The Saint Paul globe., 1896-07-30

SAYS THE COUNTRY NEEDS CAPITAL
But Points to the Difference
Between Capital and
Money.

ALFRED, Me-, July 29.-This quaint
county seat was the scene today of the
opening of the Republican national
campaign. People from all the country
round came to town to listen to a speech
by the Hon. Thomas B. Reed, on the
occasion of his denomination for repre-
sentative in congress by the First dis
trict Republican convention. There were
people present from many nearby Sec
ticns in New Hampshire and Massa-
chusetts, giving the occasion something
of the character of an interstate dem
onstration. In accepting the nomina-
ton TO congress which was unanimous
ly given, Mr.. Reed said:
MR.. REEDS SPEECH.
If were going to give good advice to the
people of the whole United States I should
take this time to do it. Just now there is
great deal of froth and foam in the air.
and some time is really needfuI to disclose
clearly to every eye how much of it is the
result of the temporary breeze which stills
at nightfall, and how little there is of that
heavy ground swell which shows that great
elementary forces are at work.
How very suddenly all this rush and stir
has set itself into action. Two months ago
no man of any standing would have risked
his reputation as a prophet by limiting the
slightest doubt of Republican success. Four
years of actual trial of the opposition under
the guidance of its best and twice-trusted
leader has left no shadow Of question as to
public duty. However far the Republican
party might have fallen short of perfection,
nevertheless all men felt that 1t was the best
party just now to draw nigh to, for what
ever is to be left to of sound govern
ment commercial success and business pros
perity. One that we all agreed-some of
US, who were Democrats, regretfully; for
we all hate to be classed with the unSuccess-
full, whose condemnation is at hand, even If
we gain by the change; others Of us who
were Republicans cheerfully, but without
eXultation; for we knew how hard the task
must be to rebuild out of the ruins of the
last four years the stately mansions Of ma
tional happiness, prosperity and self-respect,
wherein our people lived until that unfor-
tunate election of 1892. Two months have
slipped away-hardly time to ripen straw
berry, much less system of hnance-and
there are those who tell us that all things
have changed, but these very men who were
being arrayed for decent burial, had burst the
cerements of the grave, and, transhgured
by some new arrangement OF crowns and
thorns and crosses of gold, were to lead us
to new happiness, and even repair all the
damage they themselves had wrought. Now
this may be so, but to me it does not seem
probable. Human experience in every walk
of life teaches that those who have blum
dered will blunder again, and that the wisest
course is not to employ ship captain VINO
has not yet emerged from his last ship
wreck but the safe sailor who has never lost
ship, a passenger or a letter, but who has
sailed safe through every sea. he may
have lost masts and sails, and even been
rudderless for hours, but, if he has every
time come safe to shore, better have him
than all the landsmen who are forever shout
tell of what they have done. Boosters are
worth nothing. Deeds are facts, and are
forever and ever. Talk dies on the empty
air. Better a pound of performance than
ship load of language.
Two months ago, 1 have already
said, everybody conceded the election of
THE REPUBLICAN TICKET.
What has happened since then? Have the
four years of history been blotted out? Not
one scrap of them. Is our condition better ?
Rather worse We are all in a bad way;
something must be DONE Let us see what
is proposed by those gentlemen, who in the
last two months have discovered new cure
for all the ills flesh is heir to, and who pro-
claim as they did four years ago. that they
alone hold prosperity in their grasp
Their remedy is the coinage of silver, 16 to
L What does it mean? Heretofore wherever
gold and silver have stood together 1t has
been at the market value. When we tried to
make gold and silver circulate together, we
have always married them according to their
market value Today we find them, not 16
to l. but 81 to 1, and they are going they say,
to lift silver to twice the value, not by the
universal consent of mankind, which alone
makes value, but by the statute of the United
States, single handed against the civilized
world. Why should the United States try to
do this alone? l won't discuss the question
whether the free coinage of silver will raise
1t to par or not. Very few people claim that
1t will but [ cannot believe them. l was
told in 1890, by two of the mcst sincere. as
we'll as the ablest silver men, that the pur-
chases of 600 ounces a month would
raise silver to par, and when we did buy it,
silver went down like lead. What we want
is not more money, but more capital-money
always comes with capital We have money
now more than use lying idle. We
have just exported lot of it. Money is the
transferrer of capital, hay rack and
horses is the transierrer Of hay. More hay
racks will never make more hay, but more
hay will require more hayracks, and is sure
to get them.
Our capital Is great, but the United States
is very much greater There millions of
square miles, and rs, ,000,0 900 of people, and
undeveloped riches without stint But there
is not capital enough to keep 20 900. 900 of
people at work. When are We the most pros
porous? 1t is when the 75000,000 are sll at
work and when that happens borrow of
the rest of the world thousands of millions
of dollars.
Now just as soon as this election is over
and the future position of the United States
is assured, both to money and to the en-
ployment of our people, capital is ready to
come to us from abroad and from our own
people, and we shall again be prosperous.