Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1898-10-22
AROUSES
ENTHUSIASM
HON. a. C. RANKIN DRAWS LAUGH.
TER AND CHEERS
He Shows How Protection Is Inter.
woven With the Money Question,
Takes a Crack at PettigreW and
Holds the POpuIist 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 our industries,
given employment to millions, but it
has given us q 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 $4,000 0 900 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
cd out our currency and we have to be
content with ~lluctuating paper.
Then look at the seventeen years OF
protection from 1876 to 1893. We sold
to the people abroad 81, 991 600, 900
worth Of goods more than they sold to
us. This enabled us TO pay the interes:
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 ,OO0, 900. 1t was the tariff which
brought this balance OF trade and the
balance OF trade which gave us our
great prosperity. Had 1t not been for
this we should have been sunk in the
depths of bankruptcy. It was due to
this that during this period we made
mora nInUTpEc thnn N nIhar pnttn,,
had eyer done in the history Of the
world.
In 1893 q party went into power
pledged to abolish protection and levy
n tariff for reyenue 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 UNI
just, so full Of "peridy md dishonor"
that Grover Cleveland refused to sign
his name to it.
The result was disastrous. We at
once began to III behind. You say
that the deficiency in revenue began
under the Mckinley law. Very true,
but until Cleveland took Office the Nc
law produced ample revenue.
The deficiency did not begin until the
administration announced its m
tcntion 10 overthrow the protective sys-
TEN. Under the four years Of revenue
the wonderful balance Of trade
protection had given us was re-
by n drain Of $202, 900, 0G0 in
gold. The whole country was alarmed.
lhtey saw the gold in the treasury
and rushed to get their share
out before the country should fall to n
silver basis. During that four years
our W people drew out $500, 600, 900 in
gold from the treasury, and the govern
mGnt in order to keep from going TO n
silver basis was compelled to sell bonds
IN time of peace. Those four years Of
revenue policy were the most disas-
in our history.
Now notice The change since the
grand old policy Of protection has been
.cstorcd. During the year and q half
McKinley's election the balance
has changed to our side again and the
inflow has far outstrippod anything
'ver known. During those two years
have had n favorable balance Of
rade OF over 5000, 900, 900. For the first
ime in our history we have sold abroad
more manufactures than we have i'm
SOS, 900, 900. During the past
the balance Of trade has been in
,ur favor by 1912, 600, 900. That is
,incc the restoration Of protection un-
Ter, the Dingley law. We have
)rOught into the country $4,000 900
nore gold than we have sent out. To-
lay we have in the treasury $240,0G0,-
Of gold reserve, the greatest in our
history, and we didn't have to sell
yonds to get It either. Our opponents
wanted flee silver in 1896 in order to
,et more money. We have added 10
,ur circulation $3.50. 600, 900 in two years
nd we didn't do it with silver at l6
O l.
Not only that. When under the
eycnuc policy it was necessary TO sell
,onds they had to pay four and five
,er cent in order to get the money and
hat was in n time of peace. Yet un-
Ter the protective policy, when ut a
ime when the air was full OF rumors
II war, when it looked as if we might
,ccome embroiled with Germany and
II continental Europe, when it vas
erlain that we should go TO wal with
spain and everyone expected n long
nd expensive struggle, we found the
government loan subscribed for six
ines oVer and that too not at four or
i've per cent but at three.
No wonder u opponents did not
ay anything about the tariff in their
Platforms. No wonder they are not
aging anything about it on the stump. !