The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-01-31


Saturday for some time and delivered
one Of the most f0roi0le speeches made
during the tariff debate. The line of his
argument was that protection had ruined
every country that had practiced il.
Students Of tariff reform VIII find fresh
arguments in AIr. Bynums speech. 1t
IS highly spoken Of by both sides and
l. as follows;
Mr. Bynum'S speech.
Mr.. Chairman would seem that in the
progress of governments as well as i'm the
lives OF individuals there are periods when
s. becomes necessary 10 halt and take a
survey Of the course travelled. and ascer-
Tain if possible tAc DIES -ination 20 which it
leads.
Whatever mas Dee our views as 10 the
Causes which have brought about the pres
ent depl0rch.e condition Of affairs an viii
admit that a crisis Of no insignificant pro-
portions has been reached. and that the
occasion demands and should receive our
highest and best thoughts. The depleted
condition OF the puhlic treasury. the con-
tinued dimIuuatiou ia the revenues Of the
government. 90 say nothing 81 the great
losses 70 Individuals by zhrinkaee in the
value Of property, ai the result OF the pre-
valling depression, calls l0r immediate and
thorough consideration.
What has been the cause of an this2
Why Is it, with all Of our great resources;
with a country rich en- minerals. fertile in
soil healthful and iuvigorating iu climate:
In the midst Of peace free from pestiienCe.
and with abundance upon every hand. that
millions ~ our citizens, able and anxious
are now being Eel in the great commercial
and manufacturing CenterS ~ the country
by the hand ~ charity View this scene
a. we may, We cannot cndtte lL 10 any
other than the results of our own mistakes
and our own folles-
Those who are ciamOrous Tor a continue
ton and perpCtUation OF the present. eco
nomicdl system say 10 is the result Of the
uncertainty which hangs over the indus
tries Of the country; that if We would only
cease 10 agltare the question OF a revision
OF the tariff all would be we'll in a brief
space Of time This statement Is so alb
surd upon its face that / would not dignity
IL with an answer were il not that a lOgi-
cal discussion Of the situation requires an
alscertainment Of the real cause.
Can 10 be possible that a mere accession
or the democratic party 10 power in all
the departments OF the government upon
the civilized people Of every country in the
world. which has practiced them. including
ourselves. has accumulated wealth and at
tanned "a higher degree OF prosperity has
had the effect, I'm 50 short a space Of time,
70 convert a prosperous people into a help
less and dependent stateR is 10 not more
credltable that the great disaster which
has come upon us Is the OutgrDWth %
false system OK economy, which, with all
Of~our matchless resources, We have been
unable longer TO standE VIII not future
generations when they look back 10 our
times to draw lessons Of wisdom 10 guide
them in the direction In which they should
60 rather ascrfbe our reverses 70 our
fOllies instead Of 20 our fears2 Are the adj
V0cateS OF a restrictive policy ready 10
confess that Notwithstanding our unpar-
ehsled resources. thirty years OF protection
has failed TO establish our industries upon a
foundation sufficiently firm IN Withstand
even q proposition looking to a conserva-
tive modification Of It's structure?
Cause of the Depression.
In the brief time shall occupy I shall
undertake to demonstrate that the present
depression IS not the result of agitation by
the friends Of tariff reform. but the nat
Ural outgrowth of 4 long period of exces-
sive restriction upon trade and commerce.
During the last twenty years and more
we have as a nation enjoyed uninterrupted
peace and been blessed without intermis-
sion. with abundant harvests.
II ever the influence and operation Of "A
protective tariff could have brought wealth
and happiness 10 a people, or. measurabIy.
have preserved the same from destruction
by the ingress Of injurious competition
most sssuredly the last twenty years should
have been years Of uninterrupted pros
perity. Have they been? I challenge tho
advocates Of protection TO point 10 period
OF ike duration In the history Of this or
any Otner country during which there has
been 50 many depressions, such serious
conflicts between employers and employees
more factories closed, or greater number
Of comm ercial failures recorded. From 1873
70 1ss2 inclusive the number Of failures
was 7418. with liabilities aggregating
81 siS 31O5l7. During this period there was
such paralysis in trade. the commercial
interests Of the country became 80 pros
trate that the sentiment in favor OF a
reduction Of duties became 50 formidable
as TO greatly alarm the friends OF the pro-
tective system To allay this demand they
openly admitted that the tariff was too
high. ought 20 be revised, but that it
should be done b. its friends and not BY
its enemies.
The tariff commission Of 1SS2 was the
result, although composed OF those favor
sible rates. they stated i'm their report That
then existing rates were ruinously high
and ought 10 be reduced NJ least % nor
cent. The bill reported by the commission.
however, was not enacted. The protect 81
interests had acquired too firm a grip 10
then fiji the country with prophecies of
the frightful ruin that would surely follow
= reduction Of the tariff. They did not then
threaten their employees with a loss Of en-
ployment or a reduction Of wages by post
Ing notices IN their establishments while
circulating amongst their operat ives petit
lions 70 congress 10 stop agitation Of the
question.
they did not then claim that the pros
tratiOn which had affected trade ard com
merce and eXtinguished the fires in the
mills and furnaces Was the results Of un-
certainty. and that all that was necessary
for restoration Of good times was for
congress 10 declare IT'S intention to let
them alone. They abided their time and
when the opportunity came they went be-
fore the conference committee Of the two
houses, presented their schedules, which