St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-10-10
THESE HARD TIMES.
Congressman o. M. Hall EX-
plains What Brought
Them On.
THE CAMPAIGN OPENED.
Harmonic Hall Crowded With
Enthusiastic Followers
of Jefferson.
THE DEMOCRATIC COMMITTEE
Finally Appointed--Electi
Judges--Kortgaard Case
Disappointed Floyds.

the congressional campaign, held at
Harmonic hall last evening, was the
most enthusiastic OF any by any party
thus far. The hall was fairly crowded,
and the platform contained several OF
the nominees and many of the members
OF the local committees. Al Paris pre-
sided, and without any unnecessary
delay introduced Congressman .. Nj.
, Hall, of the Third congressional dis
trict. Mr.. Hall was received with an
outbursu of hearty applause. When
quiet was restored he proceeded to de-
liver scholarly, entertaining and in-
structive address.
He prefaced his discourse with few
well-rounded compliments so the Dem
ocracY of Hennepin county. He took
as his text the recent hard times and
their cause, and said that the hard
times resulted from Republican legisla-
ton on the money question primarily,
and the Mckinley tariff. Taking
the first cause up. he said
that the fnancIers of England
and the continent of Europe
became alarmed over Republican legis-
lation on silver and thai the Sherman
silver purchasing law, while it did not
add to the volume of the currency took
from the treasury four and half mill.
ion dollars in gold monthly to pay for
the silver authorized to be pur-
chased by the secretary of the
treasury and which when purchased
was piled up in the vaults of the treasu-
ry as so much useless material. The
bondholderS. mortgages and stock
holders of Europe. becoming alarmed
at the depletion of the treasury of gold,
sent these securities to this country,
had them sold here and received there
fore gold coin, which was Immediately
SHIPPED to them In Europe.
But prior to this the extravaganza of
the administration under Benjamin
Harrison had exhausted all the gold in
the treasury save a portion of the
greenback redemption fund. Under
President Gle leland during his first
term the total receipts for the four
years of his incunbency were S1,511,-
100000. and the total expenditures
SLABS. OO0.0O leaving surplus over
and above all the funds required by law
the sum of $50, 000,0O0 when Benjamin
Harrison took his seat on the 4th day of
March, 1889. The total receipts
during the four years OF President
Harrison's incumbency aggregated
81 ,6l2, 100000, while the expenditures
amounted to Sl,623, 10000, thus leaving a
deficit of 81, 100000; hence. the govern
ment was bankrupt when Grover Cleve-
March, 1898. To increase the lack
of confidence which the European
fnanciers had in the country's
solvency. the system of bookkeeping
adopted by the Republicans during
Mir. Harrison's term of office was such
a system as is practiccd by bank de-
faulters and dishonest trust officials.
For example, the national bank re-
demption fund and the subsidiary coin
fund, which are liabilities, We're placed
as assets i'll order to cover up the deficit
resulting from the corruption, dision-
esty and extravaganza of the last Re-
publican administration.
While this system OF bookkeeping de-
ceived the thoughtless and ineffective
American citizens, the shrewd finan-
ciers readily detected the imposture,
and as readily made provision for the
selling of the aforementioned secur-
tiles held by them. Again, during Mr..
Clevefand'S first term of office there
came into this country $4,000, 900
of gold in excess of that exported here
from, whereas during MIR. Harrison's
term of Office there was exported from
this country sl5s,Oo0,OOo in excess of
that imported herein. In November,
1891, the great house Of Barring Bros,
second only to that of the Bank of En-
to the wall through speculation in
Australia aud South America. This
great allure produced hard times
in England, but the crops in this coun-
try were the luost abundant in it's
history, and the exports Of farm prod
ucts, including the cerals, pork ami
beef. to Europe the largest ever known.
Hence this country was enabled to ward
off mporarily the hard times prevalent
in all other parts of the civilized world J..
In 1892, however, the crops were barely
up to the average, and therefore this
country was forced to send more gold
out of the country in payment for the
stocks. bonds and mortgages which
were being returned here by their
European holders.
The congressman then asked If there
was any sane man who could doubt for
a moment what the true causes of the
hard times had been. Added to the
aforementioned causes for the hard
times, he enumerated wheat specula-
ton, which was INDUCED in by the
clergy. merchants. professional men,
and even washerwomen. At the con-
clusion OF his address Harmonic hall
vibrated with applause.
Oliver T. Erickson, the congressional
nominee for this district, was the next
speaker. He con6ned himself prin-
cipally to the tariff question, and read
extracts from Gov. McKinley'S speech
delivered at ST. Paul last Saturday
evening, and commented on them i'll a
caustic manner. He showed that pro-
lection protects only the employer and
not the employe.
The chairman then introduced Frank
d. Larrabee as the next district attorney
of Hennepin county, who made short
speech, and confined himself almost ex-.
clusively to the advocacy of MIR. Erick-
son, pointing out in detail his many
qualifications for representative to con-