The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-11
And Forced the Government to Bor-
row $262, 900, 900 to Meet Its Run
ming Expenses.
COLONEL BRYAN'S MISTAKE
GROWTH OF MANUFACTURING M
DUsTRIES UNDER PROTECTION.
Results of the War-North and South
and East and West United-NeW
Avenues for Trade.


CHICAGO, Oct 10-The annual Chicago.
day celebration of the Hamilton Club was
held to-day in the Auditorium Theater.
Chauncey M. Depew, as guest of the club.
was the principal speaker and the great
hall was packed TO suffocation long before
the hour set for his appearance. Around the
galleries. over the boxes and on the great
arch above the stage were flags and bunt-
ing surrounding the silken coat of arms Of
the different States, while portraits of milf
tary and naval heroes were everywhere.
Just previous TO the Introduction by Presi-
dent Cody Of Judge Grosscup. who spoke
briefly, battle songs and national anthems
We're given by a chorus of two hundred
voices, assisted by the United States Band
and the Auditorium organ. AT the con-
clusion of Judge Grosscups speech Mr..
Depew was introduced amid wild applause
He spoke in part as follows:
Certainly what has transpired since Nc
vember, 1896. astonishes even the American
people. 1t does more; it astonishes even
the most imaginative and prophetic OF
them. 1t was not in the power of the HUI
man mind to conceive the wonderful and
beneficial changes which would happen in
twenty-four months. From Industrial par
labor vainly seeking employment has come
employment seeking labor; from capital
hidden and locked up and unremunerativa
and worse than useless has come capital
flowing into channels which add to the
strength. prosperity and wealth of the
whole country; from gloom we are in the
light, and from despair we are happy. But
this is no all, From an isolated Nation.
living within ITSELF seeking only the devel-
opment of its own resources and unknown
in the politics and policies of other coun-
tries, we have become through a series OF
victories, which surpass the achievements
on sea or on land of any period a great
world power.
1T does not require much thought or
great erudition to discover the cause of the
disasters Of 1898. 1894 and 1886. The necessi-
ties of the civil war compelled the addition
of high tariff to secure the requisite rev.
enue This policy stimulated American
industry and enterprise that Republican
statesmen, who were in power in every
branch of the government. felt that they
should seize the opportunity to make the
policy of the protection of American indus
tries the policy of America for Americans.
The policy of making our country inde-
pendent of the world in all that is required
for the necessities or luxuries of our people
the permanent policy of our government
Then came the Democratic victory Of 1897
The Democratic theorists, who had been
discussing for a generation in an academic.
way, from the chairs of political economy
in colleges and by essays in the magazines.
the problems of government, said Now
that we have the opportunity let us bring
about the millennium at once by putting
into practice our theories
THE WILSON TARIFF BILL.
''Then came the chaos of financial sugges-
tion and the Wilson tariff bill This was a
bill drawn as far as practicable upon the
lines of free trade. Its authors avowed that
its purpose was simply to raise revenue, and
neither directly nor indirectly to protect
American Industries. 1t was both a failure
and a success. 1t failed to produce revenue
enough to support the government and sue
ceeded in paralyzing the manufacturing in
terests of the country. The revenues under
1t were nearly $l7,OO0,O0O year below the
expenditures and short of the necessities
of the government. The President was COM
PEELED to issue about s262, Goo 600 bonds; in
other words, to run in debt and borrow
money to meet current expenses-a process
fatal to any business. The manufacturers
and producers of iron and coal, and steel
and cotton, and wool and silk, and machin-
cry, in fact of anything and everything,
were paralyzed by the influx of foreign
goods before they could adjust themselves
to the new order of things. Hence the mills
closed, the furnaces went out of blast, the
factories shut down and the purchasing
power of the people was suddenly partially
destroyed. This reacted back al once upon
agriculture.
Wheat and corn and animals deprecated
in value during the four years Of Demo-
cratic rule to the extent of three thousand
millions of dollars. The farmer who was
in debt could not meet the interest upon his
mortgage and the farmer who was out Of
debt could hardly pay the running expenses
of the farm We were the same country.
with the same opportunity for enterprise,
with the same population. with the same
resources. capital and labor in 1894 as in 1892.
Then why should seventy millions OF peo-
pie suddenly be bereft of energy and mil
lions of the means of earning living? 1t
illustrates. never before in the history or
an industrial nation, the yawning chasm be-
tween confidence and distrust. The failure
of the government to procure revenue for
its expenditures created distrust; the un-
settling OF values by the Wilson tariff bill.
by the destruction Of the calculations upon
which tr~ hryer and seller had before met
and ayr created distrust; the rampant
scheme hanging the standard OF value.
Of the OF fiat money. for an impossihle
double, s-ndard, for giving silver a vaItla
by legislation which it did not possess in
the markets Of the world; BY substituting
promises for money, nos only accenfuated
the distrust. but plunged business men into
despair.
"lt was while We were IA the midst ~