The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1898-10-13

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 il
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 1S49 to 1860 $640 900 900 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
ed out our currency and we have to be
content with fuctuating paper.
Then look at the seventeen years OF
protection from 1876 to 1893. We sold
to the people abroad 1891 ,O00. 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
over and above these items the sum OF
SYST 100000 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
had ever done in the history OF the
world.
In 1893 a party went into power
pleaged to abolish protection and lew
tarin 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 'perfidy and dishonor"
that Grover Cleveland refused to sign
his name to 1t.
The result was disastrous, We at
once began to run behind. You saw
that the deficiency in revenue began
under the Mckinley law. Very true
but until Cleveland took Office the Nc.
kinney law produced ample revenue.
The denciency did not begin until the
new administration announced it's in
tention to overthrow the protective sys-
TEN. Under the four years of revenue
tariff the wonderful balance of trade
which protection had given us was re-
placed by a drain Of 500, 100000 in
gold. The whole country was alarmed
Thtey saw the gold in the treasury
falling and rushed to get their share
out before the country should fall to
silver basis. During that four years
our own people drew out $500 900, 900 In
gold from the treasury, and the govern
ment in order to keep from going to
silver basis was compelled to sell bonds
in time OF peace. Those four years OF
revenue policy were the most disc
trous in our history.
/ Now notice the change since 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 $500. 200. 900. For the first
| time in our history we have sold abroad
more manufactures than we have i'm
ported. $5S 100000. During the past
year the balance Of trade has been In
our favor by $6l2 100000. That Is
since the restoration of protection un-
der the Dingley law. We have
brought into the country $4,000 900
more gold than We have sent out. To-
day we have in the treasury S240,000,-
! 600 of gold reserve, the greatest in our
history, and we didn't have to sell
bonds to get II either. Our opponents
wanted free silver in 1896 in order to
get more money. We have added TO
our circulation 1899 zoo, 900 in two years
and we didn't do 1t with silver al Is
/ to /.
Not only that. When under the
revenue policy 1t was necessary to sell
bonds they had to pay four and five
per cent in order to get the money and
that was in time OF peace. Yet I'M