The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1894-06-01

OO00f on younger ana most vigorous
people were drawn 10 che shores of the
Pacific, and BY their labors there our
Volume OF money was 90 enlarged that
prices rose with leaps and bounds. Ali.
son the great English historian, ID quot.
ed - showing the effect of this discovery
Of gold upon the prosperity OF America
and the world, and Senator Pettidrew
declares that "tBe results described by
Allison. may Be again produced BY
remonetizinR silver at o ratio OF 15L on
10 10 He Gays that Id addition 10
the causes enumerated above, in 1859
the three great nations Of Europe, Eng
land Russia and France, commenced
the Criniean war, which lasted until 1850
and stopped all exports ot wheat from
TIE Black sea. But with the close of
this war and the decline OF the produc-
tion OF gold in California. did the Walk
or tariff save ne from disasterf It did
notl Upon the removal OF exceptional
and transient influences, and within
one year the panic OF 1857 occurred
one OF the worst In our history, wreck
ing all industries. Mr. President, I am
convinced, after careful study OF the
period from lsl6 10 1867, that il the
Walker tariff had been one OF protection
50 high that factories would have sprung
mp In this country, inatead OF the prac-
tically free trade ad valorem fraud that
it was, thus sending ell our gold and all
our farm products to Europe to pay Tor
goods we should have produced our
E~selves, we could have dated the growth
OF our permanent prosperity as a nation
from 1916 instead OF from the date OF the
adoption OF the Morrill, tariff OF 1851.
For my part I cannot understand how
any democrat al ever allude DO any
thing his party did during bis long lease
of power from 1916 to 1861. IL / was a
demPcrat / would hide my face In shame
whenever that page Of the party's his-
tory was referred 70.
Senator Pettigrew is convinced that
no adjustment OF the tariff question can
insure American prosperity unless there
shall be also an increase ia the country's
supply OF money OF ultimate payment.
He says: IL the Wilson bill passes pros
perity will not come. With the gold
standard, prices will continue to fall, re-
sulting in enforced idleness, and in the
agony and misery always accompanying
the process Of turning the property OF
producers over TO the owners OF credit.
The owners Of credit will then say, at
is the Wilson bill which causes all the
trouble" and in the next campaign the
tariff alone will be the issue and o far I
fear that the actual and legitimate
issue-money for the people-will be OBJ
scured, and the creditor classes will
thus be- enabled TO fasten their grasp
more firmly upon the property Of the
country.
On the other hand, il the Wilson bill
10 defeated, prosperity will not return;
but the creditors can no longer claim il
b the tarIff that causes the disaster, and
they will be forced to face the real issue,
the question OF charging the volume OF
metallic money, with victory assured I,
those who plead the cause OF the toiling
masses, the real producers OF the ma
TONS wealth. We cannot have free
trade and q gold standard, for the bal
ance OF trade will be against Us, as it is
against all nations who produce raw ma
terial, and our gold would leave us and
leave us nothing in its place to do the
work, thus compelling us, while nomin-
ally on . gold basis, TO use an irredeema.
BILE paper currency. / am convinced
thatthe onlyspeople who hold q logical
position In this controversy are the silver
men OF the west: who insist that the
free coinage of silver and a protective
tariff 60 hand in hand; that this is the
true doctrine OF the republican party,
and that upon this platform alone can
the republican party remain in power.
49,
senator Pettigrew Gays 10 the repre-
.sentatives ct the New England and
other eastern states: You want d
tariff so that the things You manufac-
ture shall not suffer the decline in
price resulting from the appreciation of
gold and you want q gold standard so
that your credit may command more
and more OF our food products and raw
material. and 90 that your promise for
the future delivery Of gold may become
more and more valuable. Your position
may be cunning, but II ID inconsistent
and dishonest. Yon cay, I'VE must
have a gold standard so we can pay the
balance Of trade which may be against
MS and in the same breath you say,
1--WE do not want to trade with the gold
using countries, as they produce the
manufactured goods we do, and
we want to build q tariff wall against
49, - xxyr-. 49, - $500 1870