Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-26
Mr.. REED OF MAINE,
Continued from First Page .

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hrst element of dissatisfaction and doubt
which pressed itself upon the people was the
a saec ma mere was continuous and un-
When suspicion and doubt Of that kind
oEce enter the minds of 65.000.000 people.
mere mere Is no knowing where il viii end.
Inat IL TOOK serious possession of them is
SHOWN by the simple fact that out of the
United states banking houses alone $4,000
w OF deposits were drawn by depositors
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 prob
ABLY know; but so much has been drawn, so
ruch has been boarded. 30 much has been
Kept out Of circulation. that we are suffer
ing today all the calamities of a restricted
circulation In the midst OF an abundant sup
ply OF money.
The Protection System Threatened.
DO not undertake to raise aay question
as to whether the system of protection is a
wise one or not i do not undertake TO dis
pute the proposition on the part of the de-
mocracy that protection Is a tax, wicked
and iniIuitous. For the purpose of discus
sion. ana for that purpose only, am quite
free to admit that projection Is a fraud and
that virtue resides only in q revenue tariff
put there remains. even II il lie admitted that
tne propositions Of the democratic platform
are righteous every one there remains the
Iact that the system upon which the manu-
Lactures OF this country have been regulated
for thirty years are threatened with a total
change. Whether that change il TO he for
the peter or not no nan can know. What
n rne ~S party purpose to DO with the
say, They do not even know themselves
ana hence they are not able TO impart IL TO
others: For my part 1 DO not expect the
democratic party to be utterly bad ] do
Lot believe they will be permitted TO be so
II they should SO desire. Such IS the re-
! straining influence Of the people, even after
election, that believe that through ali The
DISCUSSES. through all the masks which this
election has thrown over the wishes Of the
QRrala fIslA
carried out But at this presenS moment
no man can know what will be the result Of
the action OF this Congress upon the manu-
features OF this country.
Prominent among he symptoms of the
| present condition of affairs is the closing OF
| mills in all parts of he country. The cur
rency question has something 10 DO with
that, but that which is OF IN ost Importance
Is the uncertainty as TO the basis upon
features TO-DAY are in a no respect on the suS-
tects Of chance or miscalculation. All the
elements OF cost cater to the disaster which
| a part not entirely unfortunate in warning
US that We can be saved from still further
| misfortune and doubt.
No Faith I'm the Democratic Congress.
I do not believe that the democratic Con-
gress. even Influenced as it will be by the
pressure on the part Of the people of the
United States. will SO revise the tariff that
| the workingmen will be brought back even
| to the condition Of the workmen under the
Walker tariff, but that there will be doubts
and difficulties and reductions i have not
| the slightest doubt II Is evident, then,
from what have said that two questions
| must be settled, as the indispensable pre-
| liminary OF our arrival at that period when
prosperity will commence again. With the
| settlement of the question of tariff / shall
| undertake to have nothing to do today; that
will come at its proper time, when people
| begin TO realize that that is the serious
| matter which underlies this whole situa-
| ton. Fer the present. We have another
question before us, and one which we will
| have TO determine upon its merits.
| While / am I'm favor of the repeal Of the
purchasing clause OF the Sherman act, and
have always been, since the failure OF
| who believed IN a silver currency, do not
| think that the repeal of that act will be
an immediate cause Of the revival OF the
prosperity of this country. 1 am in favor
| Of its repeal. however. for two reasons.
| First. IL seems to me TO be deeply settled
| in the public mind, from causes which can
be easily understood that the Sherman law
| Is the cause OF the unreasonable boarding
| Of currency throughout this country.
No Defenders for the sherman Act.
The Sherman act itself had 10 defend
ers. The silver men, although they were
| glad to get IL, stood prepared to declare
that it was not what they wanted. Those
that had yielded to the demand for that act,
in the earnest hope that what they desired
| might turn out to be just ami right were
In no condition to defend IL at all. 1t had
not answered their hopes. Wherever there
is an attack upon one side and no defense
| on the other. there is sure to be a very
shining victory. Hence. the popular mind
| Is 50 filled with the idea that the existence
Of the purchasing clause Of ths Sherman
law is an element OF disorder that IL xe re-
move II We shall do more to restore con-
ndense than anything we can do in TIE
world. What would a restoration Of conf
dence in this country mean Just now? IL
would not mean, In my Judgment "A revival
at once OF business prosperity, but IT would
tremendous N rl..s.., ~
endeavoring TO carry on the business OF this
country without bankruptcy AMI disaster.
rs ~ rs sometimes inea ,; customary here u make
hatred OF banks and Of corpora lions 1 ex-
pect during the next year of two TO hear a
great many such declarations. In this coun-
try corporations are sometimes brutal
say to you now that in my Judgment
the banks OF this country are doing a pa
this moment the mainstay OF this country
against failure and future disaster
But am in favor of the repeal Of this act
Tor another reason. / am desi,ors rot only
OF weathering this storm with as few sails
blown TO pieces as possible, but am also
looking for the upward movement. which is
sure to come, and which can only be most
poned by bad management and bal ctions
1t Is sometimes the fashion TO se very cum
temptuous or foreign capital. hut II is as
sure as the rising Of tomorrow sun that
when we take our next upward .n-n. ~
Will be by the aid and assistance not only
Or 81 tne eapitsl OF the United States. hut Of
So my two reasons for voting for the re-
peal are, hrst, that II will restore conf
dence to the people, and in some measure
help US out Of the first difficulties OF our
position; and. second, when the time comes
II VIII assist US on the upward path to the
next period of prosperity and progress
blmetanism by single nation does not
all the nations of the world seems TO me
to be not only possible but feasible AS
understand IL, the object Of bimetal lism and
the avowed object OF monometallism IN 10
have a stable and persistent standard. The
theory OF the monometallist is that gold OF
itself Is subject to less fiuctuation to less
change, than silver, to less huctuation and
change than both gold and silver together
The theory OF the bimetallst is that IL two
lakes, liable to be disturbed by different
causes, can be connected and made to fow
into each other INTERCHANGEABLE, they will
present much greater expanse, and any
change OF level will, therefore be much
less, the change in each lake being dis
tributed over both.
The Proposition Today.
Now, today the proposition is that we
shall undervalue gold over 40 per cent. II
cents on dollar OF differentiation OF sill
yer drove silver out OF this country what
will an differentiation. Of 40 cents on a dol
lar do for gold? Does anybody have any
question or doubt about It? Not the least
But you say, IL we undertake to maintain
gold standard in this country first YOU
will demonetize silver and drive It out of
existence, and, second. you will raise the
debts which the people owe to some per-
sons unknown, presumably enemies who
ought to be despoiled. This first charge
NJ hx O 4oa.a nr,A