The Portland daily press., 1895-11-26


production at home rather than abroad or
such articles as can be produced mere
without natural disadyantage-by which
policy that prosperity is insured which
provides revenue, sustalns Teuemptlon
funds and maintains confidence.
Secretary Carlisle, in his recent new
York speech has much to say OF the
"endless chain" of greenbaok redemption
for which, however, this admlnlstra-
tion is responsible. From 1879 TO 1928
the greenback created no ''endless chain.
because. revenue was more than eXpendl-
ture, and every greenback redeemed, IL
was known, would stay in the treasury
so long as the public interest," reg ullen III.
Secretary Carlisle created the Hendless
chain" by Immediately paying out the
green backs, when redeemed, to meet the
current expenditures for which revenue
was insufficient; and then the greenbacks
once redeemed and subsequently paid out
same back forpa second and sthlrd 4redemp'
ton to the extent of 1873 millions. thus,
the sale of bonds in the past two years,
1873 millions have been used to make
good the deficiency in the revenue.
II the Treasury had possessed sufficient
revenue to pay current expenditures,
as was the case every year since the war
up to 1898, then the redeemed gIeenbackS
would have remained in the Treasury
any run on the Treasury had been .inau-
gurared before there would have been
such a scarcity ofssgreenbacks as to have
made them sought in exchange for gold.
1t was deficiency of revenue that made
the 'tendless chain.''
mo more fatal policy could he have de-
vised than that which resulted in practi-
cally using the greenback redemption
fund to meet the deficiency ofsareyenue.
nd hafnra ho ipc1 10 "a a,
millions of dollars practically pledged as
the one hundred million greenback re-
demption fund for the redemption of
greenbacks, were withdrawn from this
fund and used to pay current expenses
Mr.. President, nothing seems to me
clearer than that the untoward events
OF the past two..years, contrasted with the
experience of the country for years prior
to 1898, have demonstrated not only the
wisdom of the Republican policy of pro-
lection, i. Q the imposition OF duties on
competing imports equivalent to the diff
ference in the cost of production and dis
tribution here and abroad, arising from
our higher wages, for the purpose of
placing competition here on the basis OF
our higher wages and our higher stan
dard of living, and thus encouraging
the production here rather than abroad
of whatever we can produce without nat
ural disadvantage: but also the superior
ability of the Republican party to admin
lister the affairs of aHgeat nation.
That a large majority of the people OF
this country have become thoroughly
convinced of this, is shown by the cleo
tions of the past two years which have
placed the National House in the control
OF the Republican party by an unprece
dented majority; and the elections next
year will Enthusiastically complete the
reinyestment of the Republican party in
power in the Senate and the Presidency.
Until that time we must of necessity
wait for the full establishment of the Re-
publ ian policy of protection and finance,
which gives the country such prosperity
and the nation SO large revenues and so
unprecedented credit In the meantime,
the Republican majority IN the House
will be able to prevent further vicious
legislations but will not, till after the
n KIT Presidential election, have the pow
81 to wipe out unwise legislation or
place wise legislation along the Repub
lican lines on tie statute book.
IL called upon by the President to pro-
vide more revenue, | doubt not that the
Republican majority of the House will
meet such a request in the way that
seems wisest and best to that body which
is the immediate representative of the
people, and charged by the constitution
with the initiation of revenue measures
recreant to the commission SO recently
given them if, SO far as revenue legisla-
ton is ipaugurated by them, it should
not be on lines which tend to build up
the already suffering industries OF our
country.
The fact that at the last session of Con-
gress, under the lead of your distin-
guished representative, every Republican
in the House voted for proposition to
authorize the Secretary otsthe Treasury to
issue lower rate and shorter time bond
than those provided for by the act of
1875, to maintain the redemption fund;
and also to issue short term certificates of
indebtedness to provide for temporary
def cIencies in the revenue-ahords album
dant evidence of the patriotic spirit in
which the Republicans of Congress will
mee6 the exigencies of the situation
forced upon the country at tho coming
session. 1t is greatly to be regretted
that partisan pride and financial blind
ness led the administration then to re-
fuse tender which would have proved
such a tower of strength.
need not say to you, Mr.. President,
or to the business men of Portland as
sembled here tonight, that the RepuEli-
can party in its long, brilliant and sue
cessful career has been always imbued
with the spirit of patriotism that has
never allowed craftsmanship to rise above
country, and that in all the great exigen-
cies which it has been called upon to face
when placed in positions ofresponsibility.
it has demonstrated it's legislative and
administrative ability, its wisdom, it's
fidelity to the principles of free govern
ment and it's undaunted patriotism
Allow me in closing to propose as a SEN
timent in which we can all unite: "Tbe
Republican party; the savior of the ma
ton in its youth: the hope of the coun-
try in it's maturity
At the close of Mr. Dingley's address
he was warmly applauded as he was
throughout the address.