The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-08-28
MADISON. SOUTH DAKoTA MONDAY, AUGUST rs 1893


responsible TOR our present condition or
affairs; that / believe that the cause of
our present disaster underlies that:
that the necessary stoppaQe Of hundreds
ard thousands OF mills all over this
country is at the bottom of our disaster.
Nevertheless, / DO believe that the
Sherman act and the accumulation OF
silver in the treasury was the earlist In
dicator OF the disaster which we are
approaching and that 1t has played anot
entirely unfortunate part in warning as
that we can be saved from i'll further
misfortune and doubt.
II do not believe the Democratic con-
gress, even influenced as it viii be by
the pressure on the part Of the people
Of the United States, will enact q tart e
law by which the workingmen viii be
brought back even to the condition OF
the workingmen under the Walker
tariff, but that there will be doubts and
difficulties and reductions I have not
the slightest doubt. The capitalist has
met with his misfortunea He has seen
his stocks, his bonds, his holdings, and
he will soon see his real estate, reduced
beyond any fear which he entertained q
year ago, and in due time will come to
the reduction Of wages OF labor. unless
by great good fortune the laboring man
by demonstrations on his part should
show that he understands this question
In such q fashion that he will refuse to
allow it to be misunderstood by his
member of congress-"
He Favors Repeal.
Mr.. Reed dwelt at some length on the
responsibilities of the majority. Pass
ing then to considerations Of the ques-
tion Of repeal. Mr.. Reed said that while
he was In favor of Ii, he did not think
it would BE- an Immediate cause Of a
revival of the prosperity Of the country.
Nevertheless he would vote for repeal
for two reasons. First, because, whether
justly or not, the Sherman law is
believed to be the cause of the unreason-
able boarding Of currency throughout
the country. In this connection Mr..
Reed paid compliment to the man
ayers Of the banks generally. saying
that in his judgement they were doing
an honorable and patriotic work and
were the mainstay of the conutry
against failure and future disaster. The
second reason was that only by repeal
could the nation hope to attact foreign
capital, without which 1t were vain to
hope for an upward turn of the coun-
try's business. We must put ourselves,
he said, in a position when the time for
that upward turn comes, TO be able to
command the capital OF the world,
which shall assist Ms on the path to the
next period Of prosperity and progress.
A stupendous Fabrication.
Mr.. Reed paid his respects 10 the OBJ
lection that the proposed repeal was a
renewed semonetizateon of silver, and
characterized the charge that the law
of 1878 was trick as Zone of the most
stupendous fabrications which has ever
existed in political life III there were
any appreciable difference In the value
OF the two metals, even as much as . or
3 per cent, the cheaper would drive ont
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 would always be borrowing and
lending world, and it is of the first i'm
portance, not less to the borrower than
to the lender, that laws upon this sub
ject be made in spirit of fairness and
justice to both classes. In conclusion
Mr.. Reed said: What, then. is the
pathway Of dutyf The unconditional
repeal That will either give relief or
not. II not then we must try something
else, and the sooner the better.
1T is matter Of deep regret to all
sensible men that we have delayed SO
long. Men are today struggling almost
against fate and praying for relief. The
banks are strained almost to the point
OF breaking 1t Is such q pity that we
had to waste SO much time in this weary
welter Of talk.
In Peculiar Position.
I'VE stand in a very peculiar position.
we Republicans. The representative OF
the Democratic party. just chosen pres
ident Of the United States, finds him.
self powerless in his first great recon-
mendation to his own party.
We're he left to their tender
merciss the country would witness the
spectacle Of the president OF its choice
overthrown by the party charged with
this country's governments. What
wonder then that he appeals to the
patriotism of another party whose
patriotism has never been appealed ia
In vain. Never, say, in vain. The
proudest part OF the proud record Vi
the Republican party has been its
fsteadfast devotion to the cause of sound
finance. When this country was tempted
to pay its bonds indepreciated money,
the Republican party responded with
loud acclaim to that noble sentiment oil
General Hawley that every bond was "a
sacred m soldier's Grave.
/ 1T cost as hard fighting and sore
struggle. but tho credit OF this country
has no superior in the world. When
the same arguments heard today were
II A n =