The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1891-02-05
HIS LAST SPEECH.
SUDDEN DEATH OF SECRETARY WILL
LIAM WINDOW IN NEW YORK.

SUDDEN DEATH OF SECRETARY VIII
LIAM WINDOW IN NEW york
He nrOpa Dead at the COncluSiOn o.
HIs speech,
Secretary Windhom dropped dead las
Thursday night in DelmOnicos, New
York, directly after delivering his
speech on the finance question at the
New York Board of Trade banquet. Re
spending to the toast Our Country
Prosperity Dependent Upon It's lnStlu'
ments of Commere,n Mr.. Wmdhom said
am to speak briefly of the insuu-
ments of commerce in their relation to
the wealth and prosperity of the coun-
try The subject is very broad, and my
time very limited. | shall, therefore.
cOnfine my remarks to the two chief in
StIumentalties of cOmmeIce-tlanspOr-
tation and money. A naHOn's wealth
and prosperity are usually in proportion
to the extent and success of its com
merce, and commerce itself is dependent
upon the adequacy and adaptation of
these two essential instruments. The
history of all civilized countries attcsts
the fact that the nation best equipped in
these respects rapidly becomes the most
powerful, the richest and the most pros
porous. Our own country is now an eNcep-
ton to the rule. No nation has ever tOs-
tered more literally or protected more
carefully its internal and coastwise trade
than we have done, and the resultant
magnitude and prosperity of our dOmcs-
tic commerce is, believe, withOuta par
allel in the history of the world. We
have more miles of railroad than all Eu-
rope, ASA and Africa combined. The
| floating tonnage of the United States en-
gagged in cOastwise commerce and on our
lakes and rivers is very far in excess of
that of any other nation. Our increase
of wealth from 1870 to 1850, as compared
with that of other nations. was: United
States, Sl3,573, ,4Sl ,ID3; Great Britain,
3,250,0 900; France, Sl,415,0OO, 900;
Germany, So, 754, 900 600.
Our home markets III 1880 absorbed
five times as much Of our manufactured
products rs Great Britain exported of
hers to all the markets of the world.
Contrast these grand results of our liber-
ally developed domestic commerce OpcT-
ating upon our protected industries with
the present shameful condition OF our
foreign carrying trade. There was Il
time when we stood first among the ma
tions in shipbuilding, and Great Britain
alone exceeded us in ocean tonnage.
Once 05 per cent. OF our imports and 80
per cent. of our exports were carried in
American bottoms, and Uur merchant
marine became the boast Of every citizen
and the envy of the world. Now, so far
as foreign trade is concerned, our ship
yards are comparatively silent and our
llag has almost disappeared from the
high seas. So strong had olir position
become under the protective policy Of
the first % years of national life that Our
merchant marine continued to hc pros
porous so long as wooden vessels were
the only vehicles of ocean commerce and
other nations rCflaned from heavy sub
sides to their ships. Aut when wooden
vessels began to he suppanted by iron
steamers, and the European Govern
ments poured out their contributions in.
20 the treasures of their steamship
companies the deCadrnCe of American
shipping began aud has continued ever
since. In my judgment the remedy is
plain and easily applied. If we would
regain our lost prestige, reinstatc our
flag upon the ocean and open the mar
kcts of the world to American producers
we must make the contest with the same
weapons which have proved SO success
full in the hands of rivals. The folly and
danger of depending on our competitors
for the means of reaching competitive
markets cannot be expressed. suppose
for % years we had given Sj,UOO,OO0 a
year in aid of our foreign shipping, and
reduced by that amount the prepayment
of our bonded debt should we not have
been far better oil than we are now
Shall we give that protection and sup
Ant
other nations give 10 theirs, and which
we freely give to all other rgrcatinterests,
or shall accept as inevitable our present
shameful position? regret to say that
| the uniform record of indifference, if
not actual hostility, during the past 80
years affords little reason for encourage
ment In fact, the ujency Of late has
been to surrender to foreigners even our
domestic commerce rather than to assert
ourselves upon the ocean. DiScrimina-
| ions of the most astonishing character
have been made, both by Congress and
by treasury regulations, in favor OF
| Canadian railroad lines and steamships
against our own. Presidents Of the
| United States have repeatedly expressed
the national humiliation and appealed to
Congress for action in behalf Of our rap
| idly vanishing merchant marine, but
thus far their words have fallen upon
deaf ears, Let us hope that the urgent
appeals of President llar isOn on this
subject may bear fruit in some well de-
yised measure of protection and cncour-
agement.
| 1t is as essential to commerce that the
currency with which it is conducted be
adapted both in quantity and quality to
the wants of trade as that vehicles OF
trans Ortation should be adapted tn
their purposes. If the circulation he de-
ticient trade is crippled, prices fall, obi
cations are dishOnored, distrust is Gre
ated and commercial panic and disasters
ensue. If, ON the other hand, circula-
tion be redundant, prices become tenn
porarily inflated, wild spcculations are
stimulated, debts are Tecklessly contrac-
ted, credit is dangerously expanded and
for time trade seems to float upon the
high tide of success, when suddenly the
failure of some large firm or banking
house discloses the true situation and the
entire fabric of fictitious prosperity falls
with a crash even more disastrous than
can be produced by a deficient circula'
ton.
The ideal financial system would be
one that should furnish just enough OF
absolutely sound currency To meet tht
legitimate wants of trade and no more
laud that should have enough elasticity
of volume to adj just itself 10 the varying
II, cessities of the people. | know this
S ems difficult of attainment, but be
Ii We it is substantially possible. Could
such circulating medium be secured
the gravest commercial disaster whicl
threatens our future might be avoided
These disasters have always come wher
unusual activity in business has caused
an abnormal demand for money, as II
autumn, for the movement of our i'm
mense crops. There will always he grea
danger at those times undtr any cas-
iron system of currency such as we nov
have. Had it not beenIOr the peculiar
conditions. which enabled the Unitec
States Treasury to disbursc more thai
So, ,OOO, 600 in about two and hal
months last autumn, am firmly con
vinced that the strinsenGy in August ant