The sun., 1896-08-26
TOM REEDS G EAT EFFORT.
Continued from Fyr,, Pan,

are, and they are different every time, tho i'm.
mediate cause OF prosperity 10 the confidence of
all the people In each other and in the situation
In the future. When tho people all work to-
gether. when they all have faith in each other.
then prosperity reigns. After prosperity reigns
for some time. longer or shorter. men think
that hard times are permanently done away
with. and get wild. and overprosperity sets in.
Then somo wise men earlier than others SEQ
that the world cannot absorb all that is made
cannot permanently support all the enter rpri,es
which the overcon hdence of men has set in mo-
tion. and begin TO doubt. TO refuse discounts, to
hoard money. and call halt to speculation.
Then the distrust spreads and panic and hard
times follow.
WHERE Is LEO MILLER Now1
Then we set to work to climb out Of our
troubles, and the process Is slow. While we are
climbing out we suffer. What lovely period
that elimo-out season Is for quack doctors in
finance and professors in oratoryl How they
swarmi Haven't you and seen them In this
very State of Maine. in this very county of
York; How they did pour In upon us In 1873!
What great career Prof. Loo Miller had under
these very skies. Where is Prof. Leo Miller
now2 His name has perished from off the EARTH
and with him have passed into oblivion many
hundreds of stout orators who vexed tho air
with the cry that fat money alone could save
this ruined nation. We were saved without
fat money then just We shall be saved now,
not BY orators or professors. but by the sound
sense OF an honest nation. These things are not
without q parallel History is full Of just such
situations we iind ourselves in now.
In 1928 England had one o: those paroxysms
like the one We are passing through now.
Everything there had heen prosperous for n
long time. The hum of industry was heard all
over the land. Mems eyes looked into each
other with trust and faith in all mankind. Cap
ital was accumulated in legitimate business,
which is the supply OF each others wants. Then
accumulated capital, eager for employ ment.
burst tee restraints OF safety and speculation
set in. Companies were formed to do every
thing under the sun ana lend every body money.
from the Car OF Russia to the King o: the Mos
quito shore. Pretty soon after q slight drain of
gold, II occurred to some one to figure up all
these contracts. and the astoni,hed nation
found that England had agreed to lend more
money than there was in the world. twice over.
Then the bubble burst. Merchants failed. banks
broke. universal distrust poured over the land.
For one day trade absolutely ceased In London.
Nobody would take any body's note or buy any
body's securities. Where was the difference be-
tween England prosperous and England at q
standstill? 1t was all in a change OF one word.
Confidence was prosperity. Dstrust was ruin.
Then began tho slow growth OF confidence
again, which took years. But EnglRnd's pros
p-riy did not perish. In our own country we have
had many such instances. many more than
mean 10 mention. for history on that subject 10
as cheap and abundant as wheat when
times go hard. Away bacK In 1887 the country
was overwhelmed by Que OF the crises. The
great land speculation was the termination Of
period of prosperity too much prolonged. Whole
families, whole towns and cities were ruined.
and the memory of II. long ago as 1t was, clouds
some family histories hero In Maine to-day.
Prosperity. speculation. hard times. 1t Is the
same succession of events all the world over.
HOW WE GOT OUT OF HARD TINES.
The hard times OF 1887 are part OF history.
but at least half this audience ran remrm Der
1873. We had then pulled through q tremen-
dous war. Millions OF men had been Withdrawn
from productive industry TO try TO kill each
other. All the were busy providing for the
wants of those in the field. and running in debt
50. 900. .o0O. 900 to pay the bills. When the army
came marching home the men all went to work.
The soldier, weaned from III, home ties and
broadened by his travels and battles. scattered
himself all over tbs land. and the land teemed
with enterprises and with vigorous men. MIL
lions had been flung out with such
protusion that dollars seemed but dross.
contracted as England did in 1895 to lend tie
world five times much money as there was in
H. " q ndu uOue worse. =" uau pl!tl up ltn-
portations and spent money as il wealth WAS hut
n wish and a ruo of Aladd ms lamp. You Will
what would happen to Us IN 1879 made just be-
fore 1t did happen. Then came nve years of
struggle BACK TO n sound currexcy, the restora.
fourteen years of prosperity. the results OF
which have never yet been etfaced. and never
will be until the sun ceases 10 pour its ener-
gies upon productive earth. We had hard
| times then. but. thank hea ,en. the American
people stood steadfast anu listened To no false
prophets aud no false economies. but moved
steadtastly toward sound currency. and the
people rushed forward IN the straight line OF
p!9WEFesIG; p"Ws Inv. ,u,, Da,ss, through another Of
those terrible crises and on our way TO
other years OF wealth. with this additional
benefit. that the distribution OF wealth. when
abundant than ever before In 1923 We had
great erH'h as IS, we had IN ls; all the st w9rd n
further. and II Is for us u longer way back. In
1892 we thought hard times had been hanished
forever: were sure that work and hiRh pay
were never more to be separated. But we were
mistaken. Pride goeth before destruction. and
1892 wa. great misfortune. 1t may be we
would have had a COLLAPSE tnen, no one can be be
shou Id never have gone so far or suffered so
much. -,,,o,. ,,o n.,,o
cratic party or their President. l plant myself
on Abraham Lincoln's text of scripture;
do not believe that three Democrats out of ten
in the business parts OF this country ever meant
IN the
make no criticism OF the President. There are
many things about him | admire. He Is both
strong and brave. Nevertheless, there arc
some things which ought TO be squnrely sta ed.
not TO provoke partisan feeling. but simply as
| descriptions of errors which We must avoid, not
| as Republicans. bu, as citizens OF a republic.
| the prosperity Of which is under the charge OF
| US all.
!" Among the arguments which the friends of
silver urge to-day ID one which WAS To be aDiic-
| ipated long ago. and which ! knew was sure 10
When the sherman law was struggling
| to be repealed the Democratic press. aud even
some kepuoeans told US .maI rgpea. om1S sI"hs
again revive. never shared that belief; on
| ing two days. while | WAS consorting with good
| Demucrats. as hope TO consort with the Ike In
| this campaign, took occasion In the presence
| Of three thousand men, women. and children to
declare that the repeal OF the sherman law was Was
many bad things have happened: pl,nnging us
deeper into the mire. In that very discourse
| told the Democrats that j did not expect the
Democratic party to be utterly bad.
ALWAYS DEMoCRACY's TRUE FRIEND.
nrh nj cd m