New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-10
MORE MONEY FOR THE NAVY.
THE DEBATE ON THE SUBJECT TAKES
WIDE RANGE.
MR.. WALKER SEXES THE OPPORTUNITY TO An
TACK FREE TRADE-sPEECHEs FROM
MEssRs GRosvENoR MEIKLE-
JOHN AND PENDLEToN.
IBY TELEGRAPH TO THE TRIBryE.l

lBr TELEGRAPH TO THE TRIBUNEI
Washington. May 9.-The debate in the HOUSE
OF Representatives to-day on the Naval Appro-
pration bill took a rather wide range, and at
times was lively and interesting. General Grosve-
nor. OF Ohio. and Mr.. Walker, OF Massachu-
setts. took advantage OF the opportunity to dis
cuss the tariff question, especially in It's rela-
tions to the latest Democratic essay toward
tariff reform" The Democrats were evidently
nettled by these speeches. but they were not
ready to trust themselves to reply. They are
still too angry over the developments in the
Senate. Mr. Meiklejohn, of Nebraska, devoted
some time to the armor- plate frauds. and called
special attention to the action OF President Ceve-
land remitting large proportion of the fine as
sessed upon the Carnegie Company and the
coincdent publication Of letter from Mr.. Car
negie approving the Wilson bill. The burden Of
Mr.. Clevelands defence fell upon the narrow
shoulders OF Mr.. Pendleton. OF West Virginia,
Mr.. Walker was the first speaker. He said in
part:
do not arise to oppose the bill before U.S. but to
justify our action. While to-day the revenues OF the
Government do not warrant the expenditures being
voted by this House 1 am glad to such faith
in the future OF country. The economic prin-
ciples OF the vicious Wilson Tariff bill passed by
this House. will surely not prevail even In this
Democratic Congress. Developments elsewhere
make II certain that tariff bill, when passed will
dispute every word OF the Chicago Democratic
platform, and be framed on the principles Of q
protective tariff
In order to correct misapprehenson as to the real
facts and justify this House In disregarding the
gloomy present in full faith in the brilliant future
OF our country. wish 10 state as briefly as pos
sble the exact position OF the two parties the
great and fundamental question at issue. viz: Pro-
lection as opposed to Free Trade. But first wish
to correct error to the relation financial
stringency" bears to industrial depression"
The late financial strngency had no connection
whatever with the subsequent industrial depression.
Financial strngency always precedes. but usually
arises from causes entirely disconnected with in
dustral conditions as did the Of the summer
OF ls93 Only when there is an abnormal accumula-
ton OF goods will Industrial depression be in
augurated; otherwise. a financial stringency will
not affect Industrial conditions. 1t rarely con-
tlnues over ninety days The present Industrial de-
preston not only did not have its origin in the
financial stringency, but the Industrial conditions
since then have not been influenced by It I'm the
slightest degree. The financial stringency Of 1898
covered period OF only sxtythree days. It's causes
reach back to the issue Of the legal tender Treas
ury notes OF 1867. which period finally closed in the
repeal Of the purchase clause OF the silver law Of
July H. 1890.
No serious injury to the industries OF the country
ever was, can be. wrought by a financial
strngency unless there is abnormal accumulation
OF goods That the Industrial depression is wholly
due TO the threats OF the Democratic party to de-
stroy the protective system Of the country Is made
apparent by the fact that there never was a time
when there 50 small a stock Of manufactured
goods on hand In proportion to the volume Of trade