The Portland daily press., 1891-10-15

l eAhAOuo AuCItdSts IL was not government
imitation, or even the result Of business in
hatlon. We Increased our money because
we had to have more for the ordinary affairs
oil life. For one Item we went abroad and
bought 100 millions OF gold, every dollar of
which had to be paid for by our prOpertv
and products. 1t must have been an i'm
mense necessity. IL then during the eight
years OF a decade, when we were growing at
@ @uue rate OF million and a fifth from 30 mil
Hons 70 62mlllions, we had 70 have 345 millions
OF collars OF Increase, was 1t unreasonable to
suppose that In the decade when we will grow
IRON oz millions to II millions we shall need
net Increase OF from 40 millions TO 30 mil.
hons 9t doIiars3 To that net increase must
pe adued the further increase Of natl onal
oank circulation which had averaged over
~ millions a year, and some years had ex.
eeeded 40 millions. In other words, taking
INTO account the banking note decrease, this
country, either as individuals or as a nation.
had TO provide for 20 millions of increase OF
currency every year. In any event this in.
crease had TO be paid for out Of the business
| OF tne country. III 1t were silver our own
mines could furnish 1t; IL 1t were gold we
must struggle for 1t with the rest Of the
wOrid. For my part was quite willing that
| our mines should furnish IL. It does not
| pay us as nation to be unfrendly TO anv
American industry, but no industry what
ever has any right TO ask Of the American
| people tnat they should sever themselves
| from the rest Of the civilized world or To
force upon us deprecated currency out OF
| touch with the money Of civilized nations OF
| our class. There Is no industry that Is big
enough to pay for the horrors Of a dIsor-
dered currency. But within that limit
wherein the coined silver dollar was sure to
be OF equal value with the dollar Of the
world, with our own dollar as II now Is the
Republican party has always been willing
to coin all the silver dollars it can. In 1890
the Republican party believed that this ma
tion could safely make dollars Of Al million
ounces OF silver and keep those dollars, or
rather, speaking strictly, their representa-
tives. OF the same value as every dollar which
exists now. But they did not content them
selves with any belief merely. they recog-
nized that safeguards were better than be-
liefs, and so placed In the bill provision
whereby the whole credit Of the United
states government backs up the issue.
But somebody asks me, 18th ere not danger
that gold Will be driven out? Not under the
act OF 1890. Free coinage mighthave done II
but the coinage Of A million ounces, under
the limitations OF the act Of 1890, we believe
would not just consider for a moment how
gold Is driven out IL driven out at all. IL Is
not by the mere presence of an inferior metal
since 1882 we have added 263 millions Of sill
yer; side by side with 1t we have added 100
millions OF gold. When you ask about driv-
ing out gold you must be careful not to be
the victim of your own metaphor. You don't
drive 1t out by whip or by violence. 1t Is
driven out by displacement. Gold cannot be
driven out until silver begins to replace 1t.
Until the silver notes shall be In excess, as
does not now seem probable, Of the national
need OF increase arising from increase Of
population and increase Of business the same
gold we have now will stay with US: and so
long there Will be no danger. Whenever
there Is danger, with 500, ,000, 900 of gol be-
tween US and the realization Of that danger,
we shall have reasonable time to see the evil
and provide the remedy. Without, however,
nnaertaking TO dogmatize on currency, the
last subject In the world on which a man
ought to dogmatize, one thing Is certain, that
tne act OF 1890 was our only salvation from
free coinage, AMI II public sentiment has ris-
en- higher since then, the last election GER
tainly does not show 1t. In fact, 1t is the
very result Of that last election which has
prought the country into danger again from
Tree coinage OF silver. We saved sound mon
| ey in the House In 1890, 1t remains to be seen
II this voctfer0us Eastern Democracy can
save 1t In the House In 1892 We certainly
had the best possible guidance. Do you
know man in Massachusetts, better
ntted to take charge OF a currency question
than the Hon. Joseph FL. Walker. Do you
know better man In the United States than
John Sherman? Those men represented
sound money on that conference committee
Just as they do everywhere else.
In 1890 very little was said about the silver
question, L remember no speech OF Mr.. Flow
er or OF any New York or Massachusetts,
Democrat denouncing free silver coinage.
Why are they so diligent now? They were
silent IN 1890 because they knew tnat the
Republican party were going to settle the
| question rightly. They are forced to talk
now Tor the country recognizes that there Is
| grave danger OF free coinage from the new
| Democratic House. But the zeal of some Of
the best OF them today Is getting them into
strange difficulties. My friend the Hon.
Joseph O'Neil. who is one Of the best Demo-
cratic representatives Massachusetts ever
had, but who did not think 1t worth while to
say anything in 1890, now goes to strange
lengths. l am afraid his Music Hall speech
VIII get him into trouble. The Herald SAYS
ne promised TO vote for no man who would
not nght free coinage OF silver. Now the re-
iusal OF Mr.. O'Neil to vote for the Democrat
lc nominee however creditable it will be
from every moral point of view, will be a
trifia awkward. And that Is what he must
do. lie cannot vote for Mr.. Hatch or Mr..
Mcmillan. for both those gentlemen voted |
for Tree coinage and have not even journeyed
towards Damascus since, much less seen a
new light. BE cannot vote for Mr.. Mills,
Tor that gentleman's late Ohio repentance
does not go half far enough. How we'll |
recollect the eloquent words Of Mr.. Mills,
which will be found on page 6266 OF the
Congressional Record, first session, iiity-irst
Congress, Vol. 21. II give you, gentlemen,
fair notice now that we are going to have a
free and unlimited coinage of silver In this
country. (Applause on the Dem. sde)." How
well remember that applause. de cannot |
vote for him. Perhaps Mr.. ONeiPs heart |
has gone out to Judge Crisp. Also on page
6266 OF the inexorable Record, 10th OF June,
1871. JuQSo CTlsD OuTSL5 IOTLD, L all LTylnK i
to arrive at what the gentleman from Ohio |
mckinley has stated to be the business OF |
this session which Is to obtain practical results
and the practical results we (nOt only Judge |
Crisp, but his Democratic frlends) are alter |
is the free coinage Of silver" (Applause on |
the Dem. side). Evidently Mr.. O'Neil can
not vote for Judge Crisp. There Is one 9th |
er. Perhaps Mr.. 0'Neil has thought of vot-
ing for Mr. Springer. Alas, poor Yorick! |
1t cannot be. On page 63l6 the Hon. VIM.
nm 70 M ~ IN rala In
the words and figures following. to wit: "If
the friends of free silver will Just vote In the
direction of free silver we will soon offer
them an opportunity to vote TO concur In the
Senate amendments for this bill" (Ap-
plause on the Dem. side). You will notice
there is always applause on the DemocIatic
side. This finishes the list. He cannot vote
for Mills, or Mcmillan, or Crisp. or Hatch.
He cannot even vote for Springer. or course
the rest CT the Massachusetts, delegation will
be as good men as Mr.. 0'Neil therefore we
shall haye a bolting delegation from Massa-
chusetts. confess L think that would be- a
very creditable beginning.
But silver Is not the only national question
which Is to be affected by this election.
While the Republican national platform
promised TO coin all the silver dollars which
1t could safely coin consistently with sound
currency and the equality oil all the dollars,
and has kept its promise II also promised to
revise the tariff and to revise Ii on the lines
Of protection. That such revision should |
be pleasing to those who wanted the tariff /
revised on the line Of free trade was not for |
moment to be expected. The same out |
cries which they make against all tariffs |
they were sure to make against this and |
more outcries besides. Why more? Because
every tariff revision necessarily means a dis
turbance of business. Business adapts itself
to every law you make and when it is once
adapted every change you make means more
or less confusion. You cannot tell what even
the wisest tariff revision will bring forth In
all its details. There will OF course be mis-
takes. Human institutions are all subject
to theal. But no matter how honestly mis-
takes are made they hurt just the same.
An oversight In the language Of the. tariff Of
1888 made by the very persons most inter-
ested coupled with the subsequent refusal Of
| the Democracy in control OF the House to
rectily the error nearly ruined one whole
woolen industry. Proper and wise changes
also sometimes do temporary harm. The
Immediate disturbance Of business may be
great and cause much uneastness even where
Inc ultimate results are Of the greatest pos
sible benefit When twenty-eight dollars
ton was put upon steel rails there were mauy
men who denounced IL as an outrage and the
same kind of men are now forced to admit
| The wonderful effect the Outrage" had on
lowering the price Of steel rails and In de-
velOping the country.
After tariff revision has taken place and
h,,atpaoo 10 In tho thrOpo nf n rpadiugtmenL