Morris tribune., 1896-08-12

BILE Facts ana F1Sures COhUAHcu
With Logical Utterances That All
May Understand.
Alexandria, Mimi, Special, Aug. 2.-What
Senator Nelson intended to be qulet taih
to the Young Mems Republican ciuo mere
last evening was by the demands OF the
people developed into big mass meeting,
croWding the capacity of the opera house
The club on Wednesday invited Mr.. Nelson
to address it before going out to take actlVe
part in the campaign. He consented, pro-
Vided the meeting should be just quiet
one of the club and its friends II was
soon found that this could not be done
and the club engaged the opera house. II
was a splendid audience that greeted the
senator and the greeting was compliment
to him, His address was one or the most
complete and admirable LANDINGS Oh the
financial question delivered In THIS state.
It was clear, simple and conclusive. 1t was
we'll received and was especially note
worthy in contrast with Mrs. Leases mar
rangue last night 1t had a marked erect
on public opinion. Following is the 1uA
text of the senator's address:
In 1865, at the close of the reDeillon, the
interest bearing debt OF the Unlteu states
amounted to Sc, 381, $50 294, all of which had
been incurred in carrying on a great war
for the preservation of the union. FROM
that time till 1898, under the direction and
auspices of the Republican party, our rev.
enue and tariff legislation was ADJUSTED
and maintained so as not only 10 aHofu
the necessary encouragement ana prolec-
4ion for American enterprise and American
labor. but also to give US each year rev.
enne sufficient for the current expenses
of the government with moderate surplus
for the gradual reduction of this debt.
Under this system of legislation the Dur
dens of government rested lightly on the
shoulders of the people, and our country
grew and prospered beyond precedent and
exnectation and to an extent that sur
nrfsed and astonished the other nations
of the world In 1890, 81 and w we
were the Wealthiest, most prosperous ana
manifest nation on the face OF the eaftD.
the Immigration that came to our shores
In large numbers from all quarters Of the
globe during these years bore ample evil
dence of this fact. From 1966-year py
veer-till 1893 the Understanding puDlc
debt was reduced from the surplus revenues
of the treasury. On the first day OF March,
1888, this debt had been reduced to $780,
O34,26O Since then, as you all know, there
has been no reduction.
When President Cleveland came into
Office in his first term, on the 4th DAY
of March, 1885, the government was oper-
ating under the Republican tariff law OF
1883 and there was surplus IN the treas
ury, exclusive of the coin redemption re-
serve CT upwards of 500, 100000. Th1s
tariff law remained in force during his
term. and by means of it he obtained an
average annual surplus OF S97,oO0,Ooo,
which was applied to the reduction of the
public debt. Republican senate, q RepuD-
lican tariff law, and the surplus revenue
arising therefrom, made his first admin
istration much less of a failure than his
second And yet, as appears from bis sew
eral messages to congress. he was con-
stantly grumbling about the surplus and
constantly pining for Wilson tarlH Dill
to destroy the surplus.
The Mckinley tariff law was enacteo
during Harrison's administration, In Octo-
Der. 1890, and though it effected consid-
cradle reduction of revenue, especially
through the repeal of the duty on sugar,
1t STILL under normal conditions. yleldeQ
an ample amount of revenue, with modest
surplus to meet unexpected contingencies.
From October 1890, till Cleveland was
again elected president, in November, 1872,
there was an aggregate surplus of SIS, 245,-
GAL derived from the current revenues OF
the government, which was equivalent to
q monthly average of $1,129,S2l.
Cleveland entered upon his second term
March 4, 1893. and with him came into
mower a congress Democratic in both
branches He was no longer handicapped
or hampered with Republican senate or
a large surplus. The prospect of obtaining
what he had pinned for during his hrst
Administrations free trade or revenue tar
iff-was now good. The country took him
and his congress at their word, and hence,
though the Wilson bill did not become
law till August, 1894, yet 1t took effect
upon the revenues of the government and
the business of the country as soon as
Cleveland and the Fifty-third congress was
elected The threatened tariff legislation
frightened the industrial and manufacturing
world and drove both capital and labor
out of active employment. And the con-
tinued, forced and
Excessive silver Inflation
under the purchasing clause of the law Of
1890, forced upon us by the silver magnates,
frightened the financial world and led them
TO fear that the country was on the eve
of silver recommendation and financial up
heayaI. 1t was this fear that, in 1893, led
to the great Withdrawal, of money from cir
culation both by the banks and the people,
md to the utter suspension of payment In
MANY instances People who had toiled
and saved for years, to lay up q modest
competence for the decline of life, were
loath to put their money into active use,
for fear that for each one hundred cent
dollar paid out, they would be compelled
to accept a so, or at best 60-cent dollar
in return. for that would have been the
Those causes, together with the results
of undue speculation, excessive expansion
of business and over production in many
branches of industry, were the leading fac
tors of the crisis and currency famine of
1893.
At such juucture and under such condi
t s Z III 2