Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1891-02-05
WINDOWS LAST SPEECH.


81 am 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 two
chief Observation-Disclosures and
money. nations wealth and prosperity
are usually in proportion to the extent and
success of its commerce, and commerce it
self is dependent upon the adequacy and
adaptation of these two essential inStru
ments.
THE history of all civilized countries at
tests the fact that the nation best equipped
in these respects rapidly becomes the most
powerful, the richest and the most prosper
Gus. Our country is no exception to the rule.
No nation has ever fostered more literally
or protected more carefully its internal and
coastwse trade than have done, and
resultant magnitude and prosperity of our
domestic commerce is, believe, without a
parallel i'll the history of the world. We
have more miles of railroad than all Europe,
Asia and Africa combined. The floating ton
mage of the United States engaged in coast
wise commerce and on our lakes and rivers
is 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, Sl3,513, 4s1 492; Great Britain,
$3.50, 100000; France, SI.415 900, 900; Germany,
S3,625, 900. Our home markets in 1880 alb
sorbed five times as much of our manufact
ured products as Great Britain exported OF
hers to all markets of the world.
Contrast these grand results of our Iiber-
ally-developed domestic commerce, operat
ing upon our protected industries, with the
present shameful condition of our foreign
carrying trade.
There a time when we stood first
among the Nations in shipbuilding and
Great Britain alone exceled us in ocean ton
mage, once 50 per cent. of our imports and 50
per cent of exports were carried in
American nlrr al,.nt mo Ri
became the boast of every citizen and the
envy of the world. Now, far foreign
ships are concerned, our shipyards are com
paratively silent and our flag has almost dis
appeared 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 ma
rinc continued to be prosperous so long
wooden vessels were the only vehicles of
ocean commerce and other Nations refrained
from heavy subsidies to their ships. But
when wooden vessels began to be Supplant-
ed by iron steamers and European govern
ments poured their contributions into the
treasures of their steamship companies the
decadence of American shipping began and
has continued ever since
''In my judgment, the remedy is plain and
easily applied. If would regain our lost
prestige, reinstate our flag upon the ocean
and open the markets of the world to Amer
lean producers, we must make the contest
with the same weapons which have proved
successful in the hands of our rivals.
The folly and danger of depending upon our
competitors for the means of reaching com
petitiVc markets can not be estimated.
suppose that for twenty five years we
had given S5,OC0,O00 Il year in excess of our
foreign shipping, and reduced by that
amount the prepayment of our bonded debt.
should we not have been far better off than
we are now? Shall we give that protection
and support to our foreign merchant ma
rine that other nations give to theirs. and
which we freely give to all other great inter
eSts, or shall we accept as cvttabe our
present shameful position? l regret to say
that the uniform record of indifference. if
not actual hostility, during the past fifty
years affords little encouragement. In fact.
the tendency of late has been to surrender
to foreigners our domestic commerce rather
than to assert ourselves upon the ocean.
Presidents of the United states have re
eatcdly expressed the National humiliation
and appealed to Congress for aid in behalf OF
or rapidly Vanishing merchant marine but
thus far their words have fallen upon deaf
ears. Let us hope that the urgent appeals
Of PRESIDENT Harrison this subject 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. both in
quantity and quality, to the wants of trade
as that the vessels of transportation, should
be adapted to their purposes The ideal
financial condition should be one that would
furnish just enough of absolutely sound cur
rcncy to meet the legitimate wants of trade
ana no more, and should have enough
of volume to adjust itself to the
varying necessities of the people. Could such
Il circulation medium be secured the grayest
disasters which threaten our
future might be avoided. These dis
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-fron system OF
such as We now have. Had ii not
been for the peculiar condition which
enabled the United States to disburse over
S75,0G0,090 in about two and half months,
last autumn, am firmly convinced that the
stringency in August and September would
have resulted in wides pTead financial ruin.
method can be devised which will in large
degree replace the power of expansion or
in the hands of the people them
selves. The opportunity for securing such
a currency may be found - our bonded
debt which in my Judgment may in part be
exchanged for nterconvertible bonds. bear
ing low rate of interest, and always inter
for money at the will of the
holder. The quality of the circulation is
even more important than the quantity. Be
gold or silver in the world to meet the neces-
stiles of business, | am an earnest b-metal- |
st. and cOncede to no one Il stronger desire
han feel for the free and unlimited coinage
Of silver, as soon as conditions can be
cached. through international agreements
Or otherwise, by which such coinage shall be !
safe. But it is my firm conviction that for |
his country to enter upon that experiment |
now would be extremely disastrous, and that |
It would result not in bimetalism, but in |
Il
produce a swift and sure contraction, and |
reduce the market value of silver.
''When the silver dollar ceuHes to have |
more value than the bullion it contains there |
will be little inducement to coin our |
own silver. and the cost of trans |
will prevent its coming from |
abroad. How, then, win unlimited coin |
age either expand the circulation or |
enhance she value of silver? The advocates !
If present free coinage insist that it shall not
wait the slow process of mint operation, but !
hat the printing press shall be set to work |
providing certificates to be issued for silver |
bullion at 81 for STA grains
''W hen this contamination shall be reached, |
Is surely it will be free coinage, under exist |
ug conditions. will be adopted. The too ar |
lent and impetus lovers of silver will readi-
V realize the truth uttered by the King of |
srael: He that lcveth silver shall not be |
satisfied with silver Give us direct and |
ample transportation facilities under the |
american flag and controlled by American |
,itzens; a currency sound in quality and |
adequate in quantity. an international bank |
o facilitate exchanges, and Il system of reel |
1rocity carefully adjusted within the lines of |
and not only will foreign |
commerce again invade every sea, but every |
american industry will be quickened and |
,ur whole people feel the impulse of a new |
md enduring prosperity"
1t was shortly after 9:15 o'clock when |
Captain Snow called the company to |