The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-28

@SsANNs W. 50 NAANoSJ
experiencing the effect Of partial free
trade. The one must be averted, the
other corrected. The Republican party Ia
welded to the doctrine of protection II
was never more earnest in its support and
advocacy than now. If argument were
needed to strengthen its devotion to the
American system" or increase the hold Of
that system upon the party and people, 1t
Is found In the lesson n experience Of
the past three years. Men realize in their
own daily lives what before was to many
Of them only report, history or tradition.
They have had a trial of both systems and
know what each has dom for them.
Demanded by the Public Exigencies.
Washington, in his farewell address
Sept. II, 1896. 100 years ago, said: Asa
very important source of strength and So
curity, cherish public credit. One meth
cd of preserving it Is to use it as sparingly
as possible; avoid the accumulation of
debt, not only by stunning occasions of
expense, but by vigorous exertions in time
OF peace to discharge the debts which un-
~avoidable wars may have occasioned, not
anonymously throwing upon posterity
h burden which we ourselves ought to
bear"
~ ldClllUdte inc enforcement Ot tHt
maxims which he announced he declared:
1T Is essential that you should practically
bear In mine that toward the payment Of
debts there must be revenue that to have
revenue there must be taxes; that no tax
es can be devised which are more or less
inconvenicnt or unpleasant; that the in
trinsic embarrassment inseparable from
the selection of proper objects (Which Is
alunvS N nhnica Of liffp,ltincl oyrrrht IN
be a decisive motive for a construction Of
the conduct of the government making
it, and for a spirit of acquiescence in the
exigencies nay at any time dictate
Animated by like sentiments the people
OF the country must now face the condi-
tons which beset them. The public
e~xigencies' demand prompt protective
legislation which will avoid the accumu-
lation of further debt by providing ade-
quate revenues for the expenses of the
government. This is manifestly the re-
quirement Of duty. If elected president
of the United States it will be my aim to
vigorously promote this object and give
that ample encouragement to the occupa-
tions of the American people which,
above all else, is SO impcratively de-
manded at this juncture of our national
affairs.
Our Condition In December, 1899.
In December, 1892, President Harrison
sent his last message to ngreSs 1t was
an able and exhaustive review of the COM
dition and resources of the country. 1t
stated our situation so accurately that l
am sure it will not be amiss to recite his
official and valuable testimony.
There never has been "A time in our his
tory said he, when work was SO abund-
ant, or when wages were so high. whether
measured by the currency in which they
are paid or by their power to supply
the necessaries and comforts of life. The
general average of prices has been such
as to give to agriculture a fair participa-
ton in the general prosperity. The new
industrial plants established since Oct. 6.
1890, and up to Oct. %. 1892, number 345,
and the extensions of existing plants, los.
The new capital invested amounts to $4O,-
446, $50 and the number of additional en-
ployes 1885. During the first six months
of the present calendar year 1876 new fac
tories were built, of which 40 were cotton
mills, AZ knitting mills, % wooden mills,
Is silk mills, 4 plush mills and . linen
mills. OF the 10 cotton mills, 81 have been
built in the Southern states.
This fairly describes the happy condition
of the country in December, 1892. What
has it been since, and What Is it now?
Our Condition Eight Months Later.
The messages Of President Cleveland
from the beginning Of his second admins
tration to the present time abound with
descriptions of the d%eplorable industrial
and financial situation of the country.
While no report to history or official state
ment is required to advise us of the pres
ent condition and that which has prevailed
during the past three years, l venture to
quote from President Cleveland's first
message, Aug. s, 1893, addressed to the
Fifty-third congress-, which he called to-
gether in extraordinary session:
The existence Of an alarming and exc
traOrdinary business situation said he,
Involving the welfare n prosperity of
all our people, has constrained me to call
together in extra session the peoples rep
resentatives in congress to the end, through
the wise and patriotic exercise of le2isla-
tive duties with which they solely are
charged, the present evils may be miti-
gated and dangers threatening the
future may be averted. Our unfortunate
financial plight is not the result
Of untOward events, nor of conditions re-
lated to our natura resources. Nor is il
traceable to any Of the Affections which
frequently check national growth and
prosperity. With plenteous crops, with
abundant promise of remunerative pro-
duction and manufacture, with unusual
invitation to safe investment, and with
satisfactory assurances to business enter
prises, suddenly financial distrust and
fear have sprung up on every side. Nu-
rlerous monied institutions nave sus-
pended, because abundant assets were not
Immediately available to meet the de-
mands of frightened depositors. Surviy-
ing corporations m individuals are con-
tent to keep in hand the money they are
usually anxious to loan, and those en-
gagged in legitimate business are surprised
to find that the securities they offer for
loans, though heretofore satisfactory, are
no longer accepted. Values supposed to
be fixed are fast becoming conjectural and
loss and failure nave invaded every
branch of business"
The Cause of the Change.
What a startling and sudden change
within the sho-t period Of eight months,
from nacayphar 1900 <D A,,< rnIn