The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-26
TOM REED, ORATOR
PUNGENT POLITICAL TALK DE-
LIVERED By THE SPEAKER OF
THH HOUSE.
THE PHILOSOPHY OF PANlcS.
THE STANDPOINT OF IMPAIR
TlAL HISTORY.
THE PHILOSOPHY OF PANIcs.
CONFIDENCE BACK OF ALL CREDIT
Present Experience of the United
States Is Not New in the His
tory of Nations.

OLD ORCHARD, Me-, Aug. 25.-The
Republicans OF Maine, according to
custom, held a grand rally here this
afternoon, at which were gathered
thousands of auditors from all over the
New England. The Speakers were Hon.
Thomas B. Reed. Hon. Lee Fairchild
and others.
After brief introduction, Mr.. Reed said, in
part:
What seemed the great prineval curse that
in the sweat of his face should man eat bread
has been found in the wider view of the great
circles of the Almighty to be the foundation
of all sound hope, all sure progress and all
permanent power. Man no longer shuns labor
his deadlieSt foe, but welcomes 1t his
dearest friend. Nations no longer dream of
riches as the spoils of war, but as the fruits
of human energy, directed by wise laws, and
encouraged by peace and good will. Battle
ments on forts and castles, armies and navies
are day by day less and less the engines of
slaughter and more and more the guarantee of
peace with honor What the world longs for
now is not the pageantry and devastation OF
war for the ACKNOWLEDGEMENT of the few, but
the full utilization of all human energy for
the benefit of all mankind.
To the rs, 1000, 600 of people which make up
the great republic, the opportunity to labor
Sides 1t means the development of resources
beyond the comprehension of any mortal and
the diffusion among all of the riches to which
the glorieS of the Arabian nights are but the
glitter of the pawnshop, and to which the
sheen of all the jewels of this earth but
the glim Of the glow worm in the pallor Of the
dawn.
But each individual man is weak and power
less. Only by combination each with the 9TH
er can good results be had. No more striking
proof of this can anywhere be found than in
complex which
the modern nation and modern enterprise,
which the nature of man Graves, also, liberty
and individuality. Modern union and the COM
pick, wonderfully complex, condition of mod
ern society has drawbacks and sorrows which
are completely its own. The sachems of New
England had no financial troubles, no strikes.
The currency question was as simple as a
string of wampum. In Central Africa today
banks never break, checks are never dishon-
ored, for neither banks checks are needful
for their kind Of prosperity. Before the fac
tory system rendered combinations of work
men needful, there was less discomfort, but
also no progress, and there was no sharing
by the toilers of the profits and the pleasures
What are the causes of prosperity and what
are the causes of panic? Are they mysterious
things beyond the human ken. If you will
analyze you will find that whatever the re-
mote causes are, and they are different every
time. the immediate cause of prosperity is the
confidence fS Of all the people in each other and
people all work together, when they all have
faith in each other, then prosperity reigns
AFTER prosperity reigns some time, longer or
shorter men think that hard times are perma-
nently done away with, and get wild and
OFer-proSperlty sets in Then some wise men
earlier than others see that the world cannot
absorb all that is made; cannot permanently
support all the enterprises which the over
confidence of men has set in motion and begin
to doubt to refuse discounts, to hoard money
ana call a malt to Speculatfons. Then the dis
trust spreads and hard times follow. Then we
set to work to climb out of our troubles and
me process is slow. While we are climbing
In 1925 England had one of those paroxisms
IKE the one we are passing through now
7iE Ever mere had been prosperous for a
1ong ume. The hum of industry was heard
all over the land. Mems eyes looked into
each other with trust and faith in all man
Kind. Capital was accumulated in legitimate
business which is the supply of each others
wants. Then accumulated capital eager for
employment burst the restraints of society
formed to do everything under the sun and
lend everybody money, from the car of Rus
sla to the king of the Mosquito Shore Pretty
soon after a slight drain of gold it occurred
to some one to figure up all those contracts
and the astonished nation found that England
had agreed to lend more money than there
was in the world, twice over.
WHIRLwIND REAPED.
Merchants failed. banks broke, universal
distrust spread over the land. For one day
trade absolutely ceased in London Nobody
would take anybody's notes or buy anybody
securities. Where was the difference between
a
still? 1t was all in the change of one word
confidence was prosperity. Distrust was ruin
Then began the slow growth of confidence
again which took years, but England's pros
perity did not perish. In our own coun-
try we have here many instances, many more
than l mean to mention for history on that
subject is as cheap and abundant as when
times are hard. We have just passed through
another of those terrible crisises and are on
our way to other years of wealth with this
additional benefit that the distribution of
wealth when reach it will be more even
as well as more abundant than ever before
In 1893 we had as great crash we had
IN 1873; all the world went with US but for
special causes we had gone further, and it
is for us a longer way back. In 1892 we
thought hard times had been banished for
ever; we were sure that work and high pay
were never more to be separated. But we
were mistaken. Pride goeth before destruc-
ton and naughty spirit before fall.
The election of 1892 a great misfor-
tune. 1t may be we would have had col
lapse then, no one can be quite sure. But
If we had been in skillfuI hands we should
never have gone so far or suffered much.
When the Sherman law struggling to be
repealed the democratic press and even some
republicans told us that repeal would be the
final remedy and business would revive.
never shared that belief; on the contrary
just three years ago today. lacking two days
while 1 consorting with good democrats
and I hope to consort with the like in this
campaign, l took occasion in the presence of
5000 men, women and children to declare
that the repeal of the Sherman law was only
one step in the onward march; since then
many bad things have happened plungng
us deeper in the mire. In that very dis
course I told the democrats that I did not
expect the democratic party to be utterly
bad
But had not at that time the slightest
idea what the Chicago convention would do
or say in 1896. Since that speech in 1893 we
have had a severe lesson. When the tariff
act proposed by Mr.. Bryan and hts associates
was presented in the house IT was certainly a
great shock to business interests of the
country. The change radical and men
like Mr.. Bryan were so carried away with the
possibilities of their own eloquence that there
seemed no possibilities to the limit of the
evil Now, do not propose to charge demo-
Gratis with that bill. The one they finally
passed was a vastly different one. But the
mischief had been done The business
stopped.
Then came the income tax, unconstitu-
tional and destructive. declared so by the
supreme court, and then the attendant de-
fciency. This deficiency has been a bleeding
sore ever since. That deficiency and the way
it has been managed has scared and fright
ened our people beyond all reason. What are
$500 600 increase of debt to a nation so
rich that one OF its big railroads on half its
lines lose twice as much as paid
the whole revenue of good Queen Bess in the
days of Ter highest glory, and never pass a
coupon OF refuse a dividend? Why has this
$500 100000 frightened us so? Because the
government has refused either to raise rev.
MHIlAlll Observation-Disclosures,