The herald., 1894-09-07
THE FIELD OF POLITICS.
Wisconsin Democrats in Ses-
sion.
Senator Villas Addresses the
Convention.
His Arrangement of the Republican
Party.
The Business Panic of 1894 Due to
Misrule by the G. o. Estate
and Congregational
Conventions.


ny tne AsbOClbJeu ftess.
MILWAUKEE,, Sept. 6.-Tne Democratic
state convention was called to order
promptly at noon today by Chairman
Wallace, who announced Senator w. +.
Villas as temporary chairman. Villas
delivered long address in which he at
tempted to show that the panic was the
result OF Republican misruie. Tariff
reform, he said, was delayed, but not de.
feated.
Mr.. Villas reviewed the financial
history of the country from the begin
ming of President Cleveland's first term.
He made special mention OF the efforts
during Arthur's presidency to avert
disaster to the treasury, and related
that Hugh Mccullough was induced to
take charge OF the treasury, and Mr.
Mccullough stated that the most he
could do was to postpone disaster until
after the close of Arthur's admins.
tratioD.
Then followed statement OF how Mr..
McCullough's successor, Daniel Man
ming, had sacrificed his health in suc-
cessful effort TO etraighten out the
administration a large cash balance,
and how the Republicans then returned
to power and dissipated the wealth. The
evils that had fallen upon the country,
Senator Villas attributed to three causes,
namely: The Fifty first, or so-called
billion.dollar congress, with all it's mis-
deeds, its silver purchasing laws, it's
Mckinley protection act and its unex.
ampled extravagance, not only ia direct
appropriations, but entailing future
obligations yet to be discharged.
The Sherman law was next taken up.
The national Democratic convention of
1892 had accepted the designation given
| it by tho Democrats Of Wisconsin, and
declared it q cowardly mBkeahift to ward
Off the loss of the electoral votes of the
western silver states. The latter had
frat made demand Tor free coinage of
silver at the ratio OF 16 grains of silver
to equal one of gold, while excessive
production and other canses had con-
tinually decreased the value of the white
metal until in 1888 it required % grains
of silver to buy one of gold, with a.
further fall in prospect.
The proposition that the government
should coin dollars at ct Is to l and give
them to the mine owner who furnlshed
the bullion, implied that the value OF
the dollars should fall to the value of
the eilver in it, or if the governments
credit was to support it, that the govern.
ment should give the silver producers
the gains of coming, come So per cent
/ or m-re. The Fifty-6rat congress, equally
! fearing to grant or REFUGE thia demand,
devlsed compromise equally perni-
cioue, by which the government was
/ al cd fn ha II al.
bullion month, which it had no use
for. thus forcing the issue OF federal
| promissory notes at the rate OF "a, QUO, 900
month. By this means the western
Republican silver states were furnished
customer at the expense of the people
| of the whole country. The inevitable
consequences followed. The government
was set TO work initiating and impairing
the currency of the country. Dietrust
crept into the channele OF business.
Capitalists abroad quietly pushed their
American securities upon the market,
and gold began making its way to for
eign lands.
1t was in another form the triumph of
! greenbackism. The silver dollar was
made legal tender, yet silver continued
to dec inc in the market. thousand
million dollars of silver certificates had
eeen issued which the government prac-
tieRlly bound itself to redeem in gold.
because if it redeemed them in silver it
dropped the currency at once to basis
OF silver monometalism, while their re-
demption in gold would not only i'm
pose ruinous loss, bnt it was practi-
cslly impossible.
| Mr.. Cleveland, on his return to the
presidency. was confronted with treas
ury with $50, 900. 900 less money in it
with deferred and accumulated demands
to be met. and appropriations
to be paid during the ensuing l6
months $75 100000 greater in amount
than there was revenue to meet them in
place of the lair prosperity and univer-
cal confidence he had left behind him, q
rising distrust, dieordered currelcy.
with law commanding a monthly in.
crease of its rates; gold disappeared
from the country; tnanciers taking
alarm and the storm already gathering
and ready to burst The president and
the Democratic party entering upon
their trusts under such circumstances
ehould have had the support of all patri-
otto citizeng.
Senator Villas then reviewed at length
the difficulties that have been placed in
the way of repeating the pernicious
causes OF the disasters by the Republican
minority in congress-. beginning with
the Sherman act down to the Mckinley
law. The Wilson bill would have re.
quired but moderate amendment to have
made it an efficient measure of reform.
There was much in it, however, to give
rejoicing that it had become a law, not.
withstanding the successful assaults that
had been made upon it by the protec.
tionists.
On the third ballot OF the convention,
and the first OF the evening session.
Governor George Peck was nominated,
receiving 1856 votes to 55 for John Hun
ner and 119 for John Winals. Treasurer
Humber and Secretary Cunninghem and
Attorney General O'Connor were also
rsnominsted H. j. Schmidt OF Mani
towoc was nominated for lieutenant
COVER; w. M, Schultz, state superin-