The times. (Owosso, Mich.) 1882-1897, 1893-09-22

from these banks because OF the lack of conf
dence which had seized depostors This large
decrease In deposits compelled u reduction OF
loans TO Gus tomers of the banks in the sum OF
ssO,OOoOOO. The withdrawal OF Sl55,O0)00O by
our cifiZens, 10 be boarded away and taken out
OF the active channels OF business, compelled,
on the part OF the bankers, reduction of more
than soJ,OOJ,OOO of their loans outstan ding, and
to that extent, SS0,000,000 more were taken from
the active industries and enterprises OF the
country.
With confidence in the future once restored,
with an abandonment of the declared purpose
To introduce revenue tariff policy in this coun-
try, with resolution adopted by congress an
nouncing policy which shall be genuinely
American, confidence will come back and this
vast sum OF money will find its way into the
banks and in due course into the channels OF
trade. The suggestion for state bank money,
coming from any quarter, should be promptly
rejected, and the party proposing 1t should be
deprived or the power to promote such
scheme. The experience through which we
have passed during the last three months
should admonish us that whatever other kind
of money we may employ state bank money
should not be thought OF. Had our one hundred
ana twenty suspended national banks been
state banks, following their suspension would
have come discredit to their notes, which would
have been nowhere received and q monetary
disturbance would have cnsued that must have
caused universal bankruptcy and ruin. Even
as 1t was, and bad as it was, to have these ma
tional banks suspend, it is to be noted to the
credit OF the system that the bills of every sus
pended national bank were as good as gold and
pass as freely as though the banks had never
closed
The president in his recent message makes a
significant and for him somewhat surprising
statement He says:
1T may be true that the embarrassment from
which the business of the country is suffering
arises as much from evils apprehended as from
those actually existing
believe that in this sentence the president
has uttered great truth, one which will find in
the mind OF every thoughtful man quick and
approving response. Whatever other things
may have attributed to our present condition,
avery man knows, as the president puts it, that
the great underlying cause is from "evils APP
pfehended"-evils which are yet to come-evils
which are threatened - evils which it
is believed will follow the executed de-
crees OF the last Democratic National plat
form. He announces in his message the real
evil to be apprehended. He emphasizes the
menace In almost the last paragraph of the
message, from which quote in the following
language:
at was my purpose to summon congress in
special session early in the coming Septem-
Der that we might enter promptly upon the
work OF tariff reform, which the true interests
OF the country clearly demand, which so large q
frages, desire and expect and to the accom-
plishment OF which every effort of the present
administration is pledged"
This is the note OF warning This is the alarm
bell. This is the evil TO be apprehended, and
the one most of all others which the country
fears, and because of which it is in large part,
suffering to-day. He renews the threat of his
platform and declares that every effort of the
administration shall be employed to carry 1t
into execution. Remove that threat, and con.
fdence would at once come back; business
would resume its old condition; mills would
start, and idle men find work and wages. 1t is
the anticipation of tariff reform or free trade or
a revenue tariff which has set the country
where it is. Who can doubt it? That q revolu-
ton in our tariff policy is TO be expected admits
of no doubt.
The democratic candidate for governor this
year, Mr.. Neal, proclaims the purpose and
policy of the democratic party in the pending
campaign in these words:
Tariff reform must be our battle cry Make
the fight active, aggressive, offensive from start
to finish. Success will in such case be assured
to us. The victory will be n decisive one 1t
will forever expunge the foul blot of protection
from the fair escutcheon Of our grand and
mighty republic The result will be finally re-
ceived by the members of all parties as the full
and final judgment and decree of the people of
the entire country upon this great problem of
taxation The voice of Ohio will, with unver-
sal acclaim, be held the voice of the nation"
These are the deliberate, carefully prepared
and maturey considered ut erances of my dis
tinguished competitor spoken before the con-
vention which placed him in nomination. He
proclaimed tariff for revenue only as their bat
tie cry, and announces with bodness their
purpose to forever "expunge the foul blot of
protection from the fair eSCuCheon of our grand
and mightyrepublic'
1 accept the issue thus rendered, for and in
behalf Of the republican party of Ohio and in
behalf OF the thousands who have heretofore
acted with other parties and who do not believe
that protection is a fraud or a foul blot on our
progress and business prosperity, and to the
people, whose judgment in popular government
is supreme, confidently appeal. He not only
declares what their purpose is but he makes
Ohio the national battle ground, and announces
that the result here will be finally received as
the full and final judgment and decree of the
entire country, and that the voice of Ohio this
year will be held the voice OF the nation. If
this be true it only increases the gravity Of the
contest, and makes it all the more imperative
upon to see to it that the result which is to
be finally accepted as conclusive shall be
on the side of q protective tariff and
in favor of the interests and labor
and property OF the United States. There can
be no mistake but that Mr.. Neal believes
exactly what he says, and that he is radically
committed to the doctrine Of free trade or q
revenue tariff This is shown by his own record
In the past and especially by his part in the
Democratic National convention which assem-
bled in Chicago in June, 1892 1t will be remem.
bered that Mr.. Neal, member Of the COM
mittee on resolutions, differed from majority
Of the committee, and reported in full conven.
ton a substitute for portion of the tariff plank
agreed upon by the majority of the committee
will first call your attention to that part which
came from the committee resolutions and
was stricken out on the motion of Mr.. Neal
The report declared
"When custom house taxation is levied upon
articles Of any kind produced in this country
the difference between the cost of labor here and
labor abroad fully measures any possible bene-
fits to labor"
This genuine American sentiment, this true
Jacksonian principle, was stricken out of the
report of the committee upon the motion of
Mr. Neal and this difference in favor of Ameri-
can workingmen is not to be recognized by the
democratic party in its proposed revision of the
tariff. Again the report declares:
"But in making reduction in taxes IL is not
proposed to injure any domestic industry"
This, too, was stricken out upon the motion
Of Mr. Neal and in the proposed tariff they will
take no heed OF any domestic industry, and the
reductions to be made in the tariff viii be made
needless of the injury that may follow to our
Industrial enterprises
Again the report declares:
"Irrom the foundation OF this government
Ut tho cliqtono bo,,ec -. 49,.