The San Francisco call., 1896-08-26

was prosperity. Distrust was ruin.
Then began the slow growth of confidence
again, which took years, but England's pros
perity did not perish. In our own country we
have had many such instances, many more
than 1 mean TO mention, for history on that
subject is as cheap and abundant as wheat
when times are hard We have just passed
through another of those terrible 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 well as more abundant, than ever De-
fore. In 1893 we had as great crash as we
had in 1873; all the world went with US, but
for special causes we had gone further, and IL
is for US a longer way back. In 1897 we
thought hard times had been banished for
ever; we were sure that work and high pay
were never more to be separated, but we were
mistaken Pride goeth before destruction and
a naughty spirit before a fall. The election of
1892 was crest misfortune. 1t may be we
would have had a collapse then mo one can be
quite sure. But If we had been in skillful
hands we should never have gone so far or
suffered so much.
When the Sherman act was struggling to be
repealed the Democratic press and even some
Repu 5licans told US that repeal would be the
final remedy and business would revive.
never shared that belief. On the contrary,
while was consorting with good Democrats,
and hope to consort with the like in this cam
paign, Itook occasion among 5000 men, women
and children, to declare that the repeal of the
Sherman law was only one step in the onward
march. Since then many bad things have
happened, plunging US deeper and deeper in
the mire. In that very discourse l told the
Democrats that 1 did not expect the Demo-
cratic party to be utterly bad," but had not
at that time the slightest idea what the Chi
cago convention would do or say in 1896.
Since that speech in '9S we have had a severe
lesson. When the tariff act proposed
by Mr.. Bryan and his associates was pre-
sented in the House 1t was certainly
great shock to the business interests
of the country. The change was radi-
ical, and men like Mr.. Bryan were car
ried away with the possibilities of their
eloquenee. There seemed no possibility
to the limit of the evil Now, do not pro-
pose to charge Democrats with that bill. The
one they finally passed was vastly different
one But the mischief had been done. The
shock had stopped business. Then came the
income tax, unconstitutional and destructive
declared so by the Supreme Court, and then
the attendant deficiency. That deficiency has
been a breeding sore ever since That de-
iciency, by the way, has scared and frightened
our people beyond all reason. What is $780,
600, 600 increase of debt to Nation SO rich
that one of its big railroads hall its lines
lose twice as much as paid the whole revenue
of coed Queen Bess in the days of her highest
glory and never pass coupon or refuse div
idend Why has this $400, 600 900 frightened
Us so !? Because the Government has refused
either to raise revenue or separate the deficit
from the redemption OF greenbacks. Had the
House revenue bill of last session passed Con.
md lex tIoa mill fr,l1
hope in Republican administration in the
near future, would then have started upward
and onward.
But the condition has been peculiar. We
have three-cornered, triangular government.
Everybody has been in the minority, and
hence nobody has had any responsibility, and
we have drifted, sailless and rudderless, but,
thank God, with stout ship, stouter than all
the winds that blow. When next you put that
ship in commission had you not better have
q harmonious captain and crew, all of them
men who have been to sea? 1 know that the
four gentlemen, Messrs. Bryan and Watson
and Bryan and Sewan have been at sea for
many years. but that is a different thing.
We must restore confidence. How can we
restore confd ence? First, by putting anarchy
down and al manner of disturbance. Peace
and stable government are the first neees-
sity. This is q borrowing and lending world.
No amount Of denuneiation of money-lenders,
no wild talk about Wall street, which, Dy the
way, is the greatest money-borrower in the
world, will ever put down that fact. Enter
pri ses are carried on by the nited confidence
and money OF men OF brains. Bring this thing
home to yourselves aud then you will under
stand ii. If you had money or any other
capital ou had earned yourself or your father
had left to you, or even if you had won it in
the luck of lottery, would you let it out to
anybody on earth who was liable to give you
back only half of it and want TO call it square?
II you were a business man would you make
things on gold basis and sell them on credit
10 people who are trying TO see if they could
not pay you on silver basis? With the de-
feat OF the Bryan-Wstson-SewalI combination
will come the certainty of the repayment of
capital borrowed at home and abroad, the cer-
tainty that business enterprise will have
firm foundatio and 1897, with its attendant
years of success, viii lit US TO another height
of success where, perhaps, another set of mis-
guided citizens, forgetful OF the past, will way
lay u.s. and we shall have to beat them back
again. Remember that this contest to-day is
not between bimetallism and monometallism.
That subject would bear discussion. This con-
test is between silver monometalljsm, which
we have not, and gold mouometallism, which
we have. That subject will not bear candid
discussion. This contest also Is not between
the East and West. There can be no such con-
test Our interests are identical. Withatheir
growth comes our growth. We cannot go on
alone. We have sent our children there, our
money there. No misfortune can happen TO
them that does not happen to us.
We here have full esteem for the pioneers of
the West and rejoice in their prosperity
Every wise man agrees that beyond the Mis-
sissippi lies the great wealth OF the days to
come. In the development of this wealth we
are all interested, and we in the East are not
the unwise men to believe that we sre not
concerned in the progress and future of the
West. Unfounded sectional differences are
without excuse, and it will be woe to those
who try to foment them. The West is too Wig
orous not to find out the truth, and it is too
valiant not 10 follow it when found. All the
West needs is loanable capital, which will
develop its own resources. No part of this
Union is SO concerned in restoring confidence
as the undeyeloped territory. The South, too,
has similar interest But they are busy down
there just now asserting their rights and keep
ing down the negro. If they conld be per.
suaded to look after their interests what
happy country this might be.
These financial matters are governed by
natural laws and take their course like the
rolling of the round earth or the glitter of the
stars. Suppose man were created full grown
and set upon a solitary earth facing the dawn