The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-10-17
MIR. sTEvENsON,s SPEECH.

The speech of Vice-President Steven
son at Lincoln, H.. is most valuable
contribution to campaign literature, and
especially that part that refers to the
causes of the business depression of 1898.
That is one thing that the American peo-
pc cannot reflect upon too much, for the
lesson viii fbe useful in the future if it
be thoroughly learned now Panics are
not made by things that occur in the
future. Their causes are always in the
past. To adopt any other line of explana-
ton is absurd. 1t would be as sensible
to say that fire was occasioned by the
hot ashes that remained after the build
ing was consumed. And the idea that the
vast and diversified interests of a nation
of over sixty millions of people were
overwhelmed by a fear of something
that those people had voted for is worse
than absurd. 1t is false, and every sane
man knows it is false.
Certainly no one has forgotten the
great surplus that Mr.. Cleveland had
accumulated in 1883. Certainly no one
has forgotten that he made it the basis
of his argument in his great tariff reform
message of 1887 Certainly no one has
forgotten that the republicans grew to
hate the word surplus" and from Cor
poral Tanners God help the surplus if
l get hold of it" up to the platform
uttsrance on the subject there was no
feeling manifested by republicans but a
mad desire to get rid Of the surplus, de-
plete the treasury and do away with any
excuse for lowering taxes. Their Platform
OF 1883 says:
The republican party would effect all
needed reduction Of the national revenue
by such revision of the tariff as
VIII tend TO check imports.
That was their object-the reduction of
the national revenue, and the preserva-
ton of the benefits to the trusts and com
bines. And right royalty did they carry
out their pledges in $780, The tariff bene-
ficiaries were invited in and requested to
fix them as they liked. Put up the duties
as high as you like" said Mckinley and
his confreres; I'VE want to check i'm
ports" And they did put them up, and
after they got through they found they
still had too much revenue. So they took
the duty off sugar and put a bounty on,
the change costing the government over
$4,000, 900 per year. And they bought the
votes Of the mountain states for this bill
by the Sherman purchase bill, which cost
the nation thirty or forty millions more
per year. And they made appropriations
exceeding a billion dollars. And then
they returned 10 the constituents, and
their constituents kicked them out.
The republicans overdid the matter
They had fixed the revenue too low and
the expenses too high. They had put the
silver purchases in such a condition that
the government was simply exchanging
gold for silver. In two brief years the
surplus was gone, the treasury was
empty and nothing but the transfer Of
trust funds 10 the governments credit
prevented a deficit. No wonder financiers
feared that the government would not
be able to maintain specie payments. No
wonder the money market frightened.
No wonder a bank panic was created
And all that has followed since is the
result of that panic. The business de-
preston from which the country has
suffered is the direct result of Harrison
ism. Shermanism and McKinleyism.