Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1897-08-21

per of the country will stand the pro-
longed struggle which could alone bring
about combined legislation. The country
is in an experimental state. II has tried
the repeal of the Sherman Act; il has
tried the passage of the Wilson bill. II is
now eager TO accept the remedy proposed
by the Republican party; and I believe in
having the efficiency or ineficiency of hat
remedy demonstrated as quickly as due
elaboration will permit.
PERIOD OF UsREsT.
l have said that / believe in combined
protection and silver legislation. We have
had a very serious condition OF things dur
ing the past three yesrs-s period Of unrest,
dissatisfaction and distrus.. The cause for
that was assigned by some to the incom-
ing OF q Democratic administration and
the tariff policy il inaugurated, by others
to the repeal Of the Sherman Act, by 9TH
ers to the lack of revenue, and by others
to the diminution Of protective duties.
But we find that the roots of this discon.
tent Heho uAcu III JUG nOA AVH6 paw W
1898.
Now the Republicans here who alluie to
the years from 1890 to 1898 as the period
Of high ster mark in the prosperity OF
this country must admit there were ele-
ments Of unrest prior TO that time. for
how was it that after the passage Of the
Mckinley bill. during this very period of
h~igh-water prosperity in the New England
and Middle States. the States OF the West,
the Northwest, and the Pacific Coast,
States that had uniformly stood by the
Republican party ever since their organic
alton, sloughed off from the Republican
party in 1892 and threw their support to
Mr.. Cleveland?
There must have been q condition Of
unrest and of dissatisfaction. What caused
it? The lack Of prosperity in the agri-
cultural regions of this country, the low
prices of farm products. So that we have
here q period Of comparative satisfaction
and prosperity in the New England and
the Middle States, and a period Of suffer
ing, dissatisfaction and unrest in the agri'
cultural States. What is the explanation
My answer is that the legislation of this
country upon the money question had
caused the appreciation Of gold and the
diminution Of the prices Of products, and
that the dislocation between gold and sill
, YER caused by the demonstration OF sill
! yer gave to silver-standard countries 10
competition with our own an advantage in
The production OF farm products which
was felt in the Liverpool market, where
] those products are sold and where prices
are fixed; for you all know that the price
Of the exportable surplus fixes the price Of
} the whole. The Liverpool price Of wheat
and OF cotton differences in the cost Of
transportation being adjussed) fixes the
domestic price OF those products in this
country.
BANKRUPTCY OF RAILROADS.
i Now, since 1898 what has been the con-
dition OF this country? think IL ia besi
illustrated by the condition Of our rail
roads. Since 1898 $4,000 miles Of rail
roads in this country have gone into the
hands OF receivers. Some Of them have
gone out again through the process OF
D reorganization" go well known to Mr.,
Pierpont Morgan and his associates, but
since 1893 A, 900 miles. nearly one.third
Of the entire railroad mileage Of country,
have gone into the hands Of receivers.
Where are these railroads? I call atten.
ton to the map which I have placed in
front Of ibe Clerks desk. Upon that map
} those railroads are marked in heavy lines,
and You see that they are almost entirely
in the Southern, the Western. the noun.
tain, and the Pacific States. You OBJ.
serve that the New England and Middle
States, have been measurably free
from these railroad failures. Why
was that? Simply because by our legisla-
ton we had raised q protective wall which
protected the manufacturing industries OF
the New England and the Middle States.
SO that they have been able to sell their
products in the protected markets of the
South and West, and have accumulated
large profits which they have deposited
with their banks and trust companies.
They have loaned out these moneys to
the South and the West, and 80 the New
England and Middle States have gradually
become not only the manufacturing States.
but the creditor States Of the Union. as
distinguished from the farming. the min
ing, and the debtor States Of the Union.
Now, what has caused the distress Of these
railroads You observe that they are con-
fined to the cotton belt, the mining belt
(which comprises six States and three
Territories, one.third the area OF the en-
tire country. and the wheat belt. You
must admit that the distress Of the peopls
there is caused by the low prices Of their
products. You may say that the prosper
isy Of = railroad does not depend on ths