Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1898-10-13
Shows How Protection Is Inter.
woven With the Money Question,
lakes a Crack at Pettigrew and
Holds the Populist Argument up
to Scorn.

money than they predicted under the
free coinage Of silver. Look at history.
The protective tariff In this country
has not only built up Il industries.
given employment to millions, but II
has given us a larger money circula-
ton than any other civilized nation in
the wrold. Prior to the war we had in
this country only wild cat and red dog
money-no gold or silver in circulation
although we had dug out of the ground
from lS49 to 1860 $640, 600, coo in gold.
Why? Simply because we sent all this
gold which our mines had produced and
all that we got from the sale Of our
products to the foreigner TO buy his
manufactures. Year by year we drain
ed out our currency and we have to be
content with fiuctuating paper.
Then look at the seventeen years OF
protection from 1876 to 1893. We sold
to the people abroad S1,G31,0 00, 900
worth of goods more than they sold to
us. This enabled us to pay the interest
on the five billions OF foreign money in
vested in this country, to pay the bills
OF our travellers abroad, the money
earned by foreign residents in this
country and sent to friends at their old
homes and to receive from abroad
over and above these items the sum OF
SYST 900, 900. 1t was the tariff which
brought this balance OF trade and the
balance of trade which gave us our
great prosperity. Had it not been for
this we should have been sunk in the
depths OF bankruptcy. 1t was due to
this that during this period we made
more progress than any other nation
a ever done In the history OF the
world.
In 1898 a party went into power
pledged to abolish protection and levy
a tariff for revenue only. Mr.. Bryan
was on the committee which framed
that bill and there never was such a
monstrosity in legislative annals, a bill
so discriminating, so sectional, so I'M
just, so full of 'peridy and dishonor'
that Grover Cleveland refused 10 sign
his name to it.
The result was disastrous. We at
once began to run behind. You say
that the deficiency in revenue began
under the Mckinley law. Very true,
but until Cleveland took Office the Nc
Kinley law produced ample revenue.
The deficiency did not begin until the
new administration announced its in
tention to overthrow the protective sys-
tenn. Under the four years Of revenue
tariff the wonderful balance of trade
which protection had given us was re-
placed by a drain Of $202, 900, 900 In
gold. The whole country was alarmed.
1'htey saw the gold in the treasury
falling and rushed TO get their share
out before the country should fall to a
silver basis. During that four years
our W people drew out $500, 000. 900 In
gold from the treasury, and the govern
ment in order to keep from going 10 a
silver basis was compelled to sell bonds
In time of peace. Those four years oil
revenue policy were the most disas-
trous in our history.
Now notice the change zinc the
grand old policy of protection has been
restored. During the year and a half
since McKinley's election the balance
has changed to our side again and the
inflow has far outstripped anything
ever known. During those two years
we have had a favorable balance OF
trade of over 5000. 0o0, 900. For the first
time in our his. Dry we have sold abroad
more manufactures than we have
ported. SIS. 900, 900. During the past
wear the balance OF trade has been In
our favor by $612, 900. coo. That is
since ther restoration of protection IN
der the Dingley law. we nave
brought into the country Sl49,oVo .ooo
more gold than we have sent out. 10
day we have in the treasury S240.0c',-
600 Of gold reserve, the greatest In our
history. and we didn't have to sen
bonds 10 get II either. Our opponents
wanted free silver in 1896 IN oruer y
get more money. we nave auueu
our circulation 1898, 00O, 900 in two yea,s
and we didn't do 1t with silver at :"
to 1. r thu
Not only that. When under ,ne
revenue policy 1t was necessary TO sen
bonds they had to pay four anu nv
nor cent in order to get the money ana
that was in a time of peace. Yet uh-
der the protective policy, when at q
timo when the air was full OF rumors
-, war when IL looked as IL we might
become embroiled with Germany ana
oil continental Europe, when IL was
certain that we should go to war with
Sna;n and everyone expected a long
and expensive struggle, we found the
a-nuarnment loan subscribed for SIX
times oyer and that too not at four OF
five Der cent but at three. y.
No wonder our opponents did NOT
saw anything about the tarin IN tnel.
nlstforms. No wonder they are NOT
sa~inr anything about 1t on the STUMP.