Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1892-09-29
PRESIDENTS LETTER.
BENJAMIN HARRISON ON THE ISsvTEs
OF THE DAY
Advantages of Reciprocity and Pro-
lection Shown FOrcible Discus.
sion of the Tariff-A Firm
Stand Against Free
Coinage.

avail mySell Ol tne urSt period or relief
from public duties to respond to the notifi-
cation which you brought to me on June 20
on the nomination of President of the
United States by the Republican National
convention held at Minneapolis | accent
the nomination and am grateful for the
approval expressed by the convention of
the acts of the administration. / have en-
deavOred without waverlng, so far as tie
direction OF pubic affairs was committed
to me, To carry out the pledges made to the
people in 1888. If the policies of the ad-
ministratiOn have not been distinctively
and progressively American and Republic
can policies, the fault has not been in the
purpose but in the execution. I shall
speak frankly Of the legislation of congress
and the work of the executive depart
ments, for the credit of any successes that
nave been attained is in such measure due
to others, senators and representatives and
to the efficient heads of the several execu-
tive departments, that l may do so without
improperly. A vote of want of conf
dence is asked by our adversaries, and this
challenge to a review of what has been
done we promptly and gladly accept.
The great work of the Fifty-frst con-
gress has been subjected to the revision of
a Democratic house of representatives and
the acts of the executive department to its
scrutiny and investigation. A Democratic
national administration was succeeded by
a Republican administration and the fresh
ness of the events gives unusual facilities
for fair comparison and judgment. There
has seldom been time, | think, when a
change from the declared policies of the
Republican to the declared policies of the
Democratic party involved such serious re-
suits to the business interests of the coun-
try. A brief review of what has been
done and of what the Democratic party
proposes to undo will Justify this opinion.
NATIONAL CURRENCY.
The Republican party, during the civil
war, devised a national currency consist
ing of United States notes, issued and re-
deemable by the government, and of
national bank notes based upon the Sc
curity of United States bonds. A tax was
levied upon the issues of state banks and
the intended result that all such issues
should be Withdrawn was realized. There
are men among us now who never saw a
state bank note. The notes furnished dr.
rectly or indirectly by the United States
have been the only and the safe and accepta-
bic paper currency of the people. Bank
failures have brought no fright, delay or
loss to the billh0lders. The note of an in
solvent bank SIS good ard as current as
a treasury note, for the credit of the
United States is behind it. Our money is
all national money, L might almost say in
ternatOnal, for these bills are not only
equally and Unfortunately accepted at
par III all states but in some foreign coun-
tries.
The Democratic party, if entrusted with
the control of the government, IS now
pledged to repeal the tax on state bank is
sues, with view to putting into circula-
ton again, under such legislation as the
state may adopt, flood of local bank is
sues. Only those who in the years before
the war experienced the inconvenience
and losses attendant upon the use of such
money can appreciate what return to
that system involves. The denomination
OF a bill was then often no indication of its
value. The Bank DetectOr of yesterday
values. Merchants deposited several times
during the day-lest the hour of bank
closing should show a depreciation OF the
money taken in the morning. The tray
eier could not use in journey to the East
the issues of the most solvent banks OF the
West; and IN consequence money chang
er S office was the familiar nelghbOr of the
ticket office and the lunch counter. The
farmer and the laborer found the money
received for the products of their labor de
preciated when they came to make their
purchases, and the whole business of the
country was Elndered and burdened.
changes may become necessary, but \ "a
u0nal system OF currency-Safe and ac-
ceptable throughout the whole country, Is
the good fruit of bitter experiences, and |
am sure our people will not consent to the
reactlonary proposal made by the Demo-
cratic party.
OCEAN COMMERCE.
Few subjects have elected more discus
sion or excited more general interest than
mat OF "A recovery by the United States or
It's appropriate share of the ocean carry
ING trade. This subject touches not only
our pockets but our national pride. Prac-
IDEALLY all charges for transporting to
Europe the enormous annual supplies OF
provisions furnished by this country and
tor the large return of manufactured pro-
2uctS have for many years been PAID TO
foreign ShipOwnerS. Thousands OF inn
migrants annually, seeking homes under
our flag, have been denied the sight of 1t
until tney entered Sandy Hook, while in
GreaSing thousand of American citizens,
Dent upon European travel. have each year
stepped into foreign jurisdiction at the
New YORK docks The merchandise bal
ance of trade which the treasury books
show, is largely reduced by the annual
tribute which we pay for freight and pas
sage moneys. The great ships the fast
est upon the sea-whlch are now in peace
Fronting by our trade, are in secondary
sense war ships of their respective govern
hentS and In time of war would, under eX-
Stng contracts with those governments,
speedily take on the guns for which their
uecks are already prepared and enter with
terrible efficiency upon the work OF de-
>ltoylng our commerce The undlSputed
Fact Is that the great steamship lines OF
Europe were built up and are now IN part
sustained by direct or indirect government
alG: The latter taking the form of liberal