Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1898-09-29
v0LLEY FROM NELSON
POURED INTO THE BROKEN RANKS OF
DEMOCRACY.
Afforded Ample revenue.

year. and the aggregate surplus for the
three years was $40, 49J, 100 over and
above tho expenditures of the government
Ia fair working balance under normal
conditions. But the Republican tariff
policy. under which the country had been
working and prosperiDg so long, had ulti-
mately produced a boom In the business
and industrial world which led. TO some
extent. TO undue and excessive produc-
ton, while the high wages paid our labor
ing men and the large amount of n
thrown open to settlement under our lib
eral land laws had attracted an army of
immigrants to our shores. giving us an
overabundance of labor. This Industrial
boom and boom In immigration-like all
booms-had its reaction. and so Ii came
TO pass that by the fall of 1892 the re-
action from al excess of prosperity had
set in and we found ourselves In the in
cipient stages of a period OF stagnation.
Under these conditions the Democracy
again Joined issue with Us on the tariff.
while on the financial question they
seemed by their platform to be in com
plete accord with us.
Tariff reform, tariff reduction, was the
chief If not the only remedy prescribed
by the Democracy for the incipient and
threatened hard times. Idle or poor paid
labor, redundant or non-productive capi-
tai was told in fervid language in the
press and on the stump that our indus-
hAAt tAitt AAto tAl &etAhiS ~ -
too highly protective tariff, and that the
remedy lay in reaching II and bringing IL
to a mere revenue basis. A ainking man
Is apt 20 grab at a straw. and so IL came
to pass that a majority Of the people. In
u mood OF discomfort, grabbed at this
Democratic straw and again elected
Cleveland president. But the election was
scarcely over before the people seemed
stunned and appalled, by their own rash
ness. The nation seemed, all at once, TO
shiver at the thought Of tariff reform.
More mills and factories and more me-
chanics and laboring men than ever be-
came idle or barely existed. The very
vision into the Canaan Of tariff reform
aggravated and prolonged the distress.
At this time. too, the nation was threat
ened w%ith-nay, suffering f~rom-another
evil.
The silver-Purchase Law.
In 1890 the solid South. reinforced by
Democrats and Republicans from tho So
called silver states. had forced through
congress the law requiring the govern
ment, without any regard for our cur
rency wants, to purchase every month
$500, 900 ounces OF silver, and to issue
treasury notes for the purchase price
thereof. r~edeemable III coin. BY the end
of June. 1893. 156. 75T, 023 ounces of silver
had been purchased. under this law, at a
cost of S147. 215. 4S0, for which treasury
notes had been issued. Our total stock of
silver money at this time. exclusive of
subsidiary silver, was 1886 300 76. as
against S507. 697, GS5 cs gold and S346.OOO,-
600 of greenbacks. At this time the com
mercial ratio of silver to gold was 26.49
TO 1. and silver was still steadily falling
in value. At the time OF the resumption
of specie payment in 1879, a fund OF $780,
600, 600 in gold had been set apart as a
redemption fund for our G~reenbacks, and
from that time up to Cleveland's Sec
ond term this u n had remained IN
tact and undiminished.
Aside from confidence in the govern
mont. 1t was the maintenance of this gold
redemption fund. undiminished, that
served to keep our silver and paper cur
rency on a parity with gold. The election
OF Cleveland. and a Democratic congress.
with the promise and prospect of tariff
reduction and so-cdlled tariff reform. be-
got no alienation nor confidence. but. on
the contrary. seemed tn breed greater
~stagnation ind distrust.
The senator went on to show that dur
ing the Cleveland administration there
was a great deficiency in the treasury and
a rapidly sinking gold reserve neccessitat-
ing large issues OF bonds. He then con-
timed.
This brief. plain and unvarushed state
ment of facts shows how scant and futile
were the blessings of reform promised us
by the Democratic rarity in the fall of
1892. and how utterly Incompetent that
party is 10 guide the destinies of our
country. especially in days of trial.
Cleveland was not to blame for the adj
vent of hard times. but he was to blame
for giving us no other relief than a large
issue OF bonds. and u tariff law hostile to
the productive interests Of the country
and insufficient In revenue. Tn Democrat
ic masses were sadly disappointed with
tariff reform" They learned by expo
rience that ii gaze them no relief from
the hard times. To their minds. evident
~, some new remedy was needed. and in
casting about for "a cure they came to
the conclusion that the whole trouble
came from the scarcity and dearness of
money. and that the prope way to make
money abundant and cheap was through
the free coinage OF silver at q ratio of 10
10 j. The masses became so fixed and
enthusiastic with this idea that, with
the force of almost a whilrwind, they
forced their party in 1896 to make this
the chief issue of the campaign, and to
nominate the most pronounced and ag-
gressivc advocate OF the theory their can
didate for the presidency. Reinforced by
the Populists-who were the original free
silver men--on this issue. as well as issues
not written in the platform. a jealous
and
Most Persistent Campaign
was waged. Beneath the free silver issue
there was, In many quarters and among
some classes. a bitter hostility TO capital.
Silver was called the poor mans money
and gold the rich mans money. / will
not weary you with a minute discussion
of free silver.
discussed and passed upon two years ago.
But q brief summary may not be out OF
place, especially as the same issue is
again rendered. though not in so ag-
gressive and pronounced a form as In tho
After a full discussion, the verdict of
a majority OF the American people was
with the Republican party on these rs
sues. Time and subsequent events nave
but served TO emphasize, make plain. and
verify all that we contcnded for in the
last campaign. First OF all. the election
of Mckinley restored confidence to the
American people. Money. which had re-
manned In hiding. came forth in album
dance, seeking investment and mploy-
ment. Mills. factories and shops. which
had been In a state of suspense for
months. were opened and set In motion.
Men who had been idle for months. had
exhausted their savings. and had even
lived on the charity of their friends.
came forth happy and smiling because
they found work TO do. The nightmare
of Clevelandism and the cyclone OF Bry-
anism were weathered and passed. The
nation breathed easier, ever Democrats
were happy to learn that they had not
fooled us with free silver In 1896. as they
had with tarin reform i'm 1892. What n
vast difference between 1892 and 1896.
Cleveland's election In 1902 seemed 10
viva tho anttnn IN nhfl a.1 - -