Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1898-02-26

+ philosophers III dHSlCtSs anu stalcSr
tmen who have given thought and
study to this question are wrong,
and only the Democratic party in the
United States and the supporters OF
this resolution are right. For my
part, would rather trust the delibet-
ate. intelligent opinion Of the civil
lied world and follow it on the ques-
I ton of money than the loose notions
and vagaries Of the Democratic party
aud those who believe values can be
created and maintained by legislation
against the law of supply and de-
mand.
The junior Senator from Colorado
referred to the sale of sIxty-two and a
\ bali millions OF bonds of the United
States by a Democratic President,
which was sustained by the DEM
ocratic party. His remark furnished
an example of the management of
our finances under a Democratic Pres
ideut and a Democratic Congress.
The facts are familiar 10 all The
Democratic party came into full con-
troll of the Government in all of its
branches in 1893, and in the follow
ing May. owing to threatened legis-
lation about the tariff end against
protection. which was carried out,
panic seized the country aud con-
tiuued with undated fury until the
Democratic party was driven from
power; and from the effects OF this
panic we are just recovering. BY
reason OF the bill passed by Demo
cratic Congress to destroy protection,
the revenues became insufficient to
pay TIE expenses of the Government.
The Democratic party at once resort
ed to the sale of bonds to meet ex pen
SEES, and increased during their four
years OF power the Understanding
debt of the Government S262, 900, 900
LUIS was d0hI III hh1 iaNG VI thS iaSh
that the Republican party had for a
quarter OF century constantly re-
duced the public debt.
The FIRST bonds sold by the Demo
cratic President amounted to 500. $780,
600 They were sold under private
contract. without notice and without
asking bids, at ro4A, when the same
bonds were selling every day in the
market from lis to 10, Banks all
over the country wanted the bonds at
IA and us, yet the President of the
United States made, this private con
tract by which the people of the
United States lost forever six or seven
million dollars, which went into the
pockets of syndicate of bankers.
Not Democratic Senator, or mem
Der of Congress, rose in his place to
protest against this remarkable trans
action. Not even the Senator from
Nebraska Mr.. Allen was heard from.
nor The Senator from South Carolina
Mr.. Tillmanl. Each looked on with
complacent indifference and the Sen
ator from Delaware Mr.. Grayl with
positive appreciation. How does this
transaction compare with the man
agement of our loans by the Republi
can party. During and following the
war the Republican party sold ST.
500. 900, 900 OF bonds at an expense of
about five millions of dollars. 1t cost
the people. however, under Demo-
cratic rule, more than six millions OF
dollars to sell only 500, 600, 900 bonds
in time of peace and thirty years
after the war. This sort of manage
ment of the finances by the Demo
cratic party should forever forfeit all
its claims to the confidence of the
people.
Mr.. Tiliman. Mr.. President
Mr. Elkins. The Senator will ex-
cuse me? My time is limited.
Mr.. TiIlman. l just want to ask
you. if you, alter my speech, pretend
that favor it2
Mr.. Elkins. No; l was mistaken.
You were not in the Senate then. But
you are a Democrat, and when it
comes to questions of finance that is
enough. Laughter.
In speaking of this sale of 500 900.
600 of bonds under private contract,
the regular Democratic candidate (Mr.
William J. Bryan). in the last cam
paign, according to the public press,
denounced it as the most infamous
transaction in our financial history.