The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-05-02
A STRONG LETTER.

County-The Cause of Silver De-
Tended by the Admissions of Ex-
President Observation-Disclosures Dis
PEELED.
Editor Representative: Under the above
head Of "Ben's Brave Words" the Min
neapolis Tribune publishes ex-President
Harrison's speech before the Lincoln club
assembled at Indianapolis, February 13.
Among the brave words which he uttered in
this speech we find the following:
THE present state of the country is not
one of prosperity. We as a nation, were
recently prosperous, but this was not due
to any one man. 1t was the result OF
definite policy adopted and put into force"
1t Is true that the present state Of the
country Is not one of prosperity. 1t is true
that we as nation, were recently prosper
Gus. and it is also true, that the prosperity
which the country recently enjoyed, was
not due to any one man, nor did the
prosperity continue, through the free act,
or the definite policy of the Republican
party. The country was started on the road
to prosperity when in 1890, the first session
OF the Fifty-first congress, after desperate
fight, decided to change the definite and
avowed policy of the Republican party,
policy which had denied to the stagnated
business Of the country any relief by in
creasing the circulating medium by the
coinage of silver, until, inch by inch it was
forced to pass the Sherman act, and this
act Mr.. Sherman now tells u.s. was not
the desired policy Of his party, but was al
lowed to pass a compromise measure
only, or in other words, it was a COM
mand from Wall street. that Sherman
should throw this crust to a money-stinted
and business-famished people, that it might
silence their clamor for the time being.
which 1t did, and the eXhilarating effect of
this crust, which Sherman and his party
so grudgingly fed to the hungry business
men Of the country, can be best described
In Mr.. Harrison's own words. In referring
to the passage of the Sherman act, in his
message to the second session of the Fifty
first congress, he says
1T is gratifying to know that the increas-
ed circulation secured by the act has
erted and will continue to exert most
beneficial influence upon business and upon
general values.
That this substantial and needed aid
given to commerce resulted in enor-
nous reduction Of the public debt and of
the annual interest charge is matter of
increased satisfaction. There have been
purchased and redeemed bonds to the
amount Of $211, 1872, $50, at cost of SPAS $780,
741 resulting in the reduction of the annual
interest charge of s., 967 500 and total saw
ing of interest of $51 ,576, 706.
This is splendid showing, and 1t is
striking Illustration of what a little in
crease in our money circulation did tow
ards making US so recently prosperous
a nation We now told by the moss
backs Of the Republican party that the
coinage Of silver was a great injury to the
government; and that it hung like mill
stone about the neck of our business men;
and that the prosperity which came to US
in 1890, was due to McKinleyism, an ism
which mined tin ore from every hillside,
built huge tin plants, which turned out
ship loads Of pig tin, and tin pals; but 1t
seems that Mr.. Harrison did not see our
prosperity coming from that source, for,
in referring to the Mckinley tariff act, he
says: ut is curious to note that the adj
vance in the prices of articles wholly I'M
affected by the tariff act by many
hastily ascribed to that act Notice was not
taken Of the fact that the general tendency
OF the markets was upward from influences
wholly apart from the recent tariff legisa-
ton. The enlargement of our currency by
the silver bill undoubtedly gave upward
tendency to trade and had marked effect
on prices; but this natural and desired eff
feet Of the silver legislation was by many
enormously attributed to the tariff act.
So we see that McKinleyism wasn't in
1.-THE country was hankering after a
different kind of tin, and when Uncle Sam
began to shell out few millions each
month of those honest silver dollars bust
ness doomed, manufacturing plants were
enlarged, labor was fully employed, and
even the downcast and gloomy old farmer,
who had seen his farm products depreciate
in price year by year, began to smile; and
why? Let Mr.. Harrison tell us why. Again
referring to the Sherman act, he says:
THAT the results of this legislation will
increase the supply of a safe currency for
the transaction Of business, do not doubt.
The depression in the prices Of
agricultural products had been greatly re-
lieved and buoyant and hopeful tone was
beginning to be felt by all our people.
The price of wheat advanced from
81 cents in October. 1889, to s1.OOa4 in Octo-
Der, 1890; corn from 81 cents to sou cents:
oats from 1914 cents to 43 cents, and barley
from 63 cents to IS cents. Meats showed a
substantial but not SO large an Increase
Now what a strange and fearful contrast
do we behold!
The expansion Of our circulating medium
in 1890 brought peace and prosperity to
the people. BY the contraction of the cur
rency in 1893, bankruptcy, discomfort, and
starvation followed. The silver dollar
which in 1890 supplied an honest and safe
currency for the transaction of business,
was, in 1893. declared dishonest was de-
monetiZed and disgraced. The tinkering
of the tariff in 1890 had effect bust
ness values, while in 1894 we are told that
a like tinkerng of the tariff has stagnated
business and depressed prices. In 1890 Mr..
Harrison was grattied to know that the
coinage of silver had helped to reduce the
public debt by many millions of dollars.
In 1894 Harrison, Cleveland, and the gold
bugs, are gratfied to know that they have
stopped the coinage of silver, beggared the
treasury, and forced increase of the
public debt, by many millions of dollars.
In $780, with an increased supply of safe
currency, our agricultural products were
readily moved to the home and foreign
markets; and their sale yielded the farmer
a good profit; and the distribution of this
profit helped to infuse new life into the
channels of trade. In 1893 silver was dis
honored, and gold made the standard of
our monetary system; this sent gold to a
premium; while the price of silver made
fearful leaps downward; and products of
the farm. our main source of wealth. has
kept it company, until, side by side we
find them selling at the lowest price ever
known. and the price of all other commo-
dities, except the plutocrat's gold is tum-
bling to the same level
Then it is evident that through the COM
bined legislation of the two old parties, the
country has been brought to it's present
lamentable condition; and the business man
and farmer who have voted with these
parties, should not wonder why their busi-
ness Is ruined; nor should the laboring man.
who has voted the same way wonder why
he Ia hungry. L. N. DODGE.
A SENSIBLE LIE TIER