The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14
MIR. FOWLER's SPEECH.
His Commentator of President
NCleNeIand,s Patriotism A~ppIuuded.

CleveIand's Patriotism Applnuded.
Representative Fowler. Of New Jersey. a
member OF the committee on banking and
currency OF the national House of Repre-
sentatives. was invited to address the con-
vention, and the fsve-minute limit extended
to such time as he desired. Mr.. Fowler
read from manuscript. but his speech was
well received and evoke applause at many
points in the same.
In speaking OF the panic of 1888 there was
round after round of applause when Mr..
Fowler commended The patriotic conduct
of President Cleveland. indicating that the
last dollar of national credit would be ex-
hausted before the government would dis
honor one of its obligations, and this
temporarily checked the flood of demand"
There was another burst of applause when
the speaker said. Fortunate was it for
the country. and the honor of the Nation.
that the Republican party at the St. Louis
convention declared that the gold standard
must be maintained. Fortunately for the
Republican party there proved to be in the
Democratic party a grand army of
patriots who loved the honor of their coun-
try more than the success of their party"
Mr.. Fowler's speech in full. after the de-
livery of which he was warmly congratu-
lated by many members of the convention,
was as follows:
The recent presidential campaign involved
the personal integrity of every man living
under that flag. Whether he desired to do
so or not. a different termination of that
issue would have compelled him To defraud
his creditors. 1t involved more than that.
Nay. more. IL involved the inward move
ment or reversal of the wheels of progress.
A different termination of that issue would
have set back the American people one hun
drpd wears on the dial of civilization
The purpose of this convention compre-
hends all this and party affiliations must
be discarded for the time being unless party
policy is grounded upon. absolute honor
both of the individual And the Nation.
Aside from the moral question the social
than sufficient to determine ones political
action without any reference to past party
adherence.
May the spirit Of true patriotism and
devotion to our beloved country temper and
control our deliberations. May the conclu-
sions here reached stand upon eternal
truths and our own people and all the world
De convinced OF our wisdom as we'll as i'm
pressed with our sincerity. Domestic
eign relations begone. 1t is ours
10 make "a careful ANALYSIS of
and unless We shall be able to detect and
clearly define these causes we shall vainly
seek the right remedies for the ills from
which We suner. Failing in this, the con-
vocation OF the representative men | see be-
fore me will have come TO naught.
If this government had been uneuuivo-
cally and irreyokably upon a gold standard
and there had been no demand obligations
OF this government outstanding and our
currency had been responsive to the de-
would have escaped nine-tenths of the
trouble of the past three years.
FIVE DISTINCT CAUSES.
What then have been the causes that
have ~precipitated the financial and COM
mercial misfortunes since 1893 and exposed
the weakness OF our present system. which
has broken down under the strain? What
are the remedies? These are the problems
OF the ~day-indeed. the burning questions of
this very hour.
There have been four distinct causes or
reasons for our troubles: First. universal
speculation. second. exhausted public
credit; third. lack OF reYenue; fourth an
equivocal STANDARD OF value spreading
doubt everywhere at home and abroad:
rency.
Beginning with 1856 a spirit OF speculation
visited and rcrmeated every part Of the
commercial world and played havoc with
the people living i'm republics. Kingdoms
and empireS-in free-trade and protection
countries alike; Not one escaped because
OF Its industrial laws or commercial condi-
ton. All suffered more or less in proper
ton 10 their financial resources. or because
OF their financial system. The gambling
instinct or the human race furnished a fer
tile field. and the suffering has been limited
only by the ability OF each individual to
purchase his experience without interfering
with his habits of life.
What gave rise TO this whirlpool OF spec
ulation? What viii stop IL. ii indeed IL Is
desirable that such "A wave should never
pass over US again? 1t was not the Ian
guag.. laws or location OF any nation. for
all the various peoples were in the swim.
1t was not the per capita circulation, for
you can find IL existing where there was
but s. per capita as well as where the de-
mand OF trade and local conditions
required $50 per capita. This spirit
of speculation crept into towns
that had not felt the sensation for
a century or laid out the expanding and I'M
occupied prairie In building lots for miles
and miles around. 1t built unnecessary rail-
roads. street car lines, lighting plants and
Irrigation bitches. IL seized every trade and
capitalized every business. Almost every
one became a buyer OF something he did not
need simply because he thought IL could be
sold at an advance. No thought was given
to the question OF income. The result was
hat hundreds. OF millions OF dollars went