Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-06-19
4 Resume 81 Republican History.

the revenues necessary to the mainten-
ance of the government, at the SAME
| time fosters American industry. py
,, protecting it from the competition OF
cheap foreign labor; it recognizes the
important fact that we have In inc
American union 45 states. with an area
larger than the whole area of Europe
an empire of empires, extending from
ocean to ocean. and blessed with every
possible diversity of resource. 1t recog-
nizes the fact that these. states consti-
tute the best market upon the face Of
the earth and holds that American
producers have the first claim to 1t.
1t believes that the current revenues
of the government should not only
equal it's current expenditures, but
should also supply surplus to be APP
Piled to the payment of the public debt.
IT believes in sound currency, every
dollar of which. be it paper or coin,
shall be worth one hundred cents, the
world over.
1t believes it to be the sacred duty
of every government to faithfully fui-
fiji its obligations, and keep its faith In
violate.
These were the principles upon which
the Republican party administered this
government for thirty-two years. ana
in this period we include the first ad :
ministration of President Cleveland.
when, held in check by n Republican
Senate. he could do nothing but carry
forward Republican policies. And
what was the result?
The Civil War left US with an out
standing. interest bearing national debt
of over 81, 3S1. 10000 When Mr.. Cleve-
land came into power. at the close OF
Harrison's administration, that debt
had reached the lowest point In it's his
tory, amounting in round numbers 10
only $685.. 900, 900. This was reduction
since the close of the war. under the
continuous operation of wise Repub-
lican revenue system, of more than ST.
1876, 900, 0O0,-nearly four-fifths of the en-
ofmous burden of war Indebtedness, by
a revenue system so indirect drawing
its income largely from foreign export
ers, and so equitable in its bearing upon
the American masses that only those
few who kept run of the official reports,
ever knew when or how it was done.
Along with this enormous reduction Of
the national debt had gone an unpar-
alleled material growth and prosperity.
The population of the country had
doubled, increasing from Sl,ooo.oo0 IN
1860 to G., 0G0. 600 in 1880. But marvellous
as was this growth of population. our
growth in wealth far surpassed it. III
1860 the valuation of the property in
this country was. in round numbers,
SIG. 900, 900 600. In 1890 it was $4,000
0O0. 900. In other words. in so years of
Republican rule, Notwithstanding the
ia wages of the mightiest war in the
worlds history, the wealth of this coun-
try had more than quadrupled. In 1860
the per capita wealth of the country
was s514: in 1890 it was $l039. showing
how far our increase in material pros
perty had outstripped even our mar
velous growth in population.
The decade between 1880 and 1890 was
specially prosperous one. In that
porod the value of our manufactured
products increased in round numbers
from 5000. 100000 to $4,000, 100000; the
capital invested in manufactures from
$4,000, 600 900 to $4,000. 100000 and the
amount paid employees from $94s,ocoooo
to SO, 7SO. 600. practically all of which
went to the enlargement of the great
home market The daily increase in
the wealth of the country during those
years was no less than 100000.
We may search the annals of man in
vain, from the dawn Of civilization
down to the present time, for a nation
al record that even approaches this
one made by the Republican party,
from the time when it took the coun
try. in the throes in great civil war
down to March, 1893, when it gave it
gack again, in the full plenitude and
power of it's matehless prosperity. to
unrestricted Democratic rule. 1t was a
record that had challenged the wonder
and admiration of the world.
Michael Mulhall. the famous English
statistician, whose works are standard
authority in all the great nations of the
world, said in 1890: 1T would be i'm
possible to find in history parallel to
the progress of the United States in the
past ten years" and declared that it's
daily increase in wealth was equal to
"one- third of the daily accumulation of
all mankind outside of the United
States" and Prince Bismarck. the emil
nent German chancellor, in endeavor-
ing in 1882 to induce the German Reich
stag to adopt the American policy of