The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-08

were the speeches of Speaker Crisp, re-
viewing the work Of Congress and one
by Secretary Hoke Smith, against the
free coinage Of silver.
In Favor of Free Coinage.
Speaker Crisp declared his personal
preference for the free coinage of sill
yer. Much enthusiasm was displayed
Speaker Crisp spoke as follows:
when the Fifty-third Congress met
in August of last year it was confront
ed with difficulties which seemed al
most insurmouatable Trade was par
elyzed, manufacturing had almost
beased, labor was idle, our banking in
INSTITUTIONS were falling and confidence
the life and soul OF commerce, was utter
" destroyed. In so far as this deplorable
cordition was attributable to legisla-
ton, the Republican party was respcn-
sible. For more than thirty years that
party had made our financial and econ
onic laws. Until the meeting of the
F7fty-third Congress the Democratic
party was without power. The condi-
ton which confronted us, while not
wholly was very largely due to evil
legislation. In 1873, the free coinage OF
silver had been discontinued and gold
became the standard of value. In 1875
partial coinage was resumed. In 1871
this law was repealed and soon there
after coinage of silver practically
ceased. These acts were of the Repub-
lican party.
"These acts of the Republican party
resulted in so lessening the volume of
money of final redemption as to cause
the price of all commodities to increase
the burdens Of all debtors, and impair
the confidence OF the people in the pow
er OF the government and of banking
institutions to redeem their outstanding
obligations.
"A law and a practice which allows
a citizen to pay his obligations to the
government in silver and at the same
time permits him to demand of the gov
eminent gold in redemption of its obli-
cations, is manifestly unreasonable and
unjust, and in the nature of the case
must impair confidence and tend to
produce panic.
What Protection Means.
"For thirty years the Republicans
4 had been building up tariff walls
around the country, and in 1880 passed
what they termed a perfect protective
tariff law
"A protective tariff restricts trade
and commerce.
1T limits the market in which we
must buy and depresses the market in
which we must sell.
1T is a tax upon foreign product
which the consumer here must pay.
by taxing his foreigner competitor.
you enable the domestic manufacturer
TO increase the price of his wares to
the extent of the tax, and this, too, the
consumer here must pay.
"When you buy foreign goods and
fpay the duty, it goes into the treasury
: and is called a tax; when YOU buy
hc =
creased price, il goes into the pocket of
the American manufacturer and is
called protection
"A protective tariff fosters and builds
up trusts and monopolies.
III creates no wealth-only prevents
Its natural and just distribution.
Thirty years of such a system did
much &c produce the conditions existing
when the Fifty-third Congress met
what has that Congress done for the
people? The first matter considered
was the financial question We had
pledged ourselves against the make
shift Sherman law, and in favor of
Doth gold and silver as the standard
money Of the country BY an agree
ment arrived at between the Demo
Gratis, we determined to take the sense
OF the House on the free and nm
limited coinage of silver at several
ratios. After full debate a square vote
was had on each, and on the repeal of
the Purchasing clause of the Sherman
act result Won know. While not
processing to understand the question
.ully in all its bearings, have always
Dseh IN favor of the free coinage of
silNer-I am in favor of it now.
me speaker then rehearsed the con-
Vest IN both branches of Congress over
the tariff bill, and compared the Iif-
ferences between the Mckinley and
Wilson bills.
The Senate Bill.
Speaking of the Senate bill. he said
that while it did not give all he ex-.
pected. II was the best that could be
obtained under the circumstances.
1t strikes at trusts and rnonopo-
1ies,''A he said
TT Produces the cost of necessaries of
lifzx
1f"It to some extent opens our mar
kets at home and enlarges our mar
kets abroad
1T promotes agriculture: it en-
courages manufacturing and it will
add to the comfort of millions of our
fellow citizens
Here Mr. Crisp turned to state mat
tiers and spoke Of the coming contest.
Hoke Smiths Address.
Opening his remarks. the secretary
reviewed the financial TROUBLES of the
past eighteen months. and congra tn
lated the south as well as Georgia nm
on the excellent showing made The
attention of the commercial world had
been attracted, and he predicted FOR
that section a period Of DEVELOPMENT
, end marked prosperity such as never
4 before experienced. The cotton states