The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1896-08-20

Alexandria, Mimi, Special Aug. w nat
Senator Nelson intended to be Il quiet Talk
TO the Young Mems Republican CLUB here
last evening was by the demands OF the
people developed into big mass meeting,
crowding the capacity of the opera mousse.
The club on Wednesday invited Mr.. Nelson
TO address it before going out to take active
part in the campaign. He consented, pro-
yided the meeting should be just quiet
one Of the club and its friends. 1T was
soon found that this could not De zone
and the club engaged the opera mousse. IL
was Il splendid audience that greeted the
senator, and the greeting was compliment
TO him. His address was one Of the most
complete and admirable landings of the
financial question delivered in this state.
1t was clear, simple and conclusive. 1t was
we'll received and was especially note
worthy in contrast with Mrs. Leases mar
rangue last night. 1t had marked erect
on public opinion. Following Is the iuii
text of the senator's address:
In 1860 at the close of the rebellion, the
interest bearing debt of the United States
amounted to $2,3S1, $50 294, all OF which had
been incurred in carrying on great war
for the preservation of the union. FROM
that time till 1893 under the direction and
auspices of the Republican party, our rev.
enue and tariff legislation was adjusted
and maintained so as not only TO aHoru
the necessary encouragement anu protec-
ton for American enterprise ana American
labor, but 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 DEBT.
Under this system of legislation the bur-
dens of government rested lightly on the
shoulders of the people, and our country
grew and prospered beyond precedent ana
expectation, and to an extent that sur
nod q
of the world In 1890, 81 and ~ we
were the wealthest most prosperous and
manifest nation on the face OF the eartn.
The immigration that came to our shores
in large numbers from all quarters or the
globe during these years bore ample evil
dence of this fact. From 1S66-year ny
year-till 1893, the Understanding puphc
debt was reduced from the surplus revenues
of the treasury. On the first day or March,
1853, this debt had been reduced TO $685.
1900 Since then, as you all Know there
has been no reduction.
office, in his first term, on the Attn day
of March, 1885, the government was oper.
oting under the Republican tariff law or
1888, and there was surplus IN the treas
ury. exclusive of the coin redemption re-
serve, Ct upwards of Sloo'Voo'VVo: 1n!s
tariff law remained in force during his
term, and by means of 1t he oDtalned an
average annual surplus of $07OoO,oOo,
which was applied to the reduction or the
public debt. A Republican senate, Repup-
lican tariff law, and the surplus revenue
arising therefrom, made his first admin
istration much less of a failure than his
second And yet, as appears from MS sew
eral messages to congress, he was con-
stantly grumbling about the surplus ana
constantly pining for a Wilson tariff bill
to destroy the surplus.
The Mckinley tariff law was enacteo
oIp ir,is trnti
Der. 1890, and though it effected consid-
erable reduction of revenue, especially
through the repeal of the duty Oh sugar,
It still, under normal conditions, yielded
m ample amount of revenue, with modest
surplus to meet unexpected contingencies.
From October, 1890, till Cleveland was
again elected president, in November, lS:2,
there was an aggregate surplus of $2S,24o,
GAL derived from the current revenues OF
the government, which was equivalent to
q monthly average of 81, 1881.
Cleveland entered upon his second term
March f. 1893. and with him came into
mower congress Democratic in both
branches He was no longer handicapped
or hammered with q Republican senate or
q large surplus. The prospect of obtaining
what he had pinned for during his first
Administrations free trade or revenue tar
iff-was now good. The country took him
md his congress at their word, and hence
though the Wilson bill did not become a
law till August 1894, yet it took effect
upon the revenues of the government and
the business of the country as soon as
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
tnued, forced and
Excessive Silver Imitation
. under the purchasing clause of the law o
1890, forced upon US by the silver maSnates
frightened the financial world and led then
to fear that the country was on the ev
of silver recommendation and financial up
heayal 1t was this fear that, in 1885, LEI
TO the great Withdrawal, Of money from cir
culation both by the banks and the people
and to the utter suspension Of payment Il
many instances People who had toile
and saved for years, to lay up modes
competence for the decline of life, wer
loath to put their money into active use
for fear that for each one hundred cent
dollar paid out, they would be compelle
to accept so, or at best 6O-cent dolla
in return, for that would have been tn
0 undoubted result Of silver monometallism
Those causes, together with the result
of undue speculation, excessive expansio
of business, and over production in man
branches of industry, were the leading fa'
tors of the crisis and currency famine &
1893
ND