Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1896-08-07
SUPPLEMENT.
plain FACTS
ON FINANCE.
SENATOR NELSON MARSHALS
THEM IN CONVINCING MANNER.

file Addresses a Mass Meeting mt His
Home Town of Alexandria, Max.
ing One of the most Complete Re-
views of the Financial Question
Ever Delivered in MfnnesOta-
Errors of the silverites Pointed
Out by Means of Incontroverti'
ble Facts and Figures Combined
With Logical Utternnces That All
May Understand.
Alexandria, Mimi, Special, Aug. 2:-What
Senator Nelson intended to be quiet TAX
to the Young Mems Republican cluo mere
last evening was by the demands VI lne
people developed into big mass meetins'
crowding the capacity OF the opera Nouse.
The club on Wednesday invited Mr.. Nelsoh
to address it before going out to take actlVe
part In the campaign. He consented, pro-
vided the meeting should be just quiet
one Of the club and Its friends st was
soon found that this could not De zone
and the club engaged the opera mousse ~
was a splendid audience that greeted the
senator, and the greeting was compliment
to him. His address was one or the most
complete and admirable landings OF the
financial question delivered In this state.
1t was clear, simple and conclusive. It was
we'll received and was especially note
worthy in contrast with Mrs: Leases mar
raugue last night. 1t had a marked erect
on public opinion. Following Is the KUN
text Of the senator's address,:
In 1865, at the close of the rebellion, the
interest bearing debt of the United states
amounted to $2,3s1 $50, 204. all OF which had
been incurred in carrying on great war
that time till 1893, under the direction ana
auspices of the Republican party, our rev.
enue and tariff legislation was adjusted
and maintained so as not only to anord
the necessary encouragement ana protec-
tion for American enterprise and American
labor. hut also to give us each year rev.
enue sufficient for the current expenses
of the government with moderate surplus
for the gradual reduction OF this dept.
Under this system of legislation the DUR
dens Of government rested lightly on tne
shoulders Of the people, and our country
Jew and nrospered beyond precedent and
Expectation, and to On extent that sur
prised and astonished the other nations
If the world. In 1890, 81 and ~ we
were the wealthiest, most prosperous ana
MANIFEST nation on the face OF the EARN.
The immigration that came 10 QUE snores
n largo numbers from all quarters Of the
globe during these years bore ample cyl
ience of this fact. From 1SG6-year by
vear-till 1893, the Understanding public
debt was reduced from the surplus revenues
of the treasury. On the first day OF Marcn'
1883, this debt had been reduced to $780,
O34,2GO. Since then. as you all Know 'ueie
has been no reduction.
When President Cleveland came Into
Office, In his first term, on the 4th Jay
of March, 1885, the government was oper.
ating under the Republican tariff law OF
1883, and there was surplus III the treas
~ rndQmntlOD
serve Ct upwards Of 500, 100000. This
tariff law remained in force during his
term. and by means OF 1t he obtained an
average annual surplus OF $o7'oOo'uo,
which was applied to the reduction OF the
public debt. A Republican senate. kepuD,
1ican tariff law, and the surplus revenue
arising therefrom, made his first admin
istratiou much less of failure than his
second. And yet, as appears from DIS sew
eral messages to congress. he was con,
stantly grumbling about the surplus an ,,i
constantly pining Tor "hson 'ai'n o'''
The Mckinley tariff law was enacted
during Harrlson's administration. In Octo-
her. 1880. and though it effected constd-
cradle reduction Of revenue. especially
through the repeal Of the duty on sugar.
It still, under normal conditions ylelueu
nm ample amount of revenue. with modest
surnlus to meet unexpected contingencies.
From October, 1890, till Cleveland was
ngain elected president, In November, 1Soz,
there was an aggregate surplus OF $Zo'24o'.
Gal derived from the current revenues OF
the government, which was equivalent 10
q monthly average Of s., l20,S21.
Cleveland entered upon his second term
March 4, 1888. and with him came into
mower q congress Democratic In both
branches He was no longer handicapped
or hampered with a Republican senate or
a large surplus. The prospect of obtaining
1T ,oI Inv anrtnO
Administrations free trade or revenue tar
iff-was now good. The country took him
md his congress Mt their word, and hence,
though the Wilson bill did not become
law till August. 1894. yet 1t took eject
upon the revenues Of the government ana
Cleveland and the Fifty-third congress was
elected, The threatened tariff legislation
frightened the Industrial and manufacturing
world and drove both capital and labor
out of active employment. And the con-
tinued, forced and
Excessive Silver Imitation
under the purchasing clause Of the law Of
1890, forced upon US by the silver magnates,
frightened the financial world and led them
of silver monometallism and financial up
heaval. 1t was this fear that, In 1893. led
to the great Withdrawal, of money from cir
culation both by the banks and the people,
and to the utter suspension OF payment In
many instances People who had toiled
competence for the decline Of life, were
loath to put their money into active use,
for fear that for each one hundred cent
dollar paid out, they would be compelled
to accept a 80, or at best IL GO-cent dollar
In return for that would have been the
:,ndoubted result of silver monometallisln.
Those causes, together with the results
of undue speculation, excessive expansion
of business, and over production In many
branches of industry. were the leading fac
tors Of the crisis and currency famine Of
1893.
At such a iuncture and under such condl-