St. Paul daily globe., 1893-08-27

lie FORMER may be characterized Ill a
word, ''cOntidence;;" the latter is an
other word, "distrust." These fluctua-
tlonS occur almost simultaneously,
always symDathetically, the world over,
so closely is business allied by the tele-
graph and railroad. Because of the fact
that the drain of gold from the United
States since the passage of the Sherman
law in 1890 carried out of the coun-
try an amount equal to the value of the
purchases of the silver under the law,
people saw in it loss of gold, and dis
trust was engendered. and a season OF
boarding and depression set in. and to-
day the country is suffering all the
caiamltieS of restricted circulation in
the midst of an abundant supply OF
money.
This, then, continued Mr.Reed, at the
present moment is the situation in
which we find ourselves. | have in thus
narrating the outward circumstances
which have attended our present posi-
ton failed to state fully what is after
all, according to my Judgment, the un-
DERIVING cause of the present condition
OF affairs. At the last election the Demo
cratic party was brought into power by
a curious combination of circumstances,
as the result of hundred causes, not
with careful and candid deliberalion,
but as the result, in large measure, of
the apathy of the
American People.
The vote shows what | declare and
the recollection of every individual to
whom L am speaking can be safely ap-
peaied to. While this thing has not
been specially manifested during this
discussion, while there has been little
talk with regard to it, nevertheless The
consciousness of this fact underlies our
entire situation. do not intend in al
ludiDg to this fact to in any way refer
to party politics. do not undertake to
raise any question as TO whether the
system of protection is a wise one or
not. do not undertake 10 dispute the
position on the part of the Democracy
that protection is Tax, wicked and in
iquitous. For the purpose of discus
sion and for that purpose only. | am
quite free to admit that protection is a
fraud, and that virtue abides only in
revenue tariff, but there remains.
even ii it be admitted that the PROPOSE
tons Of the Democratic platform are
righteous, every one, there remains the
fact that the system on which the man.
ufacturers of this country have been
regulated for thirty years is threat
ened with a total change; whether that
change is to be tor the better or not, no
man can know. What the Democratic
party purpose to do with the power
which is I'D their hands, nobody can
say. They do not even know them
selves. For my part, do not expect
the Democratic party to be utterly bad.
l do not believe they will be permitted
to be so, if they should so desire. Under
the restraining influence of the people
even after election, that l believe.
that through all DISCUSSES, nevertheless
their wishes will be carried out, but at
The Present Moment
no man can know what will be the
action Of this congress upon the manu-
features of this country. If the re-
formation of the tariff were in the hands
even of its friends; if change in the
tariff were contemplated by those meu
who are in favor of the principle of pro-
lection. instead of in the hands of those
who denounce. | should feel entirely
confident that business would be stag
nant OF remain at StandStill; but when
this reformation of the tariff is in the
hands of men opposed to the present
system, those manufacturers of the
country which are built up on the pres
% A,.il
If theiI goods which they manufacture
ale to be in competition with the man
ufactures Of other lands, where
the cost of production is upon
different basis, whose labor is
different rewarded. as matter OF fact.
no manufacturer in this country will
dare TO manufacture goods until he
knows the basis upon which his labor
is to go into the production of his article
Of sale. Until that question is settled,
you may be sure that manufacturers of
this country will never dare to manu-
facture more than the absolute neces-
sites the people require. l will not
undertake to dwell at this present time.
for do not want to confuse the issue
upon those unfortunate parts of the
Democratic programme which are at
the present in allegiance, like the estab- |
lishment of state banks and other finan-
cial measures. which we may possibly
have to struggle with. l can character
ize in single phrase the cause of the
present condition of affairs 1t is un-
discoverable uncertainty of the future |
II both the currency question and the |
question of protection and
Revenue Tariff.
1t will be seen from what l have said |
that do not regard the Sherman act as
in itself. alone, responsible for our pres
ent condition of affairs; that / believe
that the cause Of our present disaster
underlies that; that the necessary stop
page of hundreds and thousands of mills |
mills all over the country Is at the bot
tom of our disaster. Nevertheless. I do