Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-10-04
COCkRELL'S CAMPAIGN.
Missouri's Senior Senator Opens It
at Richmond.
a Review Of the Financial Depression and
Its Causes and of the Legislation Ac-
complished by First Session Of
tho Fifty-Third Congress.

Hts Causes and OF the Legislation Ac-
complished by First Session Of
tho Fifsy-Third Congress.
RICHMOND, Mo-, Sept. Ex-senator F.
M. Cockrell arrived in this city yester-
day morning from Washington, and
opened the campaign for the demo
Gratis in this section of the state in a
speech before one of the largest polit-
zeal gatherings ever assembled in this
city.
The senator was in splendid voice
and spoke for nearly two hours. He
said:
YEAR OF Discomfort.
The past year has been one of discomfort I'M
rest anxiety. apprehension. criticism. criminal
ton and recrimnation. every man having his
own personal views and prejudices as TO the
and projects for relief. exploiting himself in
declaring that his views and projects must be
carried out. and criticlSing. ceuSuring and con-
demnlng every other person who does not
heartily Join him in his pet views.
There are two principal causes for this con-
dition The first is the financial depression
This our republican friends charge to the
democratic administration. confess astonish-
ment that gentlemen of character and stand
ing. of state and national reputation, will re-
sort to such misrepresentation of actual facts
and established conditions with the hope of
dire extremity.
The democratic administration is no more
depression than it is for sunlight and moon
shine. rainy or dry weather, warm or cold
weather. So far as legislation and executive
administration IN this country have had any
effect in producing tie Stringency and depreS-
sion the republican party alone is responsible
but 1 must not charge the republican party
alone with the entire responsibility. The
facts known to all prudent. unpreiudiced and
well-lnformed persons. are that there has been
depression existing In every civilized CONNER
cial nation in greater or less degree.
The craftsmanship and financial knowledge
of the world have thus far failed in providing
measures preventive of such disturbances.
We had the financial crisis of 1873 long to be
remembered by its wreck OF fortunes and
losses OF homes. Certainly the democratic
party was not responsible for it. The republic
can party was then and for many years had
been In absolute power in all the departments
In 1890 with the republican party in full con-
financial system and credit of the Argentine
republic of South America crumbled into ruins
and disappeared, entailing loss of hundreds
of millions OF dollars in Great Britain. Ger
many and elsewhere in Europe The old and
well-eStablished clearinghouse of Barring
Bros; collapsed; was driven to the wall in
london The worlds financial structure
moved and swayed to and fro on the brink of
panic. and stringency and depression followed.
the Cooper syndicate failure. Confidence was
destroyed.
Listen tc the financial bulletins from Wall
street from November 10 to Il. $780, Notable
Shrinkage in values of all securities
Confusion and generalization in stock mar
ket.''
Enormous sales Of stocks on see saving
market;
The Barring Bros. involved in recent trou-
bles-'
Thrilling financial events on both sides of
the OCEAN
France stays the tide of panic
'Clearing-houses to issue 100000 certIfi-
Gates to support the weaker banks"
DEMOCRATS NOT RESPONSIBLE.
Certainly the democratic party was in no way
responsible for these causes. which produced
preston. In 1892 the Brussels international
monetary conference, recognized by act of con-
principal commercial nations of the world to
discuss the existing financial depression. Mr.
Alfred de Rothschild. of the famous Rothschild
bankers, was a delegate from Great Britain,
and in an address to the conference said:
Gentlemen, I need hardly to remind you
that the stock Of silver in the world is esti-
mated at some thousands of millions. and if
this conference were to break up without ar
irving at any definite result. there would be
which would be frightful to contemplate. and
out of which monetary panic would issue, the
far-spreading effects of which it would be i'm
possible to foretell."
The conference adjourned without action and
the result predicted occurred
In consequence of these financial criSeS-ex-
listing during President Harrison's administra-
ton. and intensified in our own country by the
efforts Of Austro-Hungary and other nations to
draw gold 20 their treasures to establish their
gold monometallic systems and resume specie
payment on a gold basis-gold was drawn from
country in large amounts.
Under President Cleveland. from March, 1885,
TO March. 1889 we imported slls .O19 in gold
and exported ses &4,54l. thus gaining 81 sss 5ss
March. 1898: we imported se4.slS,754 gold and
Under President Cleveland's present term
March. 1898. to June 30 1894 we imported se2,-
a73, gold and exported sl1s ga ,So4 losing only
In May. 1893, the financial crisis wAs still; ex-
tending. and producing depression and creating
anstraiia0 coapsed With iiabfiities to- the
amount OF 1900 10000, and quickly in success
sion five banks in Ags69ai,a went to the wall
minis to the free coinage of silver and began
The Inauguration of a single gold standard
creating an unexpected and large demand upon
the already scant supply of gold.
Certainly the democratic party was in no
manner responsl0 rsa foT .nese dire results
republicans were responsible for them except
to the extent that their legislation in the Fifty
own laws and management of their treasury
department had effect.
when President Harrison was inaugurated
with decisive republican majority in each
house. in the Fifty-first congress- March 4. 1889
to March 4. 1891. we turned over to their tender
Inercies an overf1owing treasury with an i'm
rnense surplus-actual surplus over and above
all liabilities and demands created by uS-and
with a tariff law in force enacted by their party
on March 3, 1888 which was yielding ample
revenues to meet all current expenditures of
the government economically administered
without trenchinI upon the surplus or reserve.
HARMFUL REPUBLICAN, LEGISLATION.
Wholly unmindful Of the financial crisis and
depression spreading from country to country.
COO ooo for administration expenditure They
passed the Mckinley tariff law October I. 1890.
cxemplifying protection run mad-a law for
,vrifh Incl ont al nd No for
revenue with its unavoidable incidental pro-
lection. In this law they created obligations
for many years to come to pay immense sums,
which would increase year by year, to pro-
ducers of sugar in this country from cane.
sorghum. beets and sugar trees. They alao
passed law for bounties or subsidies for
ocean mail service, creating obligations for
years to come. BY the excessive purchase
of bonds and payment OF those falling due
emptied the treasury. having exhausted the
surplus and trenched on the reserve.
Not only these laws did they enact.
They also enacted. July IA. 1890. the so-called
Sherman silver bullion purchasing law for the
purchase Of 100000 ounces of silver bullion
each month, to be paid for in United States
treasury notes redeemable in silver or gold at
the option of the secretary OF the treasury with
full right and power to coin all the silver bull
lion 70 redeem these treasury notes and TO
cover the excess or Seigniorage into the treas
ury as a surplus. They then refuse to coin the
treasury notes and piled up the silver bullion
in the treasury and chose to redeem them In
gold, thus increasing the demand upon our
Seeing the treasury becoming rapidly ex-
hauSted they inserted in the law OF July IA
1890, clause covering into the treasury .ns ma
five millions of dollars. and changed 1t from
liability to a surplus or balance:
NON ranidly. and with a otarif law. by reason
OF its prohibitory and high protective duties
not yielding revenues suffcient TO meet the ex.
traordinary demands and haolntles tney nao
created Secretary Foster prepared bonds 20