The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-10-14


Cured in 1898. Nauehter.) And
however our opinions may differ as to
the causes of the great panic of 1898,
whether it was on account of the sud
den reversal of our tariff policy, or of
the danger of the debasement of our
currency by the unlimited coinage of
silver; whether it was because of one
of these things or both, the Republic
can party stands opposed to both O:
them. tApplause,)
Duty of Maintaining the Government.
The Chicago doctrine is that the is
suing of bonds in time of peace IS II
very bad thing, and is made necessary
by the gold standard. The Republi-
can doctrine is that you cannot main
tain any standard-either gold or sill
ver-without maintaining it. And
that's common sense. You cannot
run government without adequate
revenues, and if the government has
its promissory notes outstanding, pay
able in something of value, and they
are presented for payment faster than
the government can secure the money
through its revenues, the government
must borrow money to make good its
promise to the people. Now, common
sense says that when the revenues fall
off, and the expenses continue, SO that
the government spends more than it
receives by the amount of forty or
fifty millions of dollars a year-that
cannot continue without the govern
ment going broke" in the course of
time The Republican doctrine is
by having revenues coming in daily
from the custom houses than by the
sale of bonds bat if by any accident
or blunder the revenues should be it,
sufficient, then we must resort to the
issue of bonds in order to maintain the
government (Applause.)
Why no Relief from the Last Congress.
Well, the American people had
something to say in 1894 about the
deficiency in the revenue, and how we
should maintain the credit of the
government, and a great Republican
majority was elected to the House of
Representatives in that year. That
Republican House of Representatives
went to Washington on the first Mon
day of December, 1885, and they chose
to preside over them the greatest par
lamentary leader of the age, the Hon
orable Thomas b. Reed. (Applause)
He is man who has not only wit,
but wisdom. He is a philosopher,
and knows that the American people
believe in common sense. And so the
House of Representatives under the
leadership of that man, said, I'VE
will apply to the business of the
United States government the same
methods that would be applied to an
ordinary business. Inasmuch as the
penses, we will get more revenues by
raising the rates of tariff, SO that peo-
pie will have to pay more money to
get their goods into this country.
And we made it the first business of
the House to pass bill to increase
the revenues forty or fifty million dol
lars per annum, so that we should not
be running behind all the time; so
that the credit Of the government
should not be impaired, but built up,
and SO as TO have money enough to pay
running expenses and the interest on
the public debt and reasonable
amount every year on the principal
Cries of Hooray for Pitney.')
We passed that bill in the House of
Representatives, and sent it over to
the Senate of the United States. At
the same time we passed a bill
through the House to this effect I;
that inasmuch as it might be neces-
sary in the future to issue govern
ment bonds we would enable the Sec
rotary of the Treasury to issue them
OH DpUbeT lbTIuS, 50 bIlub luSbSdu vi
paying four or five per cent. interest
upon them, he might issue them at
three per cent, and so that instead of
running thirty or forty years, they
would run for ten years and be soon
paid off, and so that instead Of being
sold at a large profit to the purchaser
at private bargain, they should first
be offered to the American people by
advertising and our own people might
Have the privilege OF subscribing to
the public loan. That was just COM
mon sense. (Applause)
Now, what became OF these two
bills They went over to the Senate,
where they have many Senators who
think the welfare of the people de-
ponds upon an unlimited supply OF
bogus dollars. They are welded to
the theory that wealth can be created
by cutting down the size of the dollar
with which wealth is measured. And
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