The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-11-03

in recent years; and from week to week,
from month to month, from year to year,
! for the past Is or 20 years, our condi-
( ton has been growing worse and more
hard 10 endure. I think the eXplana-
/ ton of it is that we have been trying
! through these years to do business upon
/ a gold basis and that there is not suffi-
! Gent gold in the country with which
/ TO do 1t; and so we see, in a time of
profound peace, within three years last
! past, the Democratic administration in
/ order to maintain the gold standard and
! TO protect the treasury reserve, compelled
! TO go into the markets of the world and
! to borrow over a quarter of a billion
! OF dollars to maintain the gold standard.
/ That means, principal and interest there
! on, that there has been put upon the
! shoulders of the people of this nation an
additional indebtedness of over $5e00Oo,-
OUa But It may be said by some sup
porter of Mr.. Mckinley that I'VE will
right all that, if you will restore the
Republican party to power" Does any
lieVe that tinkering with the tariff is
ging 20 lift the people of this country
out OF the slough of despond into which
they have fallen? They tell u.s. Mr. Nc
Kinley and those who advocate his cleo
uon,, that IN 1890 1891 and 1882, this coun-
try was enjoying, a period of uneXampled
prosperity. They must think that the
people of this country have short men,
cries; that their memories will not carry
them back four or five years, and call
back to their minds what the condition
VI tll1S country was IN 1891. 1881 ana 1897.
w ere We prosperous then in 1892? Is 1t
true that this country then was enjoying
great prosperity? If so, why was it thai
the people in 1892 made such a mistake as
&c hurl Nh. HarrlSOnS adm-niStra ton
from power and to reinstate in the seat
of government Mr.. Cleveland and the
Democratic party? When times are hard
worthy government may be defeated
but when times are prosperous no gov
eminent that has been worthy of the
confidence of the people has ever been
hurled from power. (Applause) Mr..
HarrisonS administration went down in
defeat before the people of this country
in 1892 because the people were suffering
then as they are nOW-nOt so much, but
they were suffering-from year to year
their condition was getting less tOler-
able than it was the year before. Let
us see, if that be true. Let US inquire
whether or no. if Mr.. Mckinley is elected
president of the United States, he vii!
not be forced TO follow in the very foot
steps in which Mr.. Cleveland has been
walking ever since the oath of office was
administered to him on the 4th Of March,
1893.
When Mr.. Harrison went into power in
1898 You VIII remember that one of TIE
evils that was talked about then was the
enormous surplus in. the treasury. If my
memory serves. there was at hat time in
the treasury of somewhere in the neigh
borhood of quarter of & billion dollars.
Mr.. Harrison went into power, and before
TIA close OF his admins tratiOn that sur
plus was entirely gone, and then Mr. Har-
rlsons administration was brought face
to face with the necessity of making an
issue OF bonds in order to replenish the
treasury Of the United States. So far
had L gone that his then. secretary of
the treasury. Mr.. Foster, had already had
the plates prepared upon which the bonds
were to be issued. 1t was inevitable. The
treasury reserve was imperilled They be-
HeVei that the hundred million of dollars
therein had to be kept good. The rev.
en;-es were not adequate; and they were
RI . I cot h1f RI, p,
ceSSi-y then of issuing bonds. Why was
it not done in the closing months of Har-
r-son's administration? Had he been sue
ceSsful in 1882, doubtless the bonds would
ton before the coming of the following
March But he suffered defeat The
Deoo,e spoke under the distrust that was
resting upon him. and withdrew him and
his administration from power. Then
they said il was not politics and I'VE will
tide over the emergency now during these
Few months without issuing the bonds,
and we VIII leave to the incoming admin
lsratlon of Mr.. Cleveland to take the obi
UNI OF issuing bonds in a time of peace,
10 meet the current expenses of the gov
eminent. That is all that kept US from
a bond issue under the Republican admin
lstralon. This great surplus had been
wiped out There was no way on earth
OF meeting the expenses of the govern
me;ft ana Keeping good the treasury re-
serve except by selling bonds and Dor
rowing money.
A i-W years ago, IN 1890 and 1891. Mr..
Mckinley. as We all know, was condemn
il bitterly the financial policy of Mr..
Cleveland. and his attitude towards the
silver cause. Within week past. if we
may believe the reports from those ma
pers which are in sympathy with Mr. Nc
Kinley. we find him heartily endorsing
Mr.. Cleveland's administration of the fin
anceS of this country Why does ne do it?
Because he realizes, as does every
thoughtful man, that if he is elected pres
ident of the United States, before the 1st
of JE1y comes. he will be forced 10 do
iEs- what Mr.. Cleveland d.d-to issue
bonds and borrow money and keep the |
country on a gold basis.
How can it be avoided? 1 am not going |
to weary you with figures. but there are !
a few which ! wish 10 submit TO your con- |
sheraton. and ask, when you have con- |
sidered them. IL the Republican party to- |
day points Out any way by which that |
party, If placed in power again the fur i
Their sale of bonds can be avaoided? We
take the Mckinley bill, while it was in |
force in 1891 and 1892, we take from that |
tim on. the operation and effect of the |
bill, so-called, and we find
that the balance of trade in favor of this
country in 1890 1891. 1892. 1898, 1894 and 1855
was in round numbers, seventy millions of
dollars; and that annually. That was the
BIZ ,aEce of trade in our favor Now, it
IS conceded that in order to meet our or
eign charges. outside of the matters of
trade. that is. to meet the interest on the
national. state and municipal bonds held