Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-07-23
TR ABE
VS.. PROSPERITY.
Historical Facts Which Cannot
be Disputed by any
One.
A Careful Review of the Tariff
and Financial Questions
From 1892 to 1896,
By E. w. Taylor.

In studying the causes which have led
to the demand for the free and unlimited
coinage of silver at the ratio of 16 to /,
| am impressed with the fact that there
Is but one cause for this demand and
this cause is the present hard times.
1T takes no argument or proof to SON
vince the most optimistical that the
nation Tor the past three or four wears
has experienced one of the most severe
financial crises that has ever occu red
during the history OF our country.
The popular mind has been active in
trying to detect the cause and ii possible
to devise u remedy. Honest minds have
and do differ in their conclusions: honest
minds always have and perhaps always
viii differ in conclusions reached from
the same set OF facts.
\ large number OF honorable men hold
the opinion that our present difficulty is
the result OF what they call the lemon
citation OF silver and maintain that the
emily remedy rs a return to Tree and I'M
limited coinage oil silver at the ratio OF
Is to l.. On the other hand, a large
number oil no less honorable men hold
the opinion that the cause for our
present hard times il attributable to the
present Tree trade tariff inaugurated by
the democratic party now in power,
| take it that in the discussion oil this
question, as i'll the discussion oil any
other question where either OF two
causes is assigned as having produced u
given result, that ii it can be shown that
the presence OF one OF the assigned causes
has produced "A like result both in the
absence and in the presence of the other
cause assigned, the cause SO operating
independently wlll be taken to be the
true cause.
Let me Illustrate by an example that
all will understand. Suppose that two
causes are assigned for crop failures in
the state oil South Dakota. Let us say
that one cause assigned is an excessively
late spring. Let the other cause assign-
ed be hot winds. Now ii it can be shown
that regardless OF the fact OF a late or
early spring if we have hot winds we
have Il crop failure, and regardless OF the
iact OF a late or early spring when we
do M t have hot winds we have a good
crop, the conclusion must be that it is
not the late spring but the hot wind that
causes the crop failure. Likewise, ii it
can be shown that during the period
when we had the free and unlimited coin
age OF silver, that whenever we had u
protective tariff, we had good times !;
that whoa we had a free trade tariff, we
had hard times and that during the
period when we have not had the free
coinage OF silver but have had a protect
i've tariff, we have had good times and
that under the saline financial system
when we had a free trade tariff, we have
had hard times then IL must, in all
honesty, de admitted that il is the pres
ence OF Il protective tariff that has been
the cause OF good times, and the presence
OF a free trade tariff that has been the
cause al hard times, regardless oil
whether we Lave had free coinage 81
silver or not.
Having reached this conclusion, which
| believe all reasonable men must admit,
let us examine the facts and see what we
find. From 1892 TO 1878, we had in
this country Tree aud unlimited coinage
OF silver first at the ratio OF 10 10 /,
after that at the ratio of 16 to l.. Since
1873, we have been on what is known as
the gold standard. From 1892 to1Sl6,
we had a protective tariff. During that
period. every branch OF industry then
established in the L. S. was in Il flourish
ingcondition. Washington, John Adams,
j Jefferson, and Madison all attest in their
inaugural addresses and in their mes
to congress that this was an era
oil great prosperity. Every newspaper
published at that time and every public
speech bears testimony to the prosperity
OF the country. This under the free and
unlimited coinage Of silver and Il PRO-
TECTIyE TARIFF. From 1916 to 1924,
we had a free trade tariff, free coinage
remaining unchanged. What was the
result oil this change
Great depression in every branch of bust
ness followed. BANKRUPTCY soon became general
aud financial ruin was everywhere present.
Carey, Greeley, Clay, Benton. and Others show
this was one of the most dlstressfnl
periods of our national existence.
Mr.. Benton gives this picture OF the
times. No price Tor property, no sale
except those OF the sheriff or marshal, no
purchaser at execution sale except the
or some hoarder OF money, no
employment for industry, no demand Tor
labor. no sale for the produce OF the
farm. no sound OF the hammer except OF
the auctioneer knocking down property.
Distr pss was the universal cry oil the
relief, the universal demand,
was %thundered at the door OF legislat-
nres. state and federal. Horace Greeley
oil this period
Financial prostration was general, and me
nresence Of debt was unbearable. In New En-
fully one fourth OF the property went
the sheriff. mill and prostration was
lnss general elsewhere. In Kentucky the
presence of debt was simply intolerable.. In
Now York the merchants in 1871 united IN a
memorial To congress TO SAVE OUR CohMERcE
AZ WELL AS our MANUFACTURE r UrrEE
rrrS. ~ INCREASING THE TARIFF DUTIES"
Henry Clay says that the general de-
,,,..ion ri values under this free trade