The record-union., 1896-08-26

OLD ORCHARD (Me.), Aug 25.-The
Republicans of Maine, according to
custom, held a grand rally here this
afternoon, at which We're gathered
thousands from all over the State, as
we'll as from other points in New Eng
land. Among the speakers were Hon.
Thomas 3. Reed and Hon. Lee Fair
child.
After brief Introduction, Mr. Reed
said, in part:
What seemed the great primeval
curse, that in the sweat of his face
should man eat bread, has been found
in the wider view of the great cycles of
the Almighty to be the foundation of all
sound hope, all progress and all perma-
nent power Man no longer shuns labor
as his deadliest foe, but welcomes it as
his dearest friend. Nations no longer
dream of riches as the spoils of war but
as the fruits of human energy directed
by wise laws and encouraged by peace
and good will. Battlements and forts
and castles, armies and navies are day
by day less and less the engines of
slaughter and more and more the guar
antee of peace with honor. What the
world longs for now is not the pageant
ry and devastation of war for the ag-
grandizement of the few, but the full
utilization of human energy for the
benefit of all mankind.
ITO the 100000 people who make
up this great republic the opportunity
to labor means more than to all the
world besides. 1t means the develop
1nent of resources greatly beyond the
comprehension of any mortal, and the
diffusion among all of riches to which
the glories of the Arabian Nights are
but the glitter of the pawnshop and
to which the sheen of all the jewels of
this earth are but the glimmer of the
glow worms in the pallor of the dawn.
But each individual man is weak
and powerless.
"Only by combination each with the
other can good results be had. No more
striking proof of this can anywhere be
found than in that complex union of
men which makes up the modern ma
tions and modern enterprises. The ma
tGre of man Graves also liberty and in
dividuality. Modern union and the COM
Extraordinarily complex-condition
of modern society has drawbacks and
sorrows which are completely it's own
The sachems of New England had no
financial troubles, no strikes The cur
rency question was a simple string of
Wampum. In Central Africa to-day
banks never break, checks are never
dishonored, for neither banks nor
checks are needed for their kind of
prosperity. Before the factory system
rendered combinations of workmen
needful there was less discomfort, but
also no progress, and there was no
sharing by the toiler OF the profits and
the pleasures.
What are the causes of prosperity
and what are the canses of panic? Are
they mysterious things beyond the hu-
man ken? If you anaiyze you will find
that whatever the remote causes, and
they are different every time, the imme-
diate cause Of prosperity is the conf
dence of all the people in each other
and in the situation in the future
When the people all work together,
when they all have faith in each other,
then prosperity reigns.
After prosperity reigns for some
time, longer or shorter men think that
hard times are permanently done away
with, get wild and prosperity sets
ir. Then some wise men, earlier than
others to see that the world cannot alb
sorb all that is made, cannot perma-
nently support all the enterprises which
the over confidence of men has set in
action, begin to doubt, to refuse dis
counts, to hoard money and to call a
halt to speculations. Then the distrust
spreads and hard times follow Then
we set to work to climb out of our
troubles, and the process is slow. While
we are climbing out we suffer
In 1920 England had one of those
paroxysms like the one we are passing
through now. Everything there had
been prosperous for a long time. The
hum of industry was heard all over the
land. Mems eyes looked into each other
with trust and faith in all mankind.
Capital was accumulated in legitimate
business, which is the supply of each
others wants. Then accumulated cap
ital. eager for employment, burst the
restraints of society and speculation set
in.
Companies We're formed to do every
thing under the sun and lend everybody
money from the Czar of Russia to the
King of the Mosquito shore. Pretty soon,
after q slight drain of gold, it oc-
CURED to some one to figure I'D all
these contracts, and the astonished ma
ton found that England had agreed to
lend more money than there was in the
world, twice over Then the bubble
burst, merchants failed, banks broke
and universal distrust poured over the
land. For one day trade absolutely
ceased in London. Nobody would take
anybody's note or buy anybodys secu-
rites.
Where was the difficulty between
England prosperous and England at a
standstill? 1t was all in the change of
one word. Confidence was prosperity
Distrust was ruin.
Then began the slow growth of con-
fidence again, which took years, but
England's prosperity did not perish In
our own country we have had many
such instances, many more than mean
to mention, for history on that subject
is as cheap and abundant as wheat
when times are hard. We have just
BILE crises, and are on our way to other
years of wealth. with this additional
benefit, that the distribution of wealth,
when we reach it, will be more even, as
we'll as more abundant than ever be-
fore. In 1898 we had as great a crash
as we had in 1873; all the world went
with us, but for special causes we had
gone further and 1t is for us a longer
way back. In 1892 we thought hard
times had been banished forever; we