New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1893-08-30

tons. am only sorry that this ques-
ton cannot be settled, and settled riahte
zonsly within. the bounds of the Demacra-
ic.party itself, but as [ know, and every
man IN this country knows. the majority
sof the Democratic party would decide
against the good sense of the nation.
Passing then to the consideration of
the question of repeal, Mr.. Reed said that
while he was in favor, of it, he did not
think i would be an immediate cause of
a revival Of the prosperity Of the coun-
try. Nevertheless he would vote for re-
peal for two reasons. First, because,
whether justly or not, the Sherman law
is believed to be the cause Of the unres.-
1sonable boarding of currency throughout
the country. In this connection Mr..
Reed paid Accomplishment to the mana
gers OF the banks generally, saying. that
in his Judgment they were doing an hon
orable and patriotic work and were the
mainstay of the country against failure
and future disaster. The second reason
was that only by repeal could the nation
hope to attract foreign capital, without
which it were vain to hope for an up
ward turn of the country's business. We
must put ourselves,he said, in position,
when the time for that upward turn
comes, to be able to command the capi
tai of the world, which shall assist us on
the path to the next period of prosperity
and progress.
Mr. Reed paid his respects to the OBJ
lection that the proposed repeal was
renewed demonetization of silver, and
characterized the charge that the law Of
1878 was trick, as tone of the most
stupendous fabrications which has ever
existed in political life.''
If there were any appreciable differ
ence in the value of the two metals,even
as much as or 8 per cent, the cheaper
would drive out the other, as the history
of the United States showed. Upon the
assertion that the repeal of the Sherman
law would increase the burden of the
borrower, Mr.. Reed said there will al
ways be a borrowing and lending world,
and it is of the first Importance, not less
to the borrowers than to the lender, that
the laws on this subject be made in a
spirit of fairness and justice to both clas-
ses. In conclusion, Mr.. Reed said:
What, then, is the pathway of duty9
The unconditional repeal. That will
either give relief or not. If not, then
we must try something else, and the soon.
er the better. 1t is matter of deep re-
gret to all sensible men that we have de-
layed so long. Men are today strugg-
ling almost against fate and praying for
relief. The banks are strained almost to
the point Of breaking. 1t is such pity
that we had to waste so much time in
this weary welter Of talk.
We stand in a very peculiar position.
we Republicans today. The representa-
tive of the Democratic party, just cho-
sen president of the United States, finds
himself powerless in his first great recon-
mendation to his own party. Were he
left to their tender mercies the country
would witness the spectacle of. the presi-
dent of its choice overthrown by the par
ty charged with this country's govern
ment. What wonder then that he ap-
peals to the patriotism of another party,
whose patriotism has never been appealed
to in vain?
Never, say, in vain. The proudest
part of the proud record of the Republi-
can party has been its steadfast devotion
to the cause of sound finance. When
the country was tempted to pay its bonds
in deprecated money, the Republican
party responded with loud acclaim to
that noble sentiment of Gen. Hawley that
every bond was as sacred as a soldiers
grave. 1t cost us hard fighting and sore
struggle. But the credit Of this country
has no superior in the world. When the
same arguments heard today were heard
I / 3 wears AGO sOundinr the nraisos nf a
deprecated currency, and proclaiming
the glories of fiat money, the party Of
Abraham Lincoln marched steadily
toward specie payment and prosperity.
What we were in our days Of victory we
are in our days of defeat, champions Of
true and solid finance, and when the day
comes, as It surely will come, for us to
lead this land back to the paths of pros
Eperity and fame, which were trodden un-