Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-11-28
BATTLE or The HTS.
DEpEw AND CLEVELAND MEASURE
PosT-PRANDIAL BLADES.
Dspew's Speech on Reciprocity and
Cleveland Cleyeland's Reply
and Keen Satire.

slant The speakers were Cnauncey NJ.
Depew, President Smith, President Eliot,
of Harvard; Carl Schurz and George VIM.
Curtis, and the unexpected speaker was
Mr.. Cleveland The passage between Mr..
Depew and Mr.. Cleveland was reported by
telegraph, but the report was bungled and
badly put together. and failed TO present
clearly the points of the battle of wits-in
some respects it misinterpreted the remarks
of the speakers. We reproduce from the
New York Times of the 18Th the two
speeches which have occasioned SO much
comment, emitting the references to re-
peated applause and laughter:
MR.. DEPEw's SPEECH.
Chauncey NJ. Depew received a liberal
share of friendly applause when he arose
to talk on the subject of Commercial Re-
ciprocity.n He scored two or three good
points with his listeners when he referred
to the admirable demonstrations of COM
mereial and financial reciprocity in the
crisis just passed, but stumbled badly
when he touched on politics. He spoke
admiringly of James G. Blaine's reciprocity
views, and incidentally alluded to the fact
that Grover Cleveland had been placed in
nomination for the Presidency, for 1892,
by Congressman Springer of Illinois. I'M
mediately there was an outburst of ap-
plause that increased in volume and en-
thusiasm until it took on the form of an
ovation to Mr.. Cleveland. The applause
and cheering lasted for several seconds.
Mr.. Depew appeared nonplussed at the
effect of an illusion which he had evidently
intended TO be jocular. He choose his
course quickly, however, and with all of the
fervor and defiance of a stanch party man
exclaimed:
IF such an event as Mr.. Springer sug-
gests should be brought about, then l
would like to recreate the conditions Of
1883 and place James G. Blaine in the field
and start on fair race"
Some applause followed this remark, but
compared to the applause bestowed upon
Cleveland's name it was as a summer
shower is to q thunderstorm. Probably
never before at public banquet had Mr..
Depew SO completely put his foot IN 1t.
He seemed to feel the situation keenly, Tor
he remarked plaintiyely that ne felt lone
some standing on a platform with MS
friends ex-President Cleveland, George
William Curtis, President Eliot of Harry
ard, Horace White of the Post and Charles
r. Miller Of the Times He thought that
under the circumstances the Hon. Carl
Schurz ought to come to his rescue.
Turning his attention abruptly to his
subject, Mr.. Depew exclaimed What is
reciprocity? l am of the opinion and feel
like saving, if Bishop Potter will excuse
me, that it is in the line of the golden rule
do unto others as they do unto you"
After while the speaker took up seri-
ously the thread of his subject and spoke
earnestly and eloquently in the following
vein:
1.-THE events of the last few days have
developed q peril suspected but never felt.
We sell to Europe hundreds of millions of
dollars worth of breadstuf, provisions and
live stock. They are consumed by the
peoples abroad, and the money pays the
expenses of our farming, opens new fields
to the pillow, gives us capitar for business,
and the surplus increases our national
wealth We sell other hundreds OF mill
ions of dollars worth of cotton which goes
into garments which are worn out across
the sea, and that money comes back to still
further add to our prosperity and richness.
We sell other hundreds millions of railroad
stocks and bonds. That money goes into
roadbeds and rolling stock, and by no pro-
cess can be turned again into cash. Sud-
denly q financial cyclone strikes London,
Paris, Berlin, Vienna, Frankfort. Argen-
tines, Turks Egyptians cannot be sold.
Then their bankers and investors pour
upon US an avalanche of our stocks and
bonds and say Take back your securities
and return US our money. We lind we
have made call loan and must take up the
collateral Within the past few weeks we
have stood the strain of the repurchase OF
all our bonds and stocks which Europe de-
sired to sell. 1t was a fearful test, but it
has superbly demonstrated the strength OF
our financial situation, the soundness OF
our credit, and the permanence of our
prosperity.
The eight thousand millions of dollars
which are the capitalization of the rail-
ways of the United States furnish the Sc
curities which are the basis OF our business
and credit But the breaking of the dam
of this European reservoir which We have
been filing, may pour upon US stream OF
securities which will reduce values from 70
10 so per cent. Such contraction would
at certain times suspend the business Of
the country and bring about bankruptcy
and ruin. These tremendous possibilities
will be averted rs we become rich enough
TO absorb our own securities and loan our
own money for our own development. But
to increase our available resources we must
enlarge the area of the markets for our
surplus products. The solution of our
dangerous problems and the solvent of our
future prosperity lie largely in the direction
of commercial reciprocity among the ma
tons of all America.
IAN imaginary line coo miles in length
divides the United States from Canada. For
all the purposes of trade, tariff, and taxa
ton, Canada is independent of Great Brit
ain She has an area larger than that Of
the whole United States. She possesses
incalculable resources which under favor.
ing circumstances could be developed. She
has already population larger than the
State of New York. She needs our COM
1 IN, oil
measures, and they could be exchanged
10 the infinite advantage of both countries.
The protectionist who believes that tariffs
should be levied upon the principle OF pro-
lection, the revenue retormer who believes
that thew should be exacted only for reve-
nue., the free trader who thinks that they
should not be imposed at all, could all
agree upon the principle that whatever
laws existed in the United States should be
adopted by the Canadian Parliament and
become applicable alike along all the coasts
of this republic and Canada as against the
rest of the world. But between themselves
there should be the largest reciprocity and
closest commercial relations.
"The conditions of our trade with South
America are stigma upon us as CONNER
cial nation. We buy from South America
S112, 100000 worth of goods year more
than We sell to them. This is paid in cash
through London, ana the Engnsn DanheT
collects from US over 81 ,000, 600 in commits
siops for the transaction of the business. It
is easy TO imagine the incalculable advant-
ages which our farmers, merchants, manu-
facturers and railroads would derive from
reciprocal purchases from Us, If only 10 the
extent of this SIP 100000 a year
Mr.. Depew stirred up Dr.. Eliot by ex
pressing the belief that it would be good
idea for American Legislators TO relegate
political economy, with athletics, to the
American colleges.
Mr.. CLEVELAND TALKS OF Mr.. DEPEw.
1t had been arranged and agreed that Mr..
Cleveland should make no speech. But
when President Smith announced at the
close of Mr.. Schurz's address that volunteer
speeches were in order the company arose
as one man and demanded that Mr. Cleve.
land should say something. He withstood
the demand for long time, but the cries
and the cheering were so voluminous, so
persistent and so unabated that he was
compelled to respond. He urged as an ex-
cuse for his hardness in responding that he
came to the banquet as an honorary men,
Der who was not to be called on for a
speech. He had eaten his dinner in that
- Il 49,