The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-10-31
MIR. BUTLER,s SPEECH.

ingmen where he is not so well known.
MIR. BUTLER's SPEECH.
OF all the republican speeches that
have been considered important enough
to print. the worst that has yet appeared
in Indiana. with possibly the exception
Of that of Charles L. Henry IS the one
delivered by the Hon. John NJ. Butler at
Lafayette. In its main features it Is a
rehash Of the general arguments Of the
campaign on the republican side-the Viii
son banquet. Mr.. C,eveland's objections
to the tariff bill because there was too
much McKinleyism left in it, the abolition
Of reciprocity, and the like. He goes
beyond most of his colleagues in denounc-
ing roundly the income tax law. though
unquestionably his party would promptly
repeal that law if it had the power to do
so.
But in following these lines Mr.. Butler
makes occasional statements so absurd
that he might have learned better even
by reading his own former campaign
speeches. For example he informs US that
wages are much lower in Europe than
in this country. and then gravely asserts
that "aI Of those nations believe in self
protection by tariff laws and impose tariff
duties upon manufactured articles that
come in direct competition with like ar
tlcles manufactured within their own
boundaries" If so. why should weAant
similar protection? Mr.. Butler y very
emphatic on this point. The 500 'ued
free trade England has her high prcnc I've
tariff laws" Mr.. Butler certainly outh BIT
to know better than that. There is not
a protective tariff law on the English
statute books.
Mr.. Butler calls attention. to the panic
Of 1857 and insinuates, though he does
not say expressly, that it was due to
fear of tariff reduction This is an cd
trick of Mr. Buffers. He knows that the
panic of 1857 was purely money panic
a wildcat money panic. He knows
that no republican at the time pretended
that it was due to tariff legislation. He
knows that the tariff law Of 1857 was
enacted because what is known as the
free trade law Of 1916 was producing too
much revenue. He knows that Nathaniel
p. Banks. republican speaker Of the house
of representatives, selected the republican
committee on ways and means which re-
ported the bill Of 1857 reducing the tariff
duties Of 1916. and that the bill received
the enthusiastic support of the republicans
Of the house and the senate. Such SEN
ators as William II. Seward. Henry VIII
son and Lafayette 5. Foster supported
and voted for il. He knows that the re-
publican party never ventured any change
Of that law until tina necessities of war
compelled it, and then put it on that
ground. He knows that the panic Of 1857
followed that law instead of preceding it,
and. therefore, could not have been caused
by anticipation Of the law.
The panic of 1857 was the product of
causes very similar to those that made
the panic of 1898. In 1898 the country
was flooded with wildcat money. Hun
dreds Of millions Of John Sherman's sill
yer certificates were ahoat. secured by sill
YER bullion and demonetized silver coin
wing i'm the vaults of the mint. whose
intrinsic value was diminishing daily.
That the fear that this policy would cause
a suspension Of specie payments produced
the banlc of 1898 was conceded by bank
ers and fnanciers everywhere. The Sen
tinei predicted it a year before it came.
The republican press conceded it. The
republican congressman conceded it. and
worked and voted for the repeal of the
| Sherman purchase law.
Mr.. Butter further states that Mr.. Har-
rison left a surplus of $124,OOO,OOO dol
lars in the United States treasury. Mr..
| Harrison's treasurer's report shows a bal
ance Of $24,12S.OS7. Mr.. Butler. we pre-
sumo. adds to this the gold reserve of
| 500. 900. But even the balance shown
| by Mr.. HaTison's treasurer would not
have appeared if ne had kept mis- books as
| they were kept under Mr.. Cleveland. At
the time of the last report. March /. 1898.
| there were included in the available
cash" s22, 272. 061 Of the national bank note
redemption fund. and $1O.971.S75 of frac-
tional coin, which had not been included
under former presidents. and If these had
| been included Mr.. Harrison's administra-
ton would have closed with a deficit of
$9,115,s49.
And finally. coming to state issues, Mr..
Butter states that the direct tax refund
! CONSTITUTES almost the entire amount"