The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-28
MIR REEDS SPEECH.
Continued from First Page.

was Thoroughly employed anu dii e-sS
goods that were produced were consumed
and were necessary for the wants OF the
people.
In the year 1890, flom a variety OF cir
cumssances, W hich it is not necessary
now to discuss, for the country cares very
little today whether anybody was or was
not to blame for the passage Of tie Shef-
ma.s act, conspired to make the passage
of that act an absolute neeessslt y.
The passage OF that act pledged the
United States TO purchase every month,
and issue it's value in currency, 4, 500, QUO
ounces Of silver. At the time when that
act was passed every patriot sincerely
hoped that the expectation of the friends
IF silver, that that purchase would result
in solving the problem of bimctalism for
this country and placing silver on par
with gold, would be realized. That the
friends of silver entertained that view
/ cannot doubt, because it was expressed
to me in terms of the utmost confidence.
AT the time the passage of the act
caused very little fear on the part even
of the wisest but series of events, which
are SO fresh in the memory OF every man
who hears me that need not recapitulate
them, caused
4 Drain of Gold.
from the United States to Europe. That
drain of gold sounded the alarm to the
American people that the period of pros
Gritty through which they had passed
and which was then in existence; which
was shown by the employment Of capital
and the employment of labor, had reached
a period of suspicion; a period always
reached in such forward movements OF the
human race and always to be anticipated.
At no time when any nation in the
world has been at one of these periods
OF prosperity have men in general sus-
pected that the period of prosperity was
about to close. Every man is in the
whirl of ambitious effort, carried away
by it, swept i'll the direction OF it, and
hence does not know what is about to
happen. The stroke of the clock, which
shows that the time of settlement has
arrived, is always surprlse;, and,
from the nature OF things, and OF human
beings always will be surprise
Last May it became apparent that we
had reached period when wise and
judicious man would be careful to cur
tail the amount of his obligations.
Some wise men had done SO beforehand;
other wise men had waited until that
period The banks then commenced to
examine their collaterals, to call in their
loans, and to put themselves IN posi-
tion of safety, SO far as possible. Inc
first element Of dissatisfaction and doubt
WHICH pItSSCu lUoCll uPOA OAS PSoPAS "eNS
the fact that there was a continuous and
unaccountable drain of gold; That
drain of gold amounted, in round num-
bers to very great sum, SO nearly equal
ing the amount of the issue under the
Sherman law that it seemed almost con-
elusive that the displacement OF currency
which was happening was on account OF
the issue under the Sherman law, be-
cause it seemed to be driving out the
same proportion of gold which was the
equivalent of its own amount. whether
that reasoning was sound or safe or cor
rect is in no wise a matter for discussion.
The fact that the feeling existed was
sufficient for all the purposes OF practi-
cal life. Men felt that it was absolutely
necessary, even if that question was
question of doubt, SO long as it was
Question at all, that they shoucd cur
tail their enterprises in the future,
and that they should put them
selves in order for a storm. Then
followed what seems to be one OF the
characteristics of such a period-univer-
sal distrust The first distrust arose from
the doubt whether the United States
was not rapidly approaching system
which would inevitably result in silver
standard and lowering OF the value OF
the dollar as compared with the gold
standard, upon which the United States
was then Undertaking to base itself.
This has nothing whatever to do with
the question of the righteousness OF
the double standard or of the single
standard. The United States at that
moment was making gold its standard,
and any question as to whether 1t was
to fall or not to silver standard was
a question which instantly aroused the
desire of the people to hoard, first gold,
then, as the distrust spread, all kinds OF
money, for we not only began to doubt
the government of the United States and
it's policy, but also to doubt the solvency
mot the present solvency, but the future
soIvency-of all the institutions OF the
country. When suspicion and doubt OF
that kind once enter the minds of sixty
five millions of people, there is no know
ing where it will end. That it took seri-
ous possession of them is shown by the
simple fact that out of the United States
banking houses alone one hundred ninety
millions of deposits were drawn by de-
positors from all parts of the country.
How much was drawn out of State
banks and out of Trust companies, how
much has been drawn out of savings
banks no one will ever probably know;
but SO much has been drawn, SO much
has been. boarded, SO much has been
kept out of circulation, that we are suffer-
ing today all the cala;nities OF restrict
ed circulation in the midst or an abund-
ant supply Of money
4uloy UuoA3 oo otiC PAS.'S4A -
situation. in which we hnd ourselves;
I have, in thus narrating the outward
circumstances which have attended our
present position, failed to state fully
what is, after all, according TO my judg-
nent the underlying cause of the present
condition of affairs. At the last election
the Democratic party was brought into
power by curious com bination of circa-
Stances, as the result of hundred causes.
not with careful and candid deliberation,
hut as the result, in a large measure, OF
the apathy OF the American people. The
vote sshowswhat declare, and the recol-
lection of every individual to whom am
speaking can be sataly appealed to. While
TINS thing has not been specially mani
fest during this discussion, willis there
has been little talk with regard to it,
nevertheless, the consciousness of this
fact underlies our entire situation. / do
not intend in alluding to this fact to i'll
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 to
dispute sthe proposition on the. part of
the Democracy that protection is a tax.
wicked and iniquitous. For the purpose
Of discussion, and for that purpose. alone,
/ am quite free to ADMIT that protection
il d fraud and that virtue resides only i'll
q reveaua tariff. but there remains, even