The Brookhaven leader., 1891-02-05
JOB PRINTING
HIS LAST SPEECH.
The Speech Delivered by Secretary VIM
dom at the New York Banquet just Be-
fore He Died.

dom at the New York Banquet just Be-
fore He Died
NEW YORK, Jan. 81.-Responding to
the toast, "Our Country's Prosperity
Dependent Upon Its Instruments of
Commerce" Mr.. Window said, Just prior
to his sudden death at the Delmonico
banquet:
lam to speak briefly Of the instruments of
commerce in their relation TO the wealth and
prosperity Of the country. The subject Is
very broad and my time very limited.
shall, therefore, confine my remarks to the
two chief instrumentallties of commerce
transportation and money.
A nations wealth and prosperity are usual
ly in proportion to the extent and success Of
commerce and commerce itself is dependent
upon the adequacy and adaptation of these
two essential instruments. The history OF
all civilized countries attests the fact that the
nation best equipped in these respects rapid
ly beco ONES the most powerful and richest and
the most prosperous. Our own country Is no
exception to the rule. No nation has ever fos-
tered more literally or protected more care
fully its internal and coastwlse trade than
we have done, and the resultant magnitude
and prosperity of our domestic commerce is,
believe, without parallel in the history of
the world. We have more miles of railroad
than all Europe, Asia 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 in wealth
from 1870 to 1880, as compared with that of
other nations, was: United States, Sl3,573,-
4sl 493; Great Britain, s3,25OOOO,0 France,
s., Al, 10000; Germany, s3,625 100000 Our
home markets in 1880 absorbed five times as
much of our manufactured products as
Great Britain exported of hers to all the
markets of the world.
Contrast these grand results of our llber-
ally developed domestic commerce. operat-
ing upon our protected industries, with the
present shameful condition of our foreign
carrying trade. There was a time when we
stood first among the nations in ship build
ing and Great Britain alone excelled us in
ocean tonnage. Once 95 per cent. of our i'm
ports and SO per cent. of our exports were
carried in American boats, and our merchant
marine became the boast of every citizen
and the envy of the world Now, as far as
foreign trade is concerned, our ship yards
are comparatively silent and our flag
has almost disappeared from the
high seas. So strong had our position
become under the protective policy of the
first twenty five years of national life,
that our merchant marine continued to be
prosperous so long as wooden vessels were
the only vessels of ocean commerce and
other nations refrained from heavy subsidies
to their ships But when wooden vessels
began to be supplanted by iron steamers,
and European Governments poured their
contributions into the treasures of their
steam ship companies, the decadence OF
American shipping began and has continued
ever since. In my judgment the remedy Is
plain and easily applied. If we would re-
gain our lost prestige, reinstate our flag
upon the ocean and upon the markets of the
world to American producers, we must make
the contest with the same weapons which
have proved so successful in the hands of
our rivals.
The folly and danger of depending upon
our competitors for the means of reaching
competitive markets can not be estimated.
Suppose that for twenty five years we had
given IS, 000, 900 year in all OF our foreign
shippings and reduced by that amount the
payment of our bonded debt, should we not
have been far better off than we are nowf
1 regret to say that the uniform record of
| indifference, If not actual hostility, during
the past fifty years affords little reason for
encouragement In fact, the tendency of late
has been to surrender to foreigners even our
domestic commerce, rather than to assert
ourselves upon the ocean Determinations
of the most astonishing character have been
made both by Congress and the Treasury
regulations in favor of Canadian railroad
lines and steamships against our own.
Presidents of the United States have re-
peatedly expressed the national humiliation
and appealed to Congress for action In be-
half of our rapidly vanishing merchant
marine, but thus far their words have fallen
on deaf ears. Let us hope that the urgent
appeals of President Harrison on this sub
ject may bear fruit in some well devised
measure of protection and encouragement.
1t Is essential to commerce that the cur
rency with which it is conducted be adopted,
both in quantity and quality, to the wants OF
trade as that the vehicles of transportation
should be adopted to their purposes.
The ideal financial system would
be one that should furnish just
enough of absolutely sound cur
rency to meet the legitimate wants of
trade, and no more; and that should have
enough elasticity of volume to adjust itself
to the varying necessities of these people.
Could such a circulating medium be secured
the gravest commercial disasters which
threaten our future might be avoided. These
disasters have always come when unusual
activity in business has caused an abnormal
demand for money, as in the autumn, for the
movement of our immense crops. There
will always be great danger at those times
under any cast iron system of currency, such
as we now have. Had it not been for the
peculiar condition which enabled the United
States to disburse over sT5,0oo.o00 in about
two and half months last autumn, / am
firmly convinced that the stringency in Au-
gust and September would have resulted in
widespread financial ruin.
am thoroughly convinced that better
method can be devised which will in large
degree place the power of expansion and
contraction in the hands of the people them
selves. The opportunity for securing such
a currency may be found In our bonded debt.
which should In my Judgment be in part ex-
changed for interconvertible bonds, bearing
low rate of interest, and always inter-
changeable for money at the will OF the
holder
gold or silver in the world to meet the neces-
stiles OF business, 1 am an earnest Dimetal-
list, and concede to no one stronger desire
than feel for free and unlimited coinage of
silver as soon as conditions can be reached
through international agreements, or other
wise, by which such coinage shall be safe.
But it is my firm conviction that for this
country to enter upon that experiment now
would be extremely disastrous, and that it
would result not in blmetallism, but in silver
monometallism
How, then, win unlimited coinage either
expand the circulation or enhance the value
of silver? The advocates Of present free
coinage insist that Ii shall not wait the slow
process of mint operations, but that the
printing press shall be set to work providing
certificates to be issued for silver bullion at
81 for S7lA grains When this combination
limited coinage be adopted under existing
conditions, the too ardent and impetuous
lovers of silver will sadly realize the truth
uttered by the wise King OF Israel: He that
ver"
Give us direct and ample transportation
facilities under the American flag, and con.
troiled by American citizens, a currency
sound in quality and adequate in quantity
and an International bank to facilitate ex-
hnge snd q IF
and not only will our foreign commerce
again invade every sea, but every American
industry VIII be quickened ana our Snole
ing prosperity.
Four Horse Thieves shot While Resisting