The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1896-08-13
PLAIN FACTS
ON FINANCE
SENATOR NELSON MARSHALS
THEM IN CONVINCING MANNER.
He Addresses n Mass Meeting mt His
Home Town of Alexandrin. Max
Ing One of the A.ost Complete Re-
views of the Financial Question
Ever Delivered in Minnesota
Errors of the Silverftes Pointed
Out by Means of IncOntrOyertf
BILE Facts and Figures Combined
With Logical Utterances That All
May Understand.

Alexandria, Mimi, Special, Aug. 2--What
Senator Nelson inteLded to be quiet talk
to the Dung Mems Republican club here
last evening was by the demands or the
people developed into big mass meeting.
crowding the capacity OF the opera mouse.
The club on "Wednesday invited Mr.. nelson
to address it before going out TO take aelVe
part in the campaign. He consented, pro-
vfded the meeting should be just q quiet
one of the club and Its friends. 1t was
soon found that this could not be done
and the club engaged the opera mousse. II
was a 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
well received and was especially note
worthy In contrast with Airs. Lease mar
rangue last night. 1t had marked effect
on public opinion. Following Is the Kun
text of the senator's address:
In 1855. Mt the close of the rebellion, the
interest bearing debt of the United States
amounted to s.. 3S1 $50. 294, all OF which mad
been incurred in carrying on great war
for the preservation Of the union- FROM
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 AFFORD
the necessary encouragement and protee-
ton for American enterprise and American
labor, but also to give US eacn year rev
enue sufficient for the current expenses
of the government with moderate surplus
for the gradual reduction OF this dept.
Hinder This system Of legislation the bur-
aens 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
prised and astonished the other nations
of the world In 1890. ID and W we
were the wealthiest. most prosperous and
happiest nation on the face OF the earth.
The immigration that came to our shores
In large numbers from all quarters OF the
globe during these years bore ample evi-
fence of this fact. From 1S66-year Dy
year-till $685. the Understanding public
debt was reduced from the surplus sevenues
of the treasury. On the first day OF March.
1883. this debt had been reduced to 1885,
O3a. go. Since then. as you all know, there
has been no reduction.
When President Cleveland came Into
Office, In his first term, on the 4th day
of March, 1885, the government was oper-
ating under the Republican tariff law OF
1Ss3 and there was surplus in the treas
ury. exclusive Of the coin redemption re
serve. If upwards Of $10O.OOO.OOO. This
tariff law remained In force during his
term. and by means Of 1t he obtained an
average annual surplus OF 9f,OOOUV,
which was applied TO the reduction OF Inc
public debt. A Republican senate. Repub-
lican tariff law, and the surplus revenue
arisiYe, therefrom, made his first admin
istrats>A much less of failure than MS
second And yet, as appears from his sew
eral mess ages to congress, ne was con-
stantly g1umbling about the surplus and
constantly pining Tor wilson tarin oiii
to destroy the surplus.
The Mckinley tariff law was enacted
during Harrison's administration. In Oeto-
Der, 1890 and though it effected q consld-
cradle reduction of revenue, especially
through the repeal Of the duty on sugar:
II still, under normal conditions, yielded
an ample amount Of revenue. with modest
surplus to meet unexpected contingencies.
From October. 1890. till Cleveland was
again elected president, In November. lS9A,
there was an aggregate surplus OF $zo.@4os-
64l derived from the current revenues OF
the government. which was equivalent to
q monthly average OF $l.Iz9.ZL
Cleveland entered upon his second term
March 4, 1893. and with him came into
power q congress Democratic in both
branches He was no longer handicapped
or hampered 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
iR-was now good. The country took him
and his congress at their word. and hence.
though the Wilson bill did not become a
law TIN August. 1894. yet 1t 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-
tinued, forced and
Excessive silver Iulafion
under the purchasing clause Of the law OF
1890 forced upon ne by the silver magnates.
frightened the financial world and led them
to fear that the country was on the eve
Of silver monometallism and financial up
heaval. 1t was this fear that. In 1888. led
10 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 toiied
and saved for years. to lay mp q modest
competence for the decline Of life. were
loath to put their money into active use.
for fear that fof each one hundred cent
dollar paid oat. they would be compelled
10 accept q 50. or ut best q 60-cent dollar
An return, for that would have been the
uudoubfed result Of silver monometallism.
Those causes. together with the results
of undue speculation. excessive expausi0n
.s---yver P<VuuctSon y mSny
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