The San Francisco call., 1896-06-17

gold. Since the resumption of specie pay
ments, in 1879, every dollar OF our money
paper, silver and gold-has been OF equal pur-
chasing power the world over. The policy OF
the party has been to make and keep our cur
rency equal to the best in the world.
Under the operation of these honest tariff
and honest money Republican laws tine coun-
try grew in wealth and power beyond preee-
dent. We easily outstripped all other powers
in the commercial race. on November g.,
1892, there was work for every hand and
bread for every mouth. We had reached high
water mark. Labor received higher wages
than ever and capital was proftably and Sc
curely employed The National revenues
were sufficient to meet our obligations and
leave surplus in the treasury Foreign and
domestic trade was greater in volume and
value than it had ever been. Foreign bal
ances were largely in our favor. European
gold was flowing toward US.
But all OF this is changed. The cause is not
hard to seek. A reaction began when it
was known that the legislative and executive
branches of the Government were to be Demo =
cratic.
The Democratic party had at Chicago con-
demned the protective tariff principle as un-
constitutional, and solemnly pledged itself to
the overthrow and destruction of the Mckinley
law ana the adoption OF free trade as the policy
Ol lllb Oulttu CbdlcS. HIS DOiu hRSIesSlNe az
tack upon the long-settled policy of the Repub-
lican party bore its natural fruit in shaken
confidence, unsettled business, and we were
soon drifting against the rock OF destruction.
Before the work of demolition had actually
begun run started upon the tr easury reserve
which the Republican party had wisely accu-
mulated for the protection of the Governments
credit. The drain upon the reserve for the
redemption of greenbacks and treasury notes
oil
phasized the discredit into which the Demo-
cratic administration had fallen. An utter
want of confidence in the administration pos
sessed the people.
The Democratic party was harmonious upon
one subject, and it was the destruction OF the
Mckinley law.
But when they came to the exercise OF the
creative faculty, the enactment of a great
revenue measure in its stead there was dis.
cord.
The imperiled interests of the country
watched and waited through long and anxious
months for some settlement OF the important
question They wanted an end of uneer
tainty. AT length the Wilson bill was adopted
and it was characterized by Democratic
President as the child of "perfdy and dis
honor" Il was so bad that he would not con-
tamlnate his hand by signing it. A bill thai
was TOO base for MIR. Cleveland to approve il
100 TOLleu IOr the dppAoF O. VI OAAO <AAhSAiNoH
people
This important law was wanting in the prt
mary purpose of revenue measure, for it
failed to provide adequate revenue to meet
the requirements of the Government The de-
ficiency thus far amounts to someF$150, ,O00,-
900. The end is not yet, for the deficiency
grows day by day. This leaves the treasury
and the public credit in constant peril. Oul
foreign credit is impaired and domestic capital
feels insecure.
The sectional favoritism OF the Wilson law
was one of its marked features. Its blow at the
sheep hus bandry was an objectionable offense;
it was fragrant wrong to the farmers of the
United States. This great industry had devel-
oped and grown under Republican protective
laws until it was one of cur greatest. We are
now sending abroad millions of dollars for
wool which were paid to our farmers under
the Mckinley law.
The bill struck down reciprocity, one of the
highest achievements in American statesman
ship No measure was ever enacted which
more directly advanced the interests OF the