The herald., 1894-12-11
A REPUBLICAN LEGACY.


deliberate consideration, the American
people in 1890. and again in 1892, by an
overwhelming expression, condemned
the extravaganza of McKinleyism and
approved the declaration of principles
announced by the Democratic conven.
ton at Chicago, which embraced, IS its
most essential feature. the tenet that
the power OF taxation with which the
government was clothed. was limited to
the raising OF revenue to meet the nec-
essary and economical expenditures of
the government, and for no other pur.
pose. This declaration is not an enun-
citation of free trade. nor was it so
understood by the country.
The people were spo.her time cons
fronted with an economic system that
had grown and flourishsd for over %
years, whose grasping benefciaries at
each period OF its revision had increased
the burden, and demanded additional
onerous exactons OF the people, not
with a view OF meeting governmental
wants or administrative necessities. but
for the purpose OF increaeing their own
profits and accumulations.
This policy eliminated in what is
known as McKinleyism. The issue
passed upon was therefore clearly un-
derstood by the American people. and
the results of the elections OF 1894 have
not reversed their verdict.
The cauees which have led to what is
supposed by some to be change OF cen
timent ON the part OF The electors of this
country. will. by a cloaer examination,
ba found to rest upon foundation other
than an approval OF q prohibitive tariff.
The correctness of this position is fully
sustained by tho course of tho leaders OF
the Republican party during the present
campaign. But one OF its prominent
statesmen has maintained the policy of
McKinlsyism, while all others have
been careful to avoid com hitting them-
selves to it's principles, being willing to
submit the appeal made to the country
on the details OF the existing law as
passed by Democratic congress.
The Republican leader, except
Mr.. Mckinley, haa formulated a
policy on the subject by which his party
should be guided in the Fifty-fourth
congress; but with deliberate purpose
to exclude the consideration of any
change in the existing law, it has boldly
proclaimed that the interest OF the coun-
try required that tariff agitation should
cease. This, Senator Faulkner assumes.
is an scquiescence by the Republican
leaders in the policy announced and en-
bodied in the revenue act Of 1894, or at
least an admission that it is to have a
fair trial.
Reviewing the financia! situation and
showing it's bearing on the opinions OF
the people as expressed liz the recent
election, Senator Faulkner calls atten-
tion to the fact that when Mr.. Harrison
surrendered the administration of the
government to his Democratic successor
ne at the same time turned over to him
bankrupt treasury.
To such an extent is this true that
his secretary OF the treasury. Mr. Foster,
had in February. 1898. issued a written
order, directing that the plates bs pre-
pared for the printing OF bonds, that
through their negotiation the M aagre
larged. From June, 1892 until March,
1898, every means bad beon employed
to conceal the condition of the treasury;
generally by delaying and postponing
the payment of requieitions made upon
it. That the monthly statements
of the treasury dspsrtm ent might
show balance OF available
assets, $54 100000 OF a trust
fund held for the REDEEM ption of ma
tional bank notes, thirty millions OF seign-
forage from the coinage OF silver bal.
lion, and $4,000. 900 OF subsidiary coin
were treated in the monthly statements
by the treasury department as available
assets for the discharge of public obliga-
tions. The Sherman silver purchasing
law, "a mere makeshift" to harmonize
Republican differences, with other
causes, had shaken the confidence of
investors to such an extent shat the ex-
cess OF gold exports over gold imports
during Mr.. Harrison's administra" on
exceeded the sum of $l57 900. 900. The
reckless extravaganza of the Fiityfrst
congress, and the general but rapid re-
duction of the public revenues un-
der the prohibitory provisions of
the Mckinley bill, brought this
great and wealthy government face to
face with national bankruptcy. and laid
the foundation for the panic W hcb broke
upon the country in it's acute form
almost Immediately after the inaugur-
alton of Mr.. Cleveland. Confidence.
not only among the financiers and bust.
nsss portion of the community, but.
like widening circle, among all classes,
W as shattered. A monetary stringency
marked q period OF the most absolute
business depression. Securities shrank
from % to 33 per cent, the value OF the
products of all the great industries de-
,lned. Industrial stsgnation. with its
attending evils, made labor cry for
bread. Such was the legacy bequeathed
20 the Democratic party on the thres-