortgaged farm than in any other stats in the Union, and 71 per cent of this debt was created for the pur chase of land alone, and 19 per cent for im provements in a permanent way upon the land; as compared with population more families dwell in homes than in any other part of the country, and it may be said that the 2,000,000 of people in lowa live in better comfort and with more healthful surroundings than any similar number of people in our own or any other country. In the face of these well authenticated facts it cannot be truthfully said that our own state in its progress and development falls short of any of the twelve states included in the group of twelve states I have nor that these twelve states, largely agricultural, have not in creased in wealth as rapidly in proportion to population as any othet portion of the country except, alone, the states on the Pacific coast. The population of these twelve states is 23,000,000 as against 18,- 000,090 in the eleven North Atlantic sea board states, and their wealth is $25,000,- 000,000 as against *23,000,000,000 in the Atlantic seaboard states, thus showing a preponderance of wealth and population as against any other section, and contain ing nearly two-fifths of the population and wealth of the whole counrty. So, under the political policies that prevailed, we have prospered well compared with other sections during these thirty years. Agriculture. In 1893 the United States had 4,564,000 farmers with an aggregate wealth, in cluding value of stock and implements, of $16,000,000,000, or an average to each of $3,500. The total product of these farms in 1893 as estimated, was $3,704,000,000, of which $3,103,000,C00 was, in round num bers, consumed in the United Staeea, and $615,000,000 was exported, or about 16 per cent of the whole value produced, of which exportation $169,000,000 was wheat, and slfs*,ooo,ooj raw cotton, leaving an ex portation of all other agricultural pro ducts about 6 per cent of the total products of agriculture, excluding wheat and cot ton, providing a home consumption of 94 per cent under the diversified occupations of our peopfe. Thus it is seen that the home market for the products of agricul ture constitutes the real market of the farmer and is constant and stable, whilst the foreign, except for cotton, is unrelia ble, fluctuating, with conditions abroad changing from year to year. This growth in our country has not been confined to any occupation or industry, but has ex tended to them all; the largest growth, however, has been in manufactures, as I ■hall presently show. Republican Policy. During the whole of the period between 1860 and 1862 the policies of the Republican party substantially prevailed, although for considerable periods the Democratic party held a majority in the house, and for four years the national administra tion, but during no part of it was this control extended to the legislative and ex ecutive power at the same time, so that laws could neither be enacted nor repealed without Republican votes. Ido not claim that this prosperity is wholly due to these policies, but that they greatly contributed to it cannot be doubted. From 1861 to 1865 we were engaged in a civil conflict which cost more than half the total accumulated wealth of the ooun try In 1860. Yet with this vast expendi ture our wealth increased between 1860 and 1870 50 per cent. Between 1870 and 1880 there was a depression and shrinkage of values incident to the retard of sped# payments, yet our wealth increased 010,* 000,0j0,000, and with the return of specie payments in ’79 our wealth began to grow apace, so that In a single decade, from 188»to 1800, It increased 022,000,000,000, or a sum equal to one-half of our total wealth from the foundation of the govern ment up to 1880. That contributory to our tariff policy causes may be found In the general intelligence and in the invent ive genius of our people with natural con ditions highly favorable, and with effect ive and relatively cheap means of distribu tion of products from the places of consumption cannot be denied; that much of this is due during the last ten year* to the soundness, stability and plentifnlnees of our currency will be admitted; that it oould have taken place under a tariff for revenue only is not probable. Statistics become tedious, yet I cannot forbear an illustration of this development in manu factures as shown by the census returns of 1800 and 1890, and in intervening .years. In 1805 the capital invested in manufac tures was 01,000,000,000, in 180 J, 06,100,000,- 000. The workers employed in 1800 were 811.000; in 1800, 4,476,000. The value of the products of 1860 was 01,885,000,000; in 1800, 00,060,000,000, or nearly five-fold in crease in 90 years. This increase in ▼sine does not folly represent the increase is quantity of product. *s from 1870 to 1890 the fall of prices of manufactured products was con stant and great, largely because of im proved methods and sharp competition in production, and with this diminution of prices there was a cons tan i increase in the wages of labor, thus giving wage earners an increased share of a continually in creasing product. If we analyze this pro duct of the factories, we fiud that it em braces all the products necessary to indus trial independence. Under this policy, gad largely through it, tremendous inter ests grew up, the occupations of a gener ation were regulated by it, labor was ad justed to it, both as respects distribution by occupations.and the wages earned and paid;, homes, towns and cities grew under it, railroads were build for transportation of these products on lines of easy distribu tion from places of production to places of consumption; local credits were established in aid of this production, distribution and consumption. Thus all production, all trade and all business were adjusted to these conditions, and co-related, forming one industrial system, embracing all oc cupations and employments; creating ex changes and transportation of products of a value estimated at $40,000,000,000 an nually, of internal trade. Resumption and Increase of Currency. Our growth in wealth and production leaped into prominence during the decade between 1880 and 1899. This was the per iod immediately following the resumption of specie payments, and the large increase of currency following resumption, and as the result of it. We made great progress between 1860 and 1880, notwithstanding during that period we had a great war, taxing to the utmost our resources and credit, necessi tating the creation of a large debt and the issuance of a large amount of inconver tible paper, fluctuating in value, render ing uncertain the profits of production and sale of products, then a period of pre paration for resumption, which resulted in a continuous fall of prices until resump tion was accomplished. The policy of specie payment, inaugurated in 1875 and consumated in 1879, was wholly the policy of the Republican party, and was bitterly opposed, and to a degree impeded by the conduct of the Democratic party. With resumption, the volume of money was, gradually enlarged by the use of gold, sil ver and paper, and confidence in our abil ity to maintain a stable measure of value was established, and greatly contributed to the marked prosperity of th 6 decade between 1880 and 1890. Our circulating money more than doubled between 1877 and 1883, reaching, at the latter period, $24 per capita, as against less than sl7 per capita, in 1877. By the silver law of 1878, full legal ten der silver was coined in limited quantity, on government account, the difference be tween the bullion value and the coined value was covered into the treasury, creat ing a large profit to the government, and called seignorage. This created a corres ponding obligation on the part of the gov ernment to maintain silver coins at a par ity in value with gold. This obligation was strengthened by the statutory obliga tion of 1890; the silver purchases were then increased, the bullion to remain in the treasury, to be coined,, in the discretion of the secretary, and legal tender notes to be issued. The law was necessarily tempor ary in its character and purpose, the pur pose being to utilize silver as mnch as possible without endangering - the stand ard. Its continuance for a longer or shorter period depended upon our ability maintain all our money at a parity. There being a wide difierence between the com mercial and coined value of silver, the silver dollars could not be used in settling international balances, therefore, silver became a domestic money only and could not be used to fettle these balances, the commercial value of gold being equal to its coined value, gold alone would go abroad to settle these balances unless our securities should be in demand, but the sit uation might be such that our secureties already abroad would be returned, requir ing export of gold to pay for them. This was actnally the case in 1891, following the Arge itine and Australian troubles. Thus it became important that we should use all necessary precautions to retain our gold by checking importation of articles coming into competition with products that could be made at home, natural con ditions being favorable. So if our laws were such as to allow free importations far in excess of our exports, gold must go to pay for them, and we would lose our gold, and also our earning power, trans ferring both to other countries, enriching them and impoverishing us. Just now we are enjoying the fruits of excessive' imports as compared with exports, and gold is exported to settle the balance thus created. Thus our tariff policy and our financial policy prior to 1893 wer* linked together and complements of each other. The tariff policy was essential to our currency sys tem. and the continuance of a sufficient gold supply. A sudden and radical change in our tariff so as to largely increase im portations would necessarily affect, un favorably our currency policy. This sys tem grew so that in 1893 we found a con dition of marked prosperity, especially stimulated by the McKinley law of 1890, and the Sherman law of the same year. The elections of 1891 placed the Demo cratic party in power, pledged to an im mediate reversal of our industrial policy, and to the substitution for it of a policy of free importation of foreign products with the only restraint of a tariff for rev enue only, to be levied upon all products alike, without discrimination as to the value or use of the product or the labor expended in creating it, and without re gard to reciprocal agreements already made. That such a revolution, radical in its purposes and results, would not be fol lowed by disturbance, disaster and dis tress was impossible, yet this purpose was stoutly maintained, and was to be exe cuted as soon as possible after Mr. Cleve land’s inauguration. They maintained that this could be done without disturb ance. How this claim has been verified and how great the loss and how fatal to our prosperity these projects were, the last three years have disclosed. With this industrial system thus threat ened, involving in its train, losses to all occupations, whether directly protected or not, preparations to meet this great change began, each trying to arrest the blow, or have it fall as lightly as possible. The reeult was a sudden check to the prosperity then existing. Distrust and distress followed and increased from day to day. Fear seised the public mind. It was believed that the great capital em ployed in manufactures would be imper iled or destroyed, that the laborers em ployed would be thrown out of work, or compelled to work at greatly reduced wages; that the enormous product of these laborers would give way in great part to importations of like products; that new enterprises would be stopped, thus affecting the building trades; that savings would be withdrawn from the banks; that pending tils change goods would not % produced here to be sold on a falling Market; that importers would await the proposed changes, and that merchants would not make purchases, thus paralyzing production and trade. A word from President Cleveland at this time that no such radical change would be made, would have stayed the panic. It was notgien, and thus began the distress of 1893. with the proposed tariff reduction as the initial cause. Accompanying this industrial disturbance came want of con fidence in the credit of the country. It was apparent that an industrial revolu tion, such as was proposed, would not only produce the remits I have stated, but that, in addition, gold would go out of the country to pay for foreign commod ities taking the place in our markets of products chat had beeu made at home, and that this exodus of gold would im peril our large circulation based upon it. Our revenues began to diminish because of reduced importations following a di minished consumption and awaiting the proposed tariff changes, and with thi3 diminution of revenue the gold in the treasury would be required to pay current expenses, and because of this reiuction of revenues a fear seized the public mind that with continued purchases of silver and increased issues of legal tender p iper, our ability to maintain the gold standard of payments would be impaired or cease, and that with the industrial distress would also come a depreciated standard of paper or silver, unsettling all trade, all debts and credits.and the money panic followed These fears were naturally ex aggerated, and were not all realized, but having taken possession of the public mind the panic followed.and like appetite, grew by wha f it fed on, and with the an ticipation of these evils, then portending, the whole fabric of public and private credit was greatly disturbed. President Cleveland convened congress on the 7th day of August, 1353, and rec ommended the repeal of the Sherman act of 1890, but offered no suggestion or hope that his party would relinquish its pur pose of revolutionizing our industrial sys tem, the initial cause of the disturbance. The public distrust on the money ques tion was not alia ed by his message; it was not believed that the well known hos tility of the president to silver woul i bring back his party to even moderate views on that question. It was fresh in the memory of all that in 1899 every Dem ocrat in the senate, but three, and all the Democrats in the hoUte, but fourteen, voted to sub-titute free coinage of silver for the Sherman law, and it was not be lieved that this recent vote would be changed in the senate or in the hoipe, so as to repeal the purchasing clause with out substituting free coinage.. In 1890 and 1891,27 states, in their Democratic conventions had declared for free silver. The platform of 1892 was construed so as to meet one view in one section of the country, and another view in another sec tion of the country. In several of the Western states, the Democrats and Popu lists united on electoral tickets and in two of them divided their electoral votes, part voting for Cleveland and part for Weaver, by reason of some understanding not publicly revealed. Although the house, with reasonable promptness, passed the bill, this appre hension was not removed because of the protracted debate k» the senate, and doubt as to the final vote. On the 3lst of Oc tober, 1893, ihe purchasing clause repeal passed the senate, a large majority of Re publicans voting for the repeal, and a bare majority of D mocrats voting for it. With this repeal, the money panic sub sided, but business and trade remained stagnant, impartati ns continued to fall off. Light iuipor ations indicated the stagnation that still prevailed, but our condition as respects internal production and trade continued unfavorable; business everywhere was at a standstill, factories closed, or partially closed, labor was with out employment, or employed, at inter vals, at wages greatly reduced, so that the repeal furnished no relief, except as I have stated. This situation continue! without abatement until the fall of las year. The free trade bill, known as the Wilson bill, was strangled in the hous: of its friends, much to their mortification. The presi dent was in distress b cause of it. The Gorman bill, a partial measure of protection in its make up and policy, has been substituted and passed Aug - 28, 1894. Its passage brought a feeling of relief to the country, because it was known that no Wilson bill, or anything approaching it. could pass until a new congress could be elected and convened. The president denounced this new tariff as a measure of “perfidy and dishonor” to the Democratic party; leading Democrats in both houses denounced it, and all gave assurance that it was only a temporary measure; that further reductions and changes would be made at an early day in the direction of free trade if the Democrats should be suc cessful in elections soon to take place During the campaign of 1894, the law was denounced on the stump, and in the news papers as an un-De:nocratic measure, and that it would be followed with a bill on the lines of the Wilson bill in case of suc cess. Then came the elections of 1894, which resulted in an overwhelming ma jority in the house for the Republicans, and utter repudiation and condemnation of the Democratic party. With this Re publican majority it became apparent that changes would then be made favoring fur ther protection rather than in the direc tion of free trade. The Gorman law was a partial measure of protection, and In its schedules and details admitted the wisdom of the policy of protection. It discarded many of the obnoxious feat ures of the Wilson bill, which had at tempted by advalorem rates and greatly reduced rates and the free list to conform to the promise of a tariff foi revenue only. Although many of the advalorem rates were retained in the law as passed, the duties considerably increased over the Wilson bill. This measure, with all its inconsistencies and its Injustice to large interests, especially the agricultural inter, st. was so much better than was ex pected that a feeling of positive relief fol lowed its passage, in its compromises and concessions, it,* however, retained many features of the Wilson bill affecting disastrously our home interests, notably that which repealed the wise provisions of the McKinley law, which enconraged reciprocal trade with foreign countries producing things which we need a»id can not produce, and consuming things which they cannot produce and which we pro duce in great abnndance. The effect of these reciprocity provisions of the law of 1890 was of special advantage to our agri cultural interest, and enlarged the market for our agricultural products; under ita provisions advantageous arrangements had been made with many countries, en larging our trade with them and giving promise of groatl.-increased trade in the future. Yet they were repealed without notice to these countries, and the existing and prosiective advantages are lost for the present, and until the Republican party Is again restored to power; even thus it may be difficult to revive them. as these countries once deceived will not readily renew thes) arrangements. When it became apparent that no fur ther adverse changes could be made dur ing the last congress, manufacturers and others began operations, and when the re sult of the elections of 1894 became kuown, and that no further reductions could be made for at least three years, with the hope that future changes would be made in the direction of protec ion, confidence was largely restored, and the leading in dustries that were fairly well cared for in the Gorman lew, resumed operations with reduced wages at first, but which, with returning prosperity, have been gradually increased beyond the wages of 1894, but are generally much lower than they were in 1892. This confidence is increased be cause there is a well founded hope that the days of tariff for revenue only have passed away, and that the election of 1896 will re store the Republican policy of protection, and that a modification of the tariff will take place on these lines suited to the con ditions then existing. There is still, how ever, a constant menace to our industries in the platforms of the Democratic party, aud in the utterances of its leaders, favor ing free trade. The platform in lowa this year makes such declaration, and the newspapers and public speakers continue to argue for free trade as though no Gor man law had passed. When it is certainly known that the utterances of these lead ers ouly represent agitation and not votes, the country will again enjoy permanent prosperity under s able legislation in the interests of our own country and its work ers. The Democratic party was in power duriug this whole period of deficiency of revenues, having the president and a ma jority in both houses of congress. Con gress was in session most of the time from Aug. 7, 1893, to March 3, 1895, with a month’s vacation in November, i 893, and three months in 1994. The untouched sources of revenue were abundant, both from the tariff and internal taxation. They oould have been invoked to tempor arily bridge over the deficiency no matter by whose fault it was created. Congress only could provide this temporary rev enue. No attempt or suggestion was mede in that direction by the responsible party in power. Whatever was necessary to maintain the reserve, iu order to preserve the parity in value of all our money in circula tion, by sale of bonds, or otherwise, would not have been objected to, and was not objected to by Republicans, but to issue long bonds to pay current expenses could have been easily avoided by providing revenues temporarily. Had the money borrowed been used only to strengthen the reserve, we would now have in the treasury $3 '4,000,000, instead of $182,000,- 090 But it is said the secretary of the treasury was compelled to pay current obligations from the reserve to maintain the credit of the government. Admitting the necessity of this, it does not relieve the Democratic party of incompctency to deal wisely with these great questions at a critical period, created largely, if not wholly, by their own conduct. Can there be a doubt if the Republican party had beeu responsible during this period, and for any reason the revenues had become deficient under the McKinley law, such revenue would have been provided for wishout resorting to a permanent loan, or if the Sherman law, so called, was likely to impair the ability of the government to maintain redemption, provision would have been made promptly to maintain it? Appropriations anti Expenditures. It has been said by way of palliation or excuse for the creation of this enormous debt to pay current expenses, that this necessity was forced upon the country be cause of the past extravagance of the Fifty-first congress, in its legislation, and like extravagance of President Harrison’s administration. A brief examination of facts wil show the feeblene-s of this de fense. During the last year of President Arthur, we entered upon the construction of a new navy, which has required in creased annual expenditure on this ac count during nil administrations since. In 18911 the Fifty-first congress passed the dependent pension act, a measure of jus tice to the veterans of the war; requiring a large increase of expenditure for pen sions. This maisure is not criticised in any quarter. With these exceptions, it may be said that the appropriations from year to year, have been norma l , as have been the expenditures Therefore Presi dent Cleveland’s first administration ex ceeded in amount of • xpeaditure that of Presidents Garfield and Arthur: the first two years of President Harrison exceeded that of President Cleveland, but not largely. But, in 18 »0, i itecame n essary to largely increase appropriations on ac count of the legislation to which I have referred. So that the total increase of appropriations for the four years of Presi dent Har isou exceeded those of President Cleveland’s first term .2<j0,t00,000,0f which 1175,100,<*00 were for pensions alone, other items being chiefly made up by increased appropriations for the army and navy, for rivers and harbors, and the postoffice de partment. The fifty-fir t congress was called the billion-dollar congress, because of these increases. Yet the next congress, which was Democratic in the house; ap propriated .38,000,000 more than the fifty first congress, aud the last congress ex ceeded the fifty-first congress by $5,000,000, the total saving being on account of pen sions. If we compare the first two years years of President Harrison with the first two years of President Cleveland’s present term, we find $40,000,000 more expended than was expended under President Har rison’s first two years. It is also claimed that President Clevig land left a great surplus in the treasury, in March, lfeß9, and that the surplus was, in round numbers, $78,000,000. President Harrison left a surplus of $26,000,000, both of these exclusive of the $100,000,000 re serve, so-called. The like surplus is now $82,000,000, in round numbers, and $178,- 000,000 have been realized from bond issues. This record tells its own story. The Republican party during every year of its power, since the close of the war, by taxation, through tariff and internal reve nue laws, has raised revenue largely in excess of expenditures, and in addition has applied each year a greater or less sum to the reduction of the debt through a sinking fund, and often large sums in addition to the sinking fund, and in 1894, for the first time in twenty-eight years, the government has been obliged to bor row large sums for current expenses. 1 have shown that under the public pol icies prevailing for 32 years prior to 1892. we had unexampled growth, development and prosperity, that this growth was greatest during the last 1 - years of that period; that under these policies great in terests had grown up, agricultural, indus trial and commercial. That this prosperity was suddenly sought to be overturned, with the result of distrust and disaster to these great in terests which was not brought about by any than existing legislation, nor because of extravagance or profligate national ex penditure, but chiefly, if not wholly, be- cause, In 1899, the Democratic party came into power pledged to radical and revolu tionary changes in these policies, not by gradual and slow processes which would have permitted adjustments to be grad ually made so as to minimize the neces sary loss, but suddenly, and without wanting. That the inevitable effect of these changes which it was believed would be thus suddenly made, was to create distrust and distress of the most alarming character, culminating In a crisis extending to every part of the country, and to every business and occupation; that the Democratic party was unable to cope with the conditions they had created, and that they blundered in every step taken. The reason for this failure and blundering is found in the fact that during the last two years the country has beeu governed by faction and not by party. Dissensions and divisions appeared everywhere. The Democratic senate and Democratic house were not in accord. The party in each house was di vided so that neither house could agree upon necessary public measures. The president was out of harmony with both houses, bringing forward measures that neither house would sanction or agree to, and were only brought forward to be de bated and killed. They did not even agree upon the tariff. The present law was fo-ced through the senate by five Demo crats over the protest of the remainder, giving the Democratic majority in the senate the alternative of taking the bill as these five proposed, or defeating it wholly; in turn it was finally accepted by the house under protest, and only because it was well known that if the slightest change should be made, the bill could not again pass the senate, and congress would adjourn with the McKinley law on the statute books. There was one notable ex ception, that was the repeal of the laws intended to secure honest Federal elec tions, which laws had stood on the statute books for 22 years, and had received over aud over again the endorsement of leading Democrats, as healthful leg islation in preventing frauds at the polls in our great cities and in some of the Southern states. Therefore, the country has suffered from non-action as well as from unwise action. Therefore, it is that the measure of prosperity which we now enjoy is chiefly due to the belief arising from Republican success last year, that the plans and purposes of the Democratic party are to be overthrown in 1896, that a party of settled convictions and policies, and in harmony with itself, will take its place with a record of faithful sendee in the past, and that with its restoration to power will come safe and conservative action which will secure permanence and stability to our agriculture, our commerce, our industries and our currency, and that radical experiments in legisla tion and administration will be avoided. The Silver Question. I would gladly discuss other pertinent topics, but the hour allotted to me forbids I cannot close, however, without an allu. sion to one of these topics designated as the silver question. This question is of great importance not only to our country, but to all commercial countries as well. It so happens that this year, in lowa, the two parties are in substantial accord on this question: both, in their platforms, de clare in substance that we should use in our local circulation such quantity of Coined silver as may be practicable with out impairing the existing standard of value; both agree that it would be un wise for us to exchange our present standard for the single stand ard of silver,,as under the exist ing standard we cau circulate large quan tities of silver on an equality with gold, with the silver standard gold would be at a premium, and would not circulate at all, both agree that the opening of our mints to the free coinage of silver at the ratio of 16 to 1, without the concurrent action of other leading commercial nations would lead at once to the silver standard, which would be a greatly depreciated standard, which would produce great distress and injustice, and both agree that with the concurrent action of the leading commer cial nations, or with an international agreement between them for a common ratio, and open mints of all at that ratio, silver would be restored to an equality with gold in making international exchanges and in domestic circulation. Both agree that this last is a desirable end to accomplish. This last is not a new declar ation. It has been the declared policy of the government through repeated stat utes, beginning in 1878, and through re peated presidential messages to congress, and through repeated declarations of na tional conventions since that time. This concurrent action, or international agree ment, may not be near at hand, but the sentiment for it in Europe and in the United States is increasing day by day, and it is the sure method whereby the nations can use both metals concurrently, and without some agreement each nation will be on the single standard of gold or silver, with a wide separation between the value of the two metals in in ternational exchanges I know there are many in both political parties whose opin ions are entitled to respect, who believe that the United States should without delay and without awaiting for any inter national agreement or concurrent ar rangement, open its mints to the free coin age of silver at the ratio of *6 to 1. Some of them believe that this can be done without carrying gold to a premium, and that with free silver loth silver and gold can be retai. ed in circulation upon an equality, but this is impossible as all ex perience shows. Others believe that a single silver stand ard is better than a single gold standard, no matter what the result. These do not take into account the tremendous changes that must follow such transition and the cost of making it - So we have no con troversy with our Democratic brethren on this important question. State Ticket. We have selected as our standard bearer for governor Gen. Drake, who has been from errly life identified with the growth of the state, and has greatly contributed to its growth. He was a faithful soldier iu the great war for the preservation of the Union. He vill briug to the place when elected, splen did business qualifications and the highest integrity. He knows thor oughly the needs of the state and the tem per of the people, in short, will make an exoellent chief executive. For the second place, we have selected Matt Parrott, Widely known as a public spirited citizen, who will fill the second place with credit and honor. For the remaining places on our ticket we have renominated the pres ent incumbents, who have won this distinction by honorable and faithful service. Throughout the state we have nominated exceptionally strong men few the legislature who when elected will faithfully and I have no doubt wisely leg islate for the interests of the state and enter the canvass with a united end harmonious party, and, with a will and purpose to succeed, the result cannot be doubtful.