Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-11-26
PORTLAND CLUB
Gives Dinner and Entertains
Hon. Nelson DingIey, Jr.,
In Return He Ente,tains All Present
With Ringing Speech
In Which lie Shows Up Democratic MisruIe
and Incompetency.

tonight, had dinner which was largely
attended by the members and local invited
guests. After the dinner President Henry
p. Cox called the assembly to order and
introduced as the guest of the evening,
Hon. Nelson Dinghy, Jr., OF Lewiston,
who spoke in substance as follows:
Among the object lessons which have
confronted the people in the past two and
half years, and are still confronting
them, l will refresh your memory by call
ing attention to- the following:
list. The continuous deficiency Of reve-
nue. since July 1, 1893, aggregatlng $l33, =
600, O00 up to the present time, which has
been met by using that amount all but
$40, 600, 900 of S1S2, 900 coo obtained by
selling bonds, ostensibly to maintain the
redemption fund.
"2d. The deficiency of revenue to the
extent of $50, 900, 600 in the first IA
months Of the existence of the Wilson
German tariff, which has proved to be
tariff for deficiency only.
I'D. A run on the treasury gold re.
demption fund which has kept it almost
constantly for az years below the
minimum of 800, 900, 600.
9th. Increase of the interest. bearing
debt in the last two years in time of
peace to the extent of Sl62, 800, 900.
18th. Such an increase under the new
tariff of imports of goods which we had
previously made for ourselves, and such a
reduction Of exports rs to change the
favorable balance of foreign trade that had
existed with immaterial exceptions from
1876 to 1898, into a balance of $40, 600, 600
against us in the first eight months OF
the present calendar year
Goth. The demand for gold to pay this
balance at the season Of year when it is
unusual to have the balance Of trade
against us and Discrimination abroad to-
buy our securities.
nth The impairment Of industries
and business confidence in the past 213
years, first manifested after it had become
known that the election Of 1892 had re-
suited in complete Democratic victory.
1.-The chief source of all these difficulties
was the apprehension created in the pub
lie mind that the success of the Democr tic
party meant the overthrow of the protec
tive tariff basis. While the new tariff as
finally enacted was far less radical thar
the Wilson bill as it passed the House, yet
there were sufficient schedules from
which protection was eliminated to en-
courage imports of goods which we had
been making 20, ourselves, and to establish
a lower standard of wig IS and living than
| existed in 1872, wages at Fall River be
| ing still IA per cent lower than in 1892
Notwithstanding the restoration Of II pc,
cent of reduction made IN 1898 and 1924,
and to make the volume of business of tbs
past 10 months, 10 per cent less than IL
the same months of 1892, whereas with
| the same growth shown prior to that time
they should now be 30 per cent. larger
| than three years ago.
1.-The continued use of redeemed green
| backs to the extent of sl53, 900 600 t.
| meet the deficiency in the treasury, uniteo
| with the turn of the balance of trade
| against us under the operations OF the
new tariff, has made the relief of tht
treasury much more difficult than If the
proper remedy had been applied ~ year.
ago, that of raising revenue equal TO the
| expenditures, and maintaining the golo
redemption fund as a fund exclusively sci
apart to redeem government demand notes
| s.It IS neither frank nor just for Secre
tarv Carlisle to ascribe the perils OF our
| financial situation to the endless chain Of
REDEMPTION created by the greenback il
| orr currency, and to expend his energies
i'm recommendations for the withdrawal OF
oreenbacks rs the only proper remedy.
| while few would regard it wise to increase
the volume of greenbacks, yet the diff
entities of withdrawing those now in cir
culation are so great that Mr. Carlisle
would do better to drop that proposition
Secretary Carlisle in recent New
/! York speech, had much to say of the end
less chain of greenback redemption, for
which however. this administration il
RESPONSIBLE He created it by Immediately
having out greenbacks when redeemed e.
meet current expenses for winch th'
revenue was responsible.
"No more fatal policy could have beer
devised than that which resulted in prac-
ticaliy using the grecnback redemption
fpnd to meet revenue deficiency, and yet
nsf,re the first sale of bonds, millions OF
dollars were practically pledged as the
500. 600, 900 grcenback redemption fnnd
yas withdrawn from this fund and used
to pay current expenses.
| nThe untoward events o: the past Two
wars have demonstrated not only the
wisdom of protection but also the superior
| ability of the Republican party to admin
| ister the affairs of a great nation, ana
large majority of the people of the country
have become thoroughly convinced OF this,
..If called upon by the President to pr :
eide more revenue, | doubt not that the
Republican majority in the House VIII
meet such a request in the way which
seems wisest and best to that BODY. Ihey
,vnnld he false to themselves and recreant
70 the country If so far as reFenue iegisia-
ion is inaugursted by them,it should not
he ON lines which tend to build up the
already suffering industries OF The country,
.eTbe fact that at the last session OF
Congress they, under the lead of Mr.. Reed,
voted for the proposition TO authorize TIE
se Y,r of the treasury to issue lower
rate and shorter tine bond than these
nrovided for by act of 1875, TO maintsin
the redemption fund, and also to issue
short term certificates of Indebtedness Go
nrovide for the temporary deficiencies IN
ravanue. affords abundant evidence
of the patriotic spirit Win
| - pa,ub1irnOS of COnqreSs