The Algona Republican from Algona, Iowa on October 2, 1895 · Page 2
Get access to this page with a Free Trial
Click to view larger version

The Algona Republican from Algona, Iowa · Page 2

Publication:
Location:
Algona, Iowa
Issue Date:
Wednesday, October 2, 1895
Page:
Page 2
Cancel
Start Free Trial

Page 2 article text (OCR)

BHUT.LICAN. OCTO1IKU 2, 1S95 wealth is fts I have been a mimvife for nuiu.v years, mm in each ease where " MOTH" 'ERS' FRIEND" was used ji accomplished wonders and shortened labor and lessened pain, it is the i>est rehieciy for RISING OF TUB BREAST known, ami worth the price for that; aiotife. Mrs. M- M- Jtrewster. Montgomery, Ala. Sent by Kxpress ot-niiiil. on receipt, of price, Sl.OOtK-r ImlHo. Book "To AloUiers" mailed free. BRADFIELD REGULATOR CO., AfLAMtA. OA. SOIjiJ BT AtL imtJOQiSTB. ABSOLUTELY FREE. Wo have contracted for two thousand £100 Bicycles which we propose togive FREE to sortie one person In every township in the State or Iowa, Do ~EOV want one V This Offer Open for Thirty Days Only. •Full particulars upon application. Enclose two cent stamp for reply. Address THE WERNER COMPANY, 160 Adams St., Chicago, Reference, Any Commercial Agency. MONEY. MI;IV« unlimited niom-y long or short r.inic. 13. Yv. II to lo:iii on QUiCKLY,- TMOROUGMLY, FOREVER CURED ENGLISH QUICK >j 30ISDAY in tinny <li vend liuniiiii GREAT ENGLISH REMEDY • kl a new pfi'fpcte.'l scientific jf fiiil unless tin- Piiso Is lie- Vo!i feel improved tlie tirst soon know rca^' i rd, and our per capita iK-iiil,- equal to theirs, the accumulation o two hundred years, whilst these twelve states only fifty years ago were without large cities and centers of wealth, ana, with the exception of Ohio and Indiana, wore inhalrted Ivr t\. sp:ir-ely-sett.led popu- lati'-'U of agriculturists f ir in the interior of t!>,' country, with no access to marxets, except, that provided l>y nutural water- wax s The total wealth of the country between 1SW and 1800 increased £-19,000.000,000, one. thousand millions more than the present estimated wealth of, Great Britain, aud of. this increase 821,000,000,000, (T more than two-fifths of the total increase in the United States is m 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 1STO to 18'JO, it appears that in these twelve states our annual increase of wealth p?r capita liars been twice that of New England, one- third more t'aaii that of the Atlantic seaboard states of New York, New Jersey, Pennsylvania, Delewgre and Maryland, that the average annnfci increase of wealth in the United States in these twenty years has been £41 per inhabitant, whilst that of the prairie states I have named has been $50.31 per inhabitant. This analyzation 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 and did not go in unjust proportion to the states of the Atlantic seaboard. Iowa. If we look ttt Iowa for these thirty years we see that our population increased from 674,000, in 1SGO to 1,913,000 in Ib'JO, or about three-fold, whilst our wealth increased during the same period from s?547,030,000 to ?S,:2SU.OO;),OUO, or nearly ten-fold. According to the statistics of our state board of agriculture tho value of tarm product < in Iowa in :S'.M was Slio.Oi and the products of our manufactures reached 8125,0)0,030 in 1890. Of the 3S),000 homes in Iowa more own their own homes than in any other state in the Union, and tho average mortgage debt upon our farms is less, with few exceptions, upon each mortgaged farm than in any other stats in the Union, and 71 per ce:it of this debt was created for the purchase of land alone, and 19 per cent for improvements 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 2,003,000 of people in Iowa 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 enumerated, nor that these twelve states, largely agricultural, have not increased in wealth as rapidly in proportion to population as any other portion of the country except, alone, the states on the Pacific coast. The population of these twelve states is 23,l.'00,003 as against 18,003,030 in the eleven North Atlantic seaboard states, and their wealth is t3o,000,- from 1S70 to ISO) the fftll ot of manufactured products was constant an A great, largely because of improved methods and sharp competition in production, and with this diminution of creating product. If we analyze this product of the factories, we find that it embraces all the product* necessary to industrial independence. Under this policy, and largely through ib, tremendous interests grew up, the occnpatijns of a generation were regulated by it, labor was adjusted to it, both as respects distribtv.ion b.- occupations and the wages earned aud paid; homes, towns and cities grew under it, railroads were build for transportation of these products on lines of easy distribution 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 occupations and employments; creating exchanges and transportation.of products ot revalue estimated at *40,030,000,'!00 annually, of internal trade. Resumption and Increase of Curi-encr. Our growth in wealth and production leaped into prominence during the decade between 1880 and 130J. This was the period immediately following the resumption of specie payments, and the large increase of currency following resumption the result of it. We made great progress between and 1SKO, notwithstanding during that period we had a great war, taxing to the utmost our resources and credit, necessitating the creation of a large debt and ulie issuance of a large amount of inconvertible paper, fluctuating iu value, rendering uncertain the profits of production and sale of products, then a period of preparation for resumption, which rosiutc'i in a continuous fall of prices v, <.;' ; resun:, tion was nccomplishe-.l. Tli-.i obey '.j uratcd in iS7-> r.r.a and as* specie payment, inaug — consumated in 1870, was wholly the policy of the Republican party, and was bitrer.y opposed, and to a degree impeded by the conduct of the Democratic party. A\ ith resumption, the, volume of money was gradually enlarged by the use of gold, silver and paper, and confidence in our ability to maintain a stable measure of value was established, and greatly contributed to the marked prosperity of the decade between i S8J anil ISO). Our circulating money more than doubled between Ihu and IS: S3, reaching, at the latter period, :?:W per capita, as against less than *U per capita, in 1877. By tlte silver law of 1S78, full legal tender silver was coined in limited quantity, on government account, the difference between the bullion value and the coined value was covered into the treasury, creating a large profit to the government, and called seignorage. This created a corresponding obligation on the part of the government to maintain silver coins at a parity in value with gold. This obligation was strengthened by the statutory obligation of 1SOO; the silver purchases were then incre'ased, the bullion to remain iu the treasury, to be coined in the discretion 01 the secretary, and legal tender notes to be issued. The law was necessarily tempor- tvou'd not be produced here to bo sold on a falling market: that importers ^ u1 ^ await the proposed th:tnges, 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 wa« notgU-en, and thus began the distress of 1893, with tLo proposed tariff reductio i as the initial cause. Accompanying this industrial disturbance came want of confidence in the credit of the country. It was apparent that an industrial revolution, 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 commodities taking the place in our markets of products that had been made at home, and that this exodus of gold Would imperil our large circulation based upon it. Utir revenues began to diminish because of reduced importations following a diminished consumption and awaiting the proposed tariff changes, and with this diminution of revenue tha gold in tbe treasury Would be required to pay current expenses, and because of this reduction of revenues a fear seized the public mind that with continued purchases o£ silver and increased issues of lezal tender paper', our ability to maintain the gold standard of payments Would be Impaired or ceast, 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 exaggerated, and were not all realized, but having taken possession o" the public mind the panic followed,and like appetite, grew by whaD it fed on, and with tho anticipation 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, 1893, and recommended the repeal of tho Sherman act of l'' : 'A but offered no suggestion or hope that Li-; party would relinquish its pur- f revolutionmng our industrial sys- the disturbance, the money qttes- When it became apparent that no iu»- thef adverse changes cotild be made during the last congress, inj,nufacturers fttid others began operations, and when the result of the elections of 1894 became kuOWit, 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 industries that were fairly well eared for m the Gorman IBW, resumed operations with reduced wages at first, but which. With returning prosperity, have been gradually Increased beyond the wages of 1S94, but are generally much lower than they were in 1893. This confidence is increased because there is a well founded hope that the days of tariff for revenue only have passed away, and that the election of 1896 will restore the Republican policy of protection, and that a modification of the tariff will take place on these lines suited to the conditions then existing. There is still, however, a constant menace to our industries in the platforms of the Democratic party, and in the utterances of its leaders, favoring free trade. The platform in loWa this year makes such declaration, and _ tho newspapers and public speakers continue to argue for free trade as though no Gorman law had passed, When it is certainly known that the utterances of these leaders only represent agitation and Hot votes, the country will again enjoy permanent prosperity under stable legislation in the interests of our own country and its workers. The Democratic party was in power during this whole period of deficiency of revenues, having the president and a majority in both houses of congress. Congress was in session most of the tmia from Aug. 7, 1893, to March 3, 1895, with a month's vacation in November, 1893, and three months in 1994. The untouched sources of revenue were abundant, both from the tariff and internal taxation. Thev could have been invoked to tcmpor- are rue most I'owei-rni, s.iiv, »'«;« l "V.f v t 003 QUO as against=33,000,000,003 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 ami wealth of the whole counrty. So, under the political policies that prevailed, we have prospered well compared with other sections during these thirty year*. Agriculture. In ISO) the Unite.! States had 4,504,003 farmers with an aggregate wealth, in_ eluding value of stock aud implement?, of §16,1.03,003,1)00, or an average to each of " i 500 The tofc-il product of these farms in 1803 as estimated, was *3,704,<KiO,OuO, of which *3,10),0'30.C03 was, in round numbers, consumed in the United Staees, and «H.%OUO,000 was exported, or about 1(3 pel- cent of the whole value produced, of which exportation $109,000,003 was wheat, and §138,000,00) raw cotton, leaving an exportation of all other agricultural products about 6 per cent of the total products of agriculture, excluding wheat and cotton, providing a home consumption of 94 . ary in its character and purpose, the purpose being to utilize silver 'as much as possible without endangering the standard 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 commercial 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 settle these balances, the commercial value of gold being equal to its coined value, gold alone would go abroad to settle these balance ? unless our securities should be in demand, but the situation might be such that our secareties already abroad wnulcl be returned, requiring export, ofgoldtopayforthe.n. This was actually the casein 1891, -Hollowing the Argentine and Australian i roubles Thus itfueciime important that we should use all necessary precautions to retain our gold by checking importation of articles coniin" into competition with product that could be made a', home, natural conditions being favorable. So if our laws po . turn, the initial cause, ot The public distrust on . .. tion was not allayed by his message; it was not believed that the well known hostility of the president to silver wotil I bring back his party to even moderate views on that question. It was fresh in the memory of all that in 189) every Democrat in the senate, but three, and all oho Democrats in the house, bub. fotmceu, voted to substitute free coinage ot silver for the Sherman law, and it was not be lieved that this recent vote would be changed in the senate or in the house, so as toVepeal the purchasing clause without substituting free coinage. In 1SJO and 1891, 27 states, in their Democratic conventions, had declared for free silver. The platform of 1893 was construed so as to meet one view in one section of the country, aud another view in another section of the country. In several of the Western states, the Democrats and Populists united on electoral ticket-, 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 appr- hension was not removed because ot the protracted debate in the senate, and doubt as to the final vote. On the 31st of Oc tober, 1893, ihe purchasing clause repeal pas-ed the senate, a large majority of Republicans voting for the repeal, and a bare majority 'of Democrats voting for it. With this repeal, the money panic subsided, bun business and trade remained stagnant, importations continued to fall off Light importations 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 without employment, or employed, a 1 , inter- arily bridge over the deficiency no matter jc party cam'e (*flnQp» in "-*••( ^ uc *.*'- »*••-"-•• —'**• * " _ lutopowet pledged tc.radical and revolutionary changes in these P'J^^JS Gradual and slow processes WMWI wuwj.v» have permitted adjustments to be gf-M- uallynmdesoasto minimize the nee**; sary loss, but suddenly, and without warning. That the inevitable effect of these changes which it was believed would be thus suddenly made, was to areate distrust and distress o* the most alarming ch/tracier, culminating in a crisis extending to every part of the country, and to every business and occupation; that the Democratic party was tillable to cope With the conditions they had created, and thattney blundered in every step taken. The reason for this failure and blundering is found m the fact that during the last two years the country bas been 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 divided so that neither house could agree Upon necessary public -rieasures. The president Was out of harmsny with both houses, bringing forward measures that neither house would sanction or agree to, and were only brought forward to be debated and killed. They did not even agree upon the tariff. The. present laW Was forced through the senate by fife Democrats over the protest of the n^namder, giving the Democratic majority in the senate tho 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 tho statute books. There was one notable exception, that was the repeal of the laws intended to secure honest Federal elections, which laws had stood on the statute books for 23 years, and had received over and over again the endorsement of leading Democrats, as healthful legislation in preventing frauds at the UttU Vli*JJ*«J "- 7 -~ * " . , .-i 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 honsi of its friends, much to their mortification. The president was in distress because of it. The Gorman bill, a partial measure of by whoso fault it was created. Congress only could provide this temporary revenue. No attempt or suggestion was mede in that direction by the responsible party in power. Whatever was necessary to maintain the reserve, in _ order to preserve the parity in ' _ value of all our mone/ in circulation, 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 S3 J4, 000,000, instead of 8183,000,OX) 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 incompetency to deal wisely with these great questions at a critical period, created largely, if not wholly, b ,• their own conduct. Can there be a doubt iE the Republican party had been 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 aud 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 because of the past extravagance of. the ifty-first congress, in its legislation, and ke extravagance of President Harrison's dministration. A brief examination of acts wil show the feebleness of tun do- ense. During the last year of President . Arthur, we entered upon the construction protection in its make vip and policy, has d Au" 28 under the diversified occupations wero suc h as 10 allow free importations \ - FOR SALE E.VALU DRUGGISTS O I JAGKSQH MEDICAL CO. CHICAGO ILL. " U 2SO SO. CUARK 5T IMPERIAL B'UD'G. u N.B. Don't take any substitute d 5 with the same name but different j g spelling on which your druggist o 6 makes Twice as much ....... <A &E.WARE OF IMITATIONS Frank W. Dingley. ..m finifn'spd as a wash according to tllrec- &ti™M of our people. Thu-s it is sean that the home market for the products of agriculture constitutes the real market, of tbe farmer and is constant and stable, whilst . the foreign, except for cotton, is unreliable, fluctuating, with conditions abroad changing Ironi year to year. This growth in our country has not been confined to any occupation or industry, but has extended to them all; the largest growth however, has been in manufactures, as I shall presently show. Republican Policy. During the whole of the period between 18 K) and 1803 the policies of the Republican party substantially prevailed, although for considerable periods the Democratic • ' ' the house, and and all kinds of Office . Furniture, . - party held a majority in for four years the national administration, but during no part of it_ was this control extended to the legislative ami. ex, ecutive power at tho same time, so that "She? « laws could neither be enacted nor repealed r iiHH^tlvto | wi thout ^^J^u/^oS f but that they greatly contributed it cannot be doubted. From 1SB1 to 1885 we were engaged 111 a civil conflict which cost more than half the total accumulated wealth of the corny trv in 1880. Yet with this vast expenditure our wealth increassd between I860 and 1870 50 per cent. Between 18,0 and 18S3 there was a depression and shrinkage of values incident to the return of specie payments, yet our wealth increased * 003 010,000, and with the return of specie mvments in '79 our wealth began to grow apace, so that in a single decade, from 188. to 1803, it increased 823,000,0;iO,003, or a sum equal to one-half of our total wealth from the foundation of the government up to 1SSO. That contributory to our tariff policy causes may be found in the general intelligence and in the inventive genius of our people with natural conditions highly favorable, and with effective and relatively cheap means ot distribution of products from the places of consumption cannot be denied; that much of this is due during the last ten yeaw to the soundness, stability and plentifulness of our currency will be admitted; that it could 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 maim- factui was shown by the census returns of 1800 and 1890, &nd in intervening years. In 18(35 the capital invested m, manufac- iui-es was tl.OOO.OOO.OQO, in 1S93, $6,100,000,300.. The WQ^ers enipjoyftdia I860 were aii boo- in 1890, 4,470,000. The value of prodn.ofeotWWW* $1,885,000,000; jn , S9,Q&6,Q(W,OQO, op nearly five-fold m- 'se in W ye%rs. This increase J B not W »H?»«H> - ** far in excess of our exports, gold muss go 10 pay for them, a-.id wo would lose our gold and also our earning power, trans- ferri'n'-.- 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 imanuial policy prior to 1893 were linked together ind complements of each other. The tarifl policy was tssential to our currency sy.s- ; em and the continuance of a sufiicient "•old supply. A sudden and radical change iii our tariff so as to largely increase importations would necessarily affect, un- favor.blyour currency policy. 1 his system grew so that in 1893 we found a condition of marked prosperity, especially simulated by the McKinley law of 1830, aud the Sherman law of tho same year. The election-s of 189J placed the Democratic party in power pledged to an immediate reversal of our industrial policy, and to the substitution for it on a policy of iree importation of foreign products with tho only restraint of a tariff for revenue only, to be levied upon all products alike without discrimination as to the value or use of the product or the laboi expended in creating it, and without re gard to reciprocal agreements already To lit such a revolution, radical in its purposes and results, would not be followed by disturbance, disaster and distress was impossible, yet this purpose was stoutly maintained, and was to be executed as soon as possible after Mr. Cleveland'*'inauguration. They maintained hat this could be done without disturbance How this claim has bsen verified and 'how great the loss and how fatal to our prosperity these projects were, tbe last three years have disclosed. With this industrial system thus threat ened involving in its train, losses to all occupations, whether directly protected been substituted aud 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 mrty; leading Democrats in both houses lenounced it, and all gave assurance thai twas only a temporary measure; that further reductions and changes would be nade at an early day in the direction of 'ree trade if the Democrats should be sue easeful in elections soon to take place Durin" the campaign of 1894, the law wa denounced on the stump, and in the news an< 01 not, preparations to meet this great diaSse began, each trying to arrest the blow or have i* fall as lightly a* pos-ible. The was a *u4den check to the lv . then listing. Distrust and followed and increased from day to day Fear seized ^e public mind. Jo was believed that the great capital em SS3S WTOtfWtWW would, be iraper- y*Vy>»* •** *_"._;.,,nxi that, t.hfi laborers em- papers as an tin-Democratic measure, i that it would be followed with a bill the lines of the Wilson bill in case ot sue cess. Then came the elections of 189-t, which resulted in an overwhelming ma- iority in the house for the Republicans, and utter radiation and condemnation of the Democratic party. With this Republican majority it became apparent that changes would then be made favoring further protection rather than in the direction of free trade, The Gorman law was a partial measuPe of protection, and in its schedules and details admitted the wisdom of the policy of protection. It discarded many of the obnoxious features of the Wilson bill, which had attempted by advalorem rates and greatly reduced rates and the free list to conform to the promise of a tariff for revenue only. Although many of the advalorem rates were retained in the law as passed, the duties wera considerably increased over the Wilson bill. This measure, with all its inconsistencies and its injustice to large interests, especially the agricultural interest, was so much better than was ex- nected that a feeling of positive reliet followed its passage. In its compromises nnd concessions, it, however, retained •'iiany features of tho Wilson bill affecting disastrously our home interests, notably that which repealed the wise provisions of ihe MoKinley law, which encouraged reciprocal trade with foreign countries urottuoinjt things which we need and can not produce, and consuming things which they cannot produce and. which we pro duceingwt ftbundanpe, Tho effect o these reciprocity provisions of the law of 189.0 was of special advantage to^our agvi- fa neiv navy, which has required m- reased annual expenditure on this ac- ouut during "11 administrations since, n 18W tbe Fifty-first congress passed the dependent pension act, a measure of jus- ice to the veterans of the war; requiring a large increase of expenditure for pen- ions. This measure is not criticised in any quarter. With these exceptions, it may be said that the appropriations from year to year, have been normal, as have oeenthe expenditures Therefore President Cleveland's first administration exceeded in amount of expenditure that of Presidents Garfield and Arthur; the first two years of President Harrison exceeded that of President Cleveland, but not largely. But, in 18 JO, io became necessary to largely increase appropriations on ac- oountofthe legislation to which I have referred. So that the total increase of appropriations for the four years of President Harrison exceeded those of President Cleveland's first term i3tiq,UOO,00'J,of which U75,000,000 were for pensions alone, other items being chiefly made up by increased appropriations for the army and navy, for rivers and harbors, and the postofflce department. 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; appropriated >; 88,000,000 more than the fifty- first congress, and the last congress exceeded the fifty-first congress by §5,000,000, the total saving being on account of pensions. 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 Harrison's first two year^. „, It is also claimed that President Clsvtg land left, a great surplus in the treasury, in March, 1889, and that the surplus was, in round numbers, ^8,000,000. Harrison left a surplus of $86,000,000 both of these exclusive'of the .§100,000,000 reserve, so-called, The likemwplus is jow §82,000,000, in round numbers, and 030030 have been realised from bond issues. This record tells its own story, The Republican pwty during every Qi * y-' i- — • i ~--r t - - • • tna taxation, through tariff nue laws, has raised revenue J excess pf expenditures, and in has applied each year a polls in our great cities and in some of the Southern states. Therefore, tho country ha.« suffered from non-action as -well as from unwise action. Therefore, it is that tho measure of prosperity which we now enjoy is chiefly due to the belief arising from Republican success last year, that the ph'.ns and purposes of the Democratic party are to be overthrown in 1890, that a. party of settled convictions and policies, and in harmony with itself, will take its place with a record of faithful service 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 legislation and administration will be avoided. The Silver Question. I would gladly discns-s other pertinent topics, but the hour allotted to me forbids I cannot close, however, without an allu. _ sion to one of these topic? designated as' the silver question. This question is of great importance not only <}o our country, but to all commercial countries as well. It so happens that this year, in Iowa, the two parties are in substantial accord on this question; both, in their platforms, declare in substance that we should use in our local circulation such quantity of / coined silver as may be practicable with- / out impairing the existing standai'u^of value; both agree that it would be unwise for us to exchange our present standard for the single standard of silver,,as under the existing standard we can circulate large quantities of silver on an equality witln gold, with the silver standard gold would be at a premium, and would not circulate at aH, 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 commercial 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 a-ree that this last is a desirable end to accomplish. This last is not a new declaration. It has been the declared policy of the government through repeated statutes, beginning in 18T8, and through repeated presidential messages to congress, and through repeated declarations of national conventions since that time. This concurrent action, or international agreement 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 & wide separation between the value of the two metals in international exchanges I know there are many in both political parties whose opinions are entitled to respect, who believe that the United States should without delay and without awaiting for any. international agreement or concurrent arrangement, open its mints to the free coip 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 both silver and gold can be retai ed in ciiculatio» upon &» equality, but this is impossible as all ex-f perienoe shows. Others believe that a single silver standard 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 pu this inipopvant > 4 r4; C^T; We have selected as our standard bearej? 'V| for governor Grew, Drake, who has been,' from growth . • life identified with and has greatly iwas .''.... i war for the preservation He • will bring when electeAi did business qualifications tl^e highest integrity, He kaows STtwd tetSSfW «UW4 tt» w^et lw our agricultural products; under its •"• -s a4vantageou.s arrangements nw4ewith Uiauy eounww, en, row large T tftyf fry current PXpens' uudep tJien«bliepc<V fop 89 years prto tP ' " :rowtb, J --'-this gwm j»n,

Get full access with a Free Trial

Start Free Trial

What members have found on this page