SO
SUPPLEMENT TO
GHR0NIGLE
LETTER,
One of the Brightest, Brainest
Documents"
Eyer Presented to the American
People.
The Moses That WiU Lead the
People
Out of the Land ol Misery and Want, Into the
Bright Valleys of Happiness and Pros
perity. CANTON, O., Aug. 27. John M.
Thurston and Other Members 'of the
Notification Committee of the Republi
can National Convention Gentlemen:
In pursuance of the promise made to
your committee when notified of my
nomination as the Republican candi
date for President, I beg to submit this
formal acceptance of that high honor
and to consider in detail the questions
at issue In the pending campaign.
Perhaps this might be considered un
necessary in view of jaay 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 momentous Importance of the prop
er settlement of the issues presented cn
our future prosperity and standing as
a nation, and considering only the wel
fare and happiness of our people, I
could not be content to omit again call
ing attention to the questions which, in
my opinion, vitally affect our strength
and position among the governments
of the world, and our morality, Integri
ty and patriotism as citlzensof that Re
public which, for a century past, has
been the best hope of the world and the
inspiration of mankind. We must not
now prove false to our own high stand
ards In government, nor unmindful of
the noble example and wise precepts of
our 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 1868. If ever
before, there la presented to the Amer
ican people this year a clear and direct
Issue as to our monetary system, or
vast Importance in its effects, and upon
the right settlement of which rests
largely the financial honor and pros
perity of the country. It is proposed by
one wing of the Democratic party and
its allies, the People's and Silver par
ties, to Inaugurate the free and unlim
ited 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 declara
tion of this purpose is a menace to our
financial and industrial Interests, and
has already created universal alarm.
It Involves great peril to the credit
and business of the country a peril so
grave that conservative men every
where 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 peo
ple. 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
hall 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 of labor. It would mean
the free use of the mints of the United
States for the few who are owners of'
silver bullion, but would make silver
coin no 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 hot start a
factory nor make a demand for an ad
ditional day's labor. It would create no
new occupations. It would add nothing
to the comfort of the masses, the capi
tal 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.
It would derange all existing values. It
would not restore business confidence,
but its direct effect would 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 63 cents to the mints of the
United States, have it coined at the ex
pense of the Government and receive
(or it a silver dollar which shall be legal
tender 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 It only by their labor,
the products of their land or something
of value. The bullion owner, on the
basis of present values, would receive
the silver dollar for 63 cents' worth of
silver, and other people would be re
quired to receive it as a full dollar In
the payment -of debts. The Govern
ment would get nothing, from the trans
action. It would bear the expense of
coining the silver, and the community
would suffer loaa by 1U use.
THE DOLLARS COMPARED.
We have coined since 1878 more than
400,000.000 of silver dollars, which are
maintained by the Government at par
ity with gold and are a full legal tender
for the payment of all debts, public and
private. Hpw are 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 silver dollars
now In use were coined on account
of the Government and not for private
account or gain, and the Government
has solemnly agreed to keep them as
good as the best dollars we have. The
Government bought the silver bullion
at its market value and coined It Hav
ing exclusle control of the mintage It
only coins what it can hold at a parity
with gold.
The profit representing the difference
between the commercial value of the
silver bullion and the face value of the
silver dollar goes to the Government
for the benefit of the people. The Gov
ernment bought the silver bullion con
tained in the silver dollar at very much
less than Its coinage value. It paid it
out to its creditors and put in circula
tion among the people at its face value
of 100 cents or a full dollar. ' It required
the people to accept it as a legal tender
and Is 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 is
sued 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
maintain the parity.
THEY COULD NOT BE KEPT AT
PAR.
These dollars In the particulars I
have named are not the same as the
dollars which would foe Issued under
free coinage. They would be the same
In form but different In value. Ths
Government would have no part In the
transaction except to coin the silver
bullion into dollars. It would share in
no part cT the profit It would takecan De nB" "T""-ic',.,r,:"
upon itself no obligations. It would noU
t
put tne aoiiars into circulation.
could only get them as any citizen
would get them by giving something
for them. It would deliver them to
those who deposited the silver, and Its
connection with the transaction would
there end. Such are the silver dollars
which would be Issued under free coin
age of silver at a 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 Government to do it
and if there were it would be powerless
to do It The simple truth is, we would
bo driven to a silver basis to silver
momometallism. These dollars, there
fore, would stand upon their real value.
If the free and unlimited coinage of sil
ver at a ratio of sixteen ounces of sil
ver to one ounce of gold would, as some
of Its- advocates assert, make 53 cents'
in silver worth 100 cento, 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 la against
reason, and is contradicted by experi
ence In all times and in all lands It
means the debasement of our currency
by the amount of the difference between
the commercial and coin value of the
silver dollar, which is ever changing,
and the effect would be to reduce prop
erty values, entail untold financial loss,
destroy confidence. Impair the obliga
tions of existing contracts, further im
poverish the laborers and producers of
the country, create a panic of unparal
leled severity, and Inflict upon trade
and commerce a deadly blow. To any
such policy I am unalterably opposed.
BIMETALLISM.
Bimetallism cannot be secured by In
dependent action on our part. It can
not be obtained by the opening of our
mints to the unlimited coinage of the sil
ver of the world at a ratio of sixteen
ounces of silver to one ounce of gold,
when the commercial 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 gold at a ratio slightly in
excess of sixteen and one-half ounces
of silver to one ounce of gold, and while
her mints are freely open to both met
als at that ratio, not a single dollar in
gold bullion is coined and circulated as
money. Gold has been driven out of
circulation in these countries, and they
are on a silver basis alone. Until an in
ternational agreement is had it is the
plain duty of the United States to main
tain the gold standard. It Is the recog
nized and sole standard of tho great
commercial nations of the world with
which we trade more largely than any
other. Eighty-four percent of our for
eign trade for the fiscal year 1895 was
with gold-standard countries, and our
trade with other countries was settled
on a gold basis.
WE NOW HAVE MORE SILVER
THAN GOLD.
Chiefly by means of legislation during
and since 1878 there has been put in clr-
culatlon more than 3624,000,000 of sliver -
or its representative. This has been
done In the honest effort to give silver,
if possible, the same bullion and coin
age value, and encourage the concur
rent use of both gold and silver as mon
ey. Prior to that time -there had been
less that 9,000,000 silver dollars coined In
the entire history of the United States,
a period of eighty-nine years. This leg
islation secured the largest use of sil
ver consistent with financial safety and
. the pledge to maintain its parity with
gold. We have to-day 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 all the silver production of the
United States for money at Its market
value. From 1890 to 1898 the Govern
ment purchased 4,600,000 ounces of sil
ver a month, or 64,000,000 ounces a year.
This was one-third of the product of the
world and practically all of this coun
try'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 realised.
In a few months, notwithstanding the
unprecedented market for the silver
produced in the United States, the price
of silver went down very rapidly,
reaching a point lower than ever before.
Then, upon the- recommendation of
President Cleveland, both political par
ties united in the repeal of the nurch: ta
in olauae of tha 8hermauJej..iyecaa-
not wlin eaiety engagw m lumur ex
periments in this direction.
THE DOUBLE STANDARD.
On August 23, 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 adopt, and the
true relation be fixed between the two
metals, and all agree upon the quantity
of silver which should constitute a dol
lar, then sliver would be aa free and un
limited in Its privileges of coinage as
gold is to-day. But that we have not
been able to secure, and with the free
and unlimited coinage of silver adopted
in the United States at the present ra
tio, we would be still further removed
from any international agreement. We
but never be able to secure it if we en
ter upon the isoiaiea coinage oi mrver.
The double standard Implies equality at
a ratio, and that equality can only be
established by the conourrent law of na
tions. It was the concurrent law of na
tions that made the double standard; it
will require the concurrent law ot na
tions to reinstate and sustain It."
IT FAVORS THE USE OF SILVER
MONET.
The Republican party has not been,
and Is not now, opposed to the use of
silver 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
beyond 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 ANT COUNTRY.
We have much more silver in use than
any country in the world, except India
or China 3600,000,000 more than Great
Britain, 3150,000,000 more than France,
3400,000,000 more than Germany, 3325,-
000,000 less than inaia, izti,(XHJ,oiK) less
than China. The Republican party has
declared In favor of an international
aeciarea in i&vur ut u international
agreement, and, If elected President, it
will bo my duty to employ all proper
mea&8 to promote it The free coinage
of stiver in this country would defer, if
xi'A defeat, international bimetallism.
, an
a -until an imeniauuiuu agreement
maintain our present stanaara.
Independent free coinage of silver at
a ratio ot wxia uuutw ui cuiver to one
ounce of gold would Insure the speedy
contraction of the volume of our cur
rency. It would drive at least 600,000,000
of gold dollars which we now have per-
manently from the trade of the oountry
and greatly decrease our per capita cir
culation. It la not proposed by the Re
publican party to take from the circu
lating: medium ot the country any of the
silver we now have. On the contrary, it
is pror sed to keep all of the silver
monej iow in circulation on a parity
with gold by maintaining the pledge of
the Government that aU of It shall be
equal to goia. xnis nu Deea tne un
broken policy of the Republican party
since 1873. It has inaugurated no new
policy. It will keep In circulation and as
good as gold all of the silver and paper
money which are now Included in the
currency of the country. It will main
tain their parity. It will preserve their
equality In the future as it has ulways
done in the past It will not consent to
put this country on a silver basis, which
would Inevitably follow Independent
free coinage at a ratio of 16 to 1. It will
oppose the expulsion of gold from our
circulation.
FARMERS
AND LABORERS SUF
FER MOST.
If there Is any one thing which should
be free from speculation and fluctua
tion, it is the money of the country. It
ought never to be the subject of mere
partisan contention. When we part with
our labor, our products, or our property,
we should receive in return money
whloh Is as stable and unchanging in
value as the ingenuity of honest men
can make it Debasement of the cur
rency 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 elsewhere, the
poor and not the rich are the greater
sufferers from every attempt te debase
our money. It would fall with alarming
severity upon investments already
made; upon Insurance companies and
their policy holders; upon savings banks
and their depositors; upon building and
loan associations and their members;
upon the savings of thrift; upon pen
sioners and their families, and upon
wage-earners and the purchasing power
of their wages.
UNLIMITED IRREDEEMABLE PA
PER MONET.
The silver question is not the only 'Issue
affecting our money in the pending con
test Not content with urging the free
coinage of silver, its strongest cham
pions demand that our paper money
snail De issued airectiy oy tne uotoh
ment of the United States. This is the
Chicago Democratic declaration. The
St Louis People's party declaration is
that "our national money shall be Issu
ed 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
distributed direct to the people and
through lawful disbursement of the
Government"
Thus, in addition to the free coinage
of gold and silver, we are asked to en
ter upon an era of unlimited Irredeem
able paper currency. The question
which was fought out from 1865 to 1875
Is thus to be reopened, with all its cheap
money experiments of every conceiv
able form foisted upon us. This indi
cates a most startling reactionary pol
icy, strangely at variance with every
requirement of sound finance; but the
declaration shows the spirit and pur
pose of those who, by combined action,
are contending for the control of the
Government Not satisfied with the de
basement of our coin, which would In
evitably follow the free coinage of sil
ver at If to 1, they would still further
degrade our currency and threaten the
public honor by the unlimited issue of
an Irredeemable paper currency. A
graver menace to our financial standing
and credit could hardly be conceived,
and every patriotlo citizen should - be
aroused to promptly meet and effectu
ally defeat It
IN THE HIGHEST DEGREE REPRE -HENSIBLE.
It la 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 Jnto classes and create distinctions .
among us, which. In fact do not exist
and are foreign to our form ot Govern
ment. These axtoeala to passion and to
prejudice are oeneatn tne spirit and in
telligence of a free people and should be
met with stern rebuks by those Uiey are
sought to influence, and I believe they
will be. Every attempt to array class
against class, "the classes against the
masses," section against section, labor
aealnat o&DitaL the .poor against the
rich, or interest against interest,' in tne
United States Is in the highest degree,
reprehensible. It is opposed to the na
tional Instinct and interest, and should
be resisted by every citizen. We are not
a nation of classes, but of sturdy, free,
independent and honorable people, de
spising the demagogue and never capit
ulating to dishonor. This everrecurrlng
effort endangers popular government,
and is a menace to our liberties.
It la not a new campaign device or
party appeal. It la old as government
among men, but was never more un
timely 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.
1 admonish every industrious laborer of
this country to be on his guars against
such a delusion. I tell him the attempt
to place his passion against his interest
and to prevail on him, in the name of
liberty, to destroy all the fruits of lib
erty." PROTECTION OF SUPREME IM
PORTANCE. An issue of supreme importanco is
that of protection. The peril of free sil
ver Is a menace to be feared; we are al
ready experiencing the effect of partial
free trade. The one must be averted; the
other corrected. The Republican party
is wedded to the doctrine of protection
and was never more earnest In fts sup
port and advocacy than now. If argu
ment were needed to strengthen its de
votion to the American systom, or in
crease the hold of that system upon the
party and people, it is found in the les
son and experience of the past three
.. , , . ..
years- -Mn real ize In their own daily
lives what before was to many of tnem
only report, history or tradition. They
have had a trial of both systems and
know what each has done for them.
DEMANDED BT THE PUBLIC EXI
GENCIES. Washington, in his farewell address,
September 17, 1796, a hundred years ago,
said; "As a very Important source of
strengtn ana security, enrnsn puonc
credit. One method of preserving It is
to use it as sparingly as possible: nvlil
the accumulation of debt, not only by
Running occasions of expense, but
bv
vigorous exertions in time of peace to
discharge the debts which unavoidable
wars may have occasioned, not ungen
erously throwing upon posterity the
burden whloh we ourselves ought to
bear."
To facilitate the enforcement of the
maxims which he announced, he de
clared: "It is essential that you should
practically bear in mind that toward
the payment of debts there must be rev
enues; that to have revenue there must
be taxes; that no taxes can be devised
which are not more or less inconvenient
or unpleasant; that the intrinsic em
barrassment 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 of the Government in
making it and for a spirit of acquies
cence in the measures for obtaining rev
enue which the public exigencies may at
any time dictate."
Animated by like sentiments the peo
ple of the country must now face the
conditions which beset them. "The
public exigencies demand prompt pro
tective legislation which will avoid the
accumulation of further debt by pro
viding adequate revenues for the ex
penses of the Government This Is man
ifestly the requirement of duty. If elect
ed President of the United States It will
be my aim to vigorously promote this
object and give that ample encourage
ment to the occupations of the Ameri
can people which, above all else, is im
peratively demanded at this Juncture of
our national affairs.
OUR CONDITION.
In December, 1892, President Harrison
sent his last message to Congress. It
was an able and exhaustive review of
the condition and resources of the coun
try. It stated our situation so accurate
ly that I am sure that It will not be
amiss to recite his official and valuable
testimony.
"There never has been-a time In our
biatorv." said he. "when work was so
aDunaant or wnen wages ware so nign,
whetheT 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 estab
lished since October 6, 1890, and up to
October 22, 1892, number 345, and the ex
tension of existing plants 108. The cap
ital Invested amounts to 340,446,070, 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 forty were cotton
mills and forty-eight knitting mills,
twenty-six woolen mills,- fifteen silk
mills, four plush mills and two linen
mills. Of the forty cotton mills twenty
one have been built in the Southern
States." This fairly describes the happy
condition of 'the country In December,
1892. What has It been since? And what
is it now?
OUR CONDITION 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,
August 8, 1898, addressed to the Fifty
third Congress, which he called togeth
er in extraordinary session:
"The existence of an alarming and ex
traordinary business situation," said he,
"involving the welfare and prosperity of
all of our people has constrained me to
call together in extra session the peo
ple's representatives in Congress, to the
end that through wise and patriotic ex
ercise of legislative duties with which
they solely are charged, -the present
evils may be mitigated and dangers
threatening the future may be averted.
Our unfortunate financial plight is not
the result of untoward events nor of
conoiuons reiatea to our nacureu re
sources. Nor Is It traceable to any of the
afflictions which frequently check na
tional growth and prosperity With
nlenlaoua croDS. with abundant .promise
of remunerative production ana manu
facture, with unusual Invitation to in
vestment and with satisfactory assur
ances to business enterprises, suddenly
financial distrust and fears have sprung
up on every side. Numerous moneyed
Institutions- have suspended because
abundant assets were not immediately
available to meet the demands fright
ened depositors. Surviving corpora
tions and individuals are content to
keep In hand the money they are usu
ally anxious to loan, and those engaged
In legitimate business are surprised to
find that the securities they offer for
loans, though heretofore satisfactory,
are no longer accepted. Values supposed
to be fixed are fast becoming conjectur
al and loss and failure have invaded
every branch of business."
THE CAUSE OF THE CHANGE.
What a startling and sudden change
within the short period of eight months,
from December, 1892, to August, 1893.
What had occurred? A change of ad
ministration. All branches of the Gov
ernment had been Intrusted to tho
Democratic party, which was commit
ted against the protective policy that
had prevailed uninterruptedly for more
than thirty-twe, years and brought un
exampled prosperity to the country, and
firmly pledged to its complete over
throw and the substitution of a tariff
for revenue only. The change having
been decreed by the elections of No
vember, Its effects were at once antici
pated and felt. We cannot close our
eyes to these altered conditions, nor
would It be wise to exclude from con
templation and Investigation the causes
which produced them. They are facts
which we cannot, as a people, disregard,
and we can only hope to improve our
present condition by a study of their
causes.
In December, 1892, we had the same
currency and practically the same vol
ume of currency that we have now. It
aggregated, in 1892, 32,872,699,601; in 1893.
a,.o,vw,wv, n o-. ,.,u.u,n.,.uu buu m
December, 1895, 32.194.000,030.. The per
32,323,000,000; in 1894. $2,323,443,362 and in
capita of money has been practically
the same during this whole period. The
quality of the money has been identical,
all kept equal to gold. There Is nothing
connected with our money, therefore, to
account for this sudden and aggravat
ed industrial change. Whatever is to be
deprecated In our finances, It must be
everywhere admitted that our money
has been absolutely good and has
brought neither loss nor Inconvenience
to Its holders. A depreciated currency
has not existed to further vex the trou
bled business situation.
GOOD MONET NEVER MADE THE
TIMES HARD.
It is a pretense to attribute the hard
times to the fact that all our currency
is on a gold basis. Good money never
made times hard. Those who assert
that our present Industrial and financial
depression is the result of a gold stand
ard have not read American hlstory
aright or been careful students of the
events of recent years. We never had
greater proeprity in this oountry in
every field of employment and industry
than in the busy years from 1880 to 1892,
during all of which time this country
was on a gold basis and employed more
gold In its fiscal and business opera
tions than ever before We had, too, a
protective tariff, under which ample
revenues were collected for the Govern
ment and accumulating a -surplus,
which was constantly applied to the
payment of the public debt
Let us hold fast to that which we
know is good. It is not more money we
want What we want is to put the
money we already have at work. When
money Is employed men are employed.
Both have always been steadily and re
muneratively engaged during all the
years of protective tariff legislation.
When those who have money lank con
fidence In the stability of values and
investments they will not part with
their money. Business is stagnated, the
life blood of trade is checked and con
gested. 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 cannot Inspire confidence by advo
cating repudiation or practicing dis
honesty. We cannot restore confidence
either to the Treasury or to the people
without a change In our present tariff
legislation.
THE TARIFF OF 1891.
The only measure of a general nature
that affected the Treasury and the em-
ployment of our people passed by the
Fifty-third Congress was the general
tariff act which did not receive the ap
proval of the President Whatever vir
tues may be claimed for that act there
is confessedly one which it does not
possess; it lacks the essential virtue of
its creation, the raising of revenues suf-
flolent to supply the needs of the Gov
ernment It has at no time provldea
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 con
tributed to swell our national debt more
than $262,000,000, a sum nearly as great
as the debt of the Government from
Washington to Lincoln, Including all
our wars from the Revolution to the
Rebellion. Since its passage work at
home has been diminished, prices of
agricultural productions have fallen,
confidence has been arrested and want
is seen on every hand.
THE TARIFF OF 1890 AND 1894 CON
TRASTED. The total receipts under the tariff act
of 1894 of the first twenty-two months of
its enforcement, from September, 1894,
to June, 1896, were 3557,615,328 and the
expenditures 3640,418,363, or a deficiency
of 382,803,035. 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 1890, was 3220,353,320. The
excess of exports over Imports during
the first fifteen months of the tariff of
1890 was 3213,972,968, but only 356.758,423
under the first fifteen months of 1894, a
loss under the latter of 3157.214,345. The
net loss In the trade balance of the
United States has been 3196,983,607 dur
ing the first fifteen months' operating
of the tariff of 1894 as compared with
the first fifteen months of the tariff of
1890. The loss has been large, constant
and steady, at the rate of 313,130.000 per
month, or 3500,000 for every business day
of the year.
LOSING IN BOTH DIRECTIONS. '
We have either been sending too much
money out of the country or getting too
little in, or both. We have lost steadily
In both directions. Our foreign trade
has been diminished and our domestic
has suffered Incalculable loss. Does not
this suggest the cause of our present
depression and Indicate its remedy?
tjonnaence in nome enterprise nu al
most wholly disappeared. Our shops
are closed or running on half time at re
duced wages and small profit, if not ac
tual loss. Our men at home are idle,
and while they are Idle, men abroad are
occupied in supply 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 wagea they cannot buy
products. They cannot earn If they
have no employment and when they
dont earn the farmers Jtome market la
lesiienea ana impairea, ana in joh im
felt by both producer and consumer.
The loss of earning power alone In this
country in the past three years la suffi
cient to have produced our unfortunate
business situation. If our labor waa
well employed and employed at aa re
munerative wagea aa In 1892 in a few
months every farmer in the land would
feel the glad change In the Increased
demand for his products and In the bet
ter prices which he would receive.
NOT OPEN MINTS, BUT OPEN
MILLS.
It is not Increase in the volume of
money which is the need of the time, but
an increase. in the volume of business.
Not an Increase of coinage, but an in
crease of confidence; not more coinage,
but a more active use of the money
coined; not open mints for the unlimit
ed coinage of the silver of the world, but
open mills for the full and unrestrict
ed labor of American workmen. The
employment of our mints for the coin
age of the silver of the world would not
bring the necessaries and comforts of
life back to our people. Thia will only
come with the employment of the mass
es, and such employment is certain to
follow the re-establishment of a wise
protective policy which shall encourage
manufacturing at home. Proteotlon has
lost none of lta virtue and Importance.
The first duty of the Republican
party, if restored to power In the coun
try, will be the enactment of a tariff
law which will raise all the money ne-'
cessary toconduct the Government eco
nomically and honestly administered,
and so adjusted as to give the prefer
ence to home manufacturers and ade
quate protection to home labor and the
home market We are not committed
to any special schedules or rates of
duty. They are and will be always sub
ject to changes to meet new conditions;
but the principle upon which rates of
duty are imposed remains the same.
Our duties should always be high
enough to measure the difference be
tween the wages paid labor at home and
In competing countries, and to ade
quately protect American Investments
and American enterprises.
Our farmers have been hurt by the
changes in our tariff legislation as se
verely as our laborers and manufactur
ers, badly aa they have suffered. Ths
Republican platform wisely declares in
favor of such encouragement to our su- .
gar Interests as will lead to the "pro
duction on American aoll of all sugar
which the American people use." It
promises to our wool and woolen inter
est "the most ample protection," a guar
antee that ought to commend itself to
every patriotlo citizen. Never was a
more grevious wrong done the farmers
of our country than that so unjustly In
flicted during the past three years upon
the woolgrowers of America. Although
among our most industrious and useful
citizens, their Interests have been prac
tically destroyed and our woolen man
ufacturers involved in similar disaster.
At no time in the past thlrtysix years,
and perhaps even during any previous
period, have so many of our woolen fac
tories been suspended as now. The Re
publican party can be relied upon to
correct these great wrongs if again in
trusted with the control of Congress.
RECIPROCITT.
Another declaration of the Republic
an platform that has my most cordial
lupport is that whloh favors reciprocity.
The splendid results of the reciprocity
arrangements that were made under
authority of the tariff law of 1890 are
striking and suggestive. The brief peri
od that they were In force, in most cases
only three years, was not long enough
to thoroughly test their great value, but
sufficient was shown by the trial to con
clusively demonstrate the Importance
and wisdom of their adoption. In 1892
the export trade of the United States
attained the highest point in our his
tory. The aggregate of our exports that
year reached the Immense sum of 31,
030,278,148, a sum greater by $100,000,000
than the exports or any previous year.
In 1893, owing to the threat of unfriend-.
ly tariff legislation, the total dropped to
$847,665,190. Our exports of domestic
merchandise aecreasea i8y,7wi,wo, but
reciprocity still secured us a large trade
in Central ana uoutn America and a
larger trade with the West Indies than
we had ever before enjoyed. The In
crease of trade with the countries with
which we had reciprocity agreements
was $3,660,615 over our trade In 1893 and
$16,440,721 over our trade in 18U.
The only countries to which the Unit
ed States showed Increased exports in
1893 were practically those with which
we had reciprocity arrangements. The
reciprocity treaty between this country
and Spain touching the markets of Cu
ba and Costa Rica were announced Sep
tember 1, 1891. The growth of our trade
with Cuba was phenomenal In 1891 we
sold that coui.try but 114,441 barrels ot
flour, in 1892. 366.175; in 1893, 616,406, and
in 1894. 662,248. Here waa a growth of
nearly 500 per cent, while our exporta- ,
tlona of flour to Cuba for the year end.
lng June 30, 1895, the year following the
repeal of the reciprocity treaty, fell to
879,856 barrels, a loss of nearly half our
trade with that country. The valuo of
our total exports of merchandise from
the United States to Cuba in 18(1, the
year prior to the negotiation of the .re
ciprocity treaty, was $12,224,083; in 1892.
317,953,679; in 1893, 324,157,606; in 1S94.
320,126,321, but in 1895, after the annul
ment of the reciprocity agreement, it
fell to only 312,887,661.
Many similar examples might be giv
en of our Increased trade under recip
rocity with other countries, but enough
has been shown of the efficacy of the
legislation of 1890 to Justify ths speedy
restoration of Its reciprocity provisions.
In my judgment. Congress ahould im
mediately restore the reciprocity section
of the old law, with auoh amendments,
if any, as time and experience aanctlon
aa wise and proper. The underlying
principle of this legislation must, how
ever, be strictly observed. It la to af
ford new markets for our surplus agri
cultural and manufactured products
without loss to the Amertoan laborer of
a single day'a work that he might other,
wise procure.
Continued on 3d page.