The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-02-17


rency lasted. Alter few years, however,
thesr sub,ided, when Free Trade was lett
alone to prod uce It's Natural aud inevitable
results. Thesr--as ever heretutore-be-
came immediately apparont-business
stagnation aud panic ensuing,
CAUSES on CURRENCY EXPANSION.
l will therefore enumerate the causes Of
currency expansion, which for period OF
ten years cOuntemcted Free Trade con-
traction, producing ths only prosperity
that has been known TO Occar in our COuu
try IN Free Trade times. These causes
were: |, The Mexican war from 1915 20
lS4S, which created demand for over
Sl0O, 900 UOO of supplies. .. The European
revolutions from 1919 to 1851, which para
ly2ed industries abroad aud thus pre-
vented exports from Europe, but which
still called for large quantities Of bread
stutfs from us. 3. Tho Irish famine Great
ing u still greater call for bread supplies.
1. The Crimean war giving and extraor-
dinary demand for food supplies; ana llu-
ally, greatest Of all, the discovery OF gold
in California, which created u vast market
for goods OF all kiuds, but which from lSiS
to 1895 poured principally into our own
markets over SbOa, 1900 IN solid gold
coin.
These indeed were wonderful sources
| OF prosperity, aud for ten years they were
able tO prevent the caanitles OF Free
| Trade from assailing us. But these causes
| OF prosperity began To subVde III 1858, then
iu ls57 there being an abundance OF rev.
euu5-the tariff was again lowered, and
| what follOwedy The same ruinOus results
| | have always Sigualed III Free Trade
| times-immediately tho circulation fell
| SIS, U00, 600 and IN less than a year the panic
h.H Il fa.ala
followed III quick succession, And though
but q short time before there was Surplus
in the treasury hich Free Traders con.
slider as national cdamity-uow after u
few short months OF Free Trade policy the
national dsOt was increasing at q rate OF
nearly Is, 100000 per mouth aud soon the
discount OF government securities was Us
high as 10 per cent.
The tariffs OF 1916 aud 1857 should be
considered rs one aud the same tariff act
the last act being simply an increased
application OF the same Free Trade priu.
ciples on which the former was based.
Both OF them are the"S!u UshOLdsrS' tariff -
Aud as they were the last Free Trade tar
ills before Iht war aboishiug slavery, the
connection between Free Trade aud the
slave system is again apparent,
President Buchanan, who on his early
political ht5 was \ protectioniSt, bat who
became at last most Hbject tool OF the
slave holding oligarchy-- or Us l might
say the Sllus.dririAg Oligarchy-has geo
graphically portrayed the lack OF money
IN these Free Trade times as the evident
cause Of the distress that marked the two
last years Of his administration. with
unsurpassed plenty-SRyS he-in all tn,
productions and IN all the elements o
natural wealthy our manufacturers have
suspended, our public works are retarded
our private enterprises Of different kind
are abandoned. thousands Of skillfull Ia
bOrers are thrown out OF employment ant
reduced TO want. We possess all the ole
ments OF natural wealth iu rich gbuudauc,
/ and vet Notwithstanding all these advan
tages our is In most deplorable condition
so FAR as its monetary interests are con
, cern2d.'
! Indeed, did we not see that as soon as tn
. final Free Trade policy was iuaugurated Il
: lS+7 that SSs, 900, 900 Immediately left til
country, the circulation being contracts
! IN one year to that amount? This certainl
was sufficient 20 produce great bushes
depression. OF what good, ask. Is grea
wealth if YOU have not the mOnPy-th
! ready cash IN clrculatl0u-tO move 1t will
: by which 20 make commercial exchanges
! the medium Of exchange?
: As | have said, and as | cannot too ofte
2 repeat, it is the scarcity Of money IN cir
, culation-the contraction Of the currenc
9 into the storing vaults with the bankers
= aud the sending Of it abroad to pay fo
: imports that inevitably leads to hnancil
9 distress under Free Trade policy.
3 Siuce the period Of which President Bu
= chanan speaks, Protection has been th
9 steady policy Of our country. 1t has give
o US unbouuded prosperity. Ana durln
this long period, we have never been al
flicted with any great natural panic exceI
a IN 1873, which was brought upon US in spit
q Of Protection-as will plainly show-an
: : by the contraction Of the currency whic
a characterizes Free Trade epochs,
g PROTECTION BRINGS PROSPERITY
g I will now say that it is an historic
2 fact no one can deny that the ffty.seve
" years Of Protection in the United State
J, correspond exactly with the periods Of oil
q greatest national prosperity. Whereas, D
a the other hand, the darkest periods Of nt
Z tioual distress and disaster have coincide
e precisely with the fOrty-sryen years
: Free Trade policies. AS | say, this Is a
q historical fact It's importance, therefor
&c is fundamental, because 1t conclusivel
II proves that Protection must certainly IA
/ Vor national and on the other hand thu
Free Trade has always been and must a
d ways be most injurious 10 our nation
prosperity.
J. Throughout this long period Of over
I, century we find but two excepti0Ds--ol
y for each polcy--to this general rule, th
= universal law, as | may we'll call it.
First, the prosperity that followed ii
% Free Trade tariff Of ls48, l have show
10 however the numerous and powerf
canses expanding the currency at tn
10 time TO ward off Free Trade calamitie
70 And az these calamities set in immediate
70 after the lowering Of the tariff in !5l
- which was but n simple continuation
~ the tariff Of 1919, the tariff of 1916 is et
& dently condemned by the results follOwir
i 1854 when the powerful causes Of Curren
I, expansion no longer existed as after l8i
'i Consequently this one single instance
over one hundred years, Of few years
"a prosperity under Free Trade can pro We a
70 5olutely nothing In favor Of that AMI
70 American or anti-patriotic policy.
= Now as to the great pauic Of 1873
a 1879 which Ia the only instance Of gre
~ financial disaster under Protection, 1t Z.
y the easiest thing In the worl TO show tn
o. 1t was brought on in spite OF Protectio
WulCu hH hll ulAAOiJ hbbrHlh, over bSuuS
70 expand the currency. Whereas the pal
is of 1873 was the direct and evident result
~ the rapid and unwise contraction OF I
lu currency, when our government withdrt
b millions OF greenbacks from tho CirCu
tion and suddenly contracted tho curren
Z, to return as speedily as possible to sDe
. :, payments.
N N do not ask any Of you who may fay
su the Free Trade theory, to take my VOL
~ nor my opinion respecting the causes
% the national disaster OF 1873 under Prot,
~ ton. ! will cite an authority which c.
y tainly with you must have great weig
4. 1t IL none other than the opinion OF I
40 Hon. Roger Q. Mills Of Texas, who is C
~ tainly the best authority on Free Trade
's' tho United StAtes.
- Now in this passage OF the honorR
q. gent from Texas / am about to quote
I, ~ you, he not only plainly afflrms m
w., graphically illustrates how the panic
~ lST3-77-79 was In no wise due to Prot
Nv tion but directly duo TO the rapid contr
~ ton OF the currenos' 10 return TO specie p
~ ments, but at tho sa 20 time and in
"a same convincing language shows a
"u how the Free Trade prosperity follow
"a a., y..t. l.. i