The daily morning journal and courier., 1896-08-28

powerful nave other resources, put the poor have not. The high minded, inde- pendent judiciary that will hold to the line on questions between wealth and labor, between the rich and the poor, Is the defence and security of the de- fenceless. (Applause) l do not intend to spend any time in the discussion of the tariff question. That debate has been won. (Applause). It need not be protracted.
 It migh run entirely upon the orato- rical lines. We had had some exper- fences, but they were historical and re- mote and not very instructive to this generation. We needed an experience of our own, and we have had it.. Haughter)
 It has been a hard lesson, but @ con- vincing one, and everybody was in the school house when it was given him. Uaughter.)
 MT. Depew, whose absolute accuracy anu veracity when he tells story you can all bear me witness to, in telling that story of our talk on the white house steps did an unintentional injury to my modesty. (Laughter.) I did not for moment suppose that any of those influences that have elevated American prosperity until the mark on the stones was higher than any other record that had been made was at all significant or of consequefce As l have more than once said, it was controversy not of men-not question of what men controlled the governmental was between the followers, and in this tar if debate, if it is to go on, we have history so fresh and recent, history so indelibly written in the hearts and minds of our people, that certain things must be admitted, and among these things Is this historical fact.
 In 1893 we had the most prosperous times, the most general diffusion of prosperity, the most universal partici- patton in prosperity and the highest mark of prosperity we have ever at tained as nation. (Applause.) Now. what has happened since? Then our business prosperity was like the strong current of the mighty river; now it is like failing spring in an August drought A panic In '93 of most extra ordinary character has been succeeded Dy ei Sl ldtluui Qly up, lGSS anu iCSS and less, until universal business dis traction and anxiety prevails all over our commuhity.
 I do not believe there has been a time, except, perhaps, in the very heat of some active panic, when universal business fear ard anxiety and watch fitness even to the point of despera- tion, has characterized this great met ropolis as it does to-day. {Applause.) Men have been afraid to go away for a vacation. They have felt that they must every day, in this burning heat, come in:o the city and watch their business. That is the situation. What has brought 1t about? Gentlemen, who is there to defend the Wilson bill? Who says 1t is a tariff measure good2 GA voice. "No one") T don't believe 8 democrat can be found to say that it is Mr Cleveland repudiated it. It was so bad that he would not attach his official signature to it. and became law without 1t. He said it was full of lncor gruities and inequalities, and it was a better ore than he wanted to give us. Daughter and applause.) What has been the result of that meas- ure?
 When a few years ago, during the Morton campaign in New York, I dis cussed this question, I said democratic doctrine used to be that the burden of our public expenses should be laid up- on importations, that the tariff should provide for the cost of running our government, and I pointed out then how our democratic friends had left that platform and were now endeav- bring to obtain revenue by internal taxation rather than to allow the sup port of the government to be maintain ed upon the importations of foreign goods. What has been the result?
 One of these experiments in internal taxation, the income tax, was held to be unconstitutional by the supreme court So eager were our democratic friends to relieve their embarrassment and to put directly upon our people, ac- cording to the English system, a tax to support our government, that they passed an unconstitutional act in or der to levy internal taxes and help out a tariff i'll which had reduced the du- ties upon imports. Now, what has been the effect of that? It has failed to produce revenue enough supplanted by our internal taxes to maintain the government.
 There has been an annual deficit ap- preaching $50,000 900 every year and the national treasury has been continually in a state of embarrassment. Our manufacturers, left without adequate protection, have been successively and gradually closing up and putting out their fires. But not only has this pro- duced such an effect, but it has prac- tically contributed to the final pressing that we are in. The maintenance of the gold reserve up to $10O, ,o00O 900 by the government for the redemption of our notes was essential to confidence in the stability of our finances. When the government reserve runs down people begin at once to say: We may come to silver basis, gold is going out.' The reserve is generally down, and this fear is greatly increased.
 But how can you keep gold reserve of one hundred millions when you have not got one hundred millions in the treasury all told? How can you main- tain this gold reserve for the redemp- tion of notes when you have an annual and continual deficit in your income, not equallying your expenses.
 So that, my friends. this tariff bill has not only contributed by increasing importation, by taking away the need ful support for our own manufactures,