The Owosso times. (Owosso, Mich.) 1897-1926, 1900-09-28

dent Mckinley is an occasion for con
graduation.
Let us consider some of the
grand achievements which have
wrought so marvellous a change in the
short period of three years and half
On the 4th of March, 1897, the sceptei
departed from Judah and the inaugu'
ration of republican president oc'
CURED. For four years under demo
cratic rule the land had been frescoed
with misery and fringed with distress;
with the advent of a republican admin
istration the horizon so long curtained
with despair at once frightened with
hope and the air so long heavy with
the anxious entreaty of enforced idlers
asking of compassion the crumb OF
charity became vocal with the happy
harmony of requited toll, factory and
forge, forest and farm joining in the
| grand anthem, filling the heavens with
the din of a nations industry. The
progress we have made as a nation since
the Inauguration of President McKin-
ley is without parallel in history.
The republican party came into
power pledged to the policy of protec-
ton to American enterprise and Amer
lean toll; that pledge was fulfilled on
the gath day of July, 1897, by the enact
ment of the Dingley tariff law, which
not only reestablished the policy of
protection, restored confidence and
wooed back departed prosperity, but
at the same time clothed the president
with power to enter into reciprocal ar
rangements with other nations for the
enlargement of American markets.
Under the operation of the new tariff
law idle labor finds abundant en-
ployment, manufactures have in
creased, ample revenue has been
secured, and as a nation we have
entered upon commercial conquests
unprecedented in all time; in 1898,
one year after the law became OPP
erative, our exports for the first time
exceeded the domestic exports Of
Great Britain, and year later, in 1899,
our foreign trade was the largest we
ever had, exceeding in the aggregate
the sum of $4,000, 100000, the balance
Of trade in our favor reaching nearly
$500, 900, and will during 1900 ex-
coed $3.50, 0oO, 900.
During the three years of the present
administration from March /, 1897, to
March /, 1900, the excess of exports over
imports has been nearly or quite four
times greater than during the entire
period from the organization of tie re-
public down to the end of Mr.. Cleve>
lands first term, and still the good
work goes on, as the report for 1900
Will show an increased export trade,
and that one-third of our exports will
be the products of our busy toilers in
factory, furnace and mill. The clear
Ing house statements show an increased
business of $4,000, 100000 each year of
Mr.. McKinley's administration. In
1896 the reports show an aggregate of
$4,000, 100000, while in 1900 the ex-
changes aggregate 800, 900 100000. Such
enormous increase has been made pos
sible by the republican policy of pro-
lection to home industry.
The present administration came into
power pledged to the maintenance of
the public credit; the public credit has
not only been maintained, but has been
raised above that of any other nation.
The war with Spain necessitated a
loan, and congress with great unanim-
ity authorized a bond issue of $780,
100000. Only one-half of the amount
authorized has been issued. The Sec
rotary of the treasury believed that
an issue of bonds to the amount of
$200,000,000 would be sufficient, and Of
fered the same for popular subscrip-
ton. The civilized world marveled at
the eager patriotic response of the
American people, who within 30 days
subscribed for $1,400,0 100000, being
seven times more than was called for.
The maintenance of the public credit
was established by the enactment of
law early in the present year which
virtually and effectively places the gov
eminent on gold basis, thus recog-
nizing that standard which commerce
and civilization long since crowned.
Coupled with this memorable achieve
ment may be mentioned the refundng
provision of the law which authorizes
the issue of two per cent. bonds for the
redemption Of outstanding bonds,
W PooO,UUU.OUU. bearing
three and four per cent. interest, near
ly one-third of the debt was funded
within two months after the passage
OF the law by an exchange for like
amount $3.50, 100000 of the two per cent.
bonds. which are the lowest interest
bearing bonds ever issued by any ma
ton. being three-fourths per cent. less
interest than the debt of Great Britain
bears. :
This record attests the fact that the
republican party can administer the
government in time of war more eco
nomically than the democratic party
can IN time of peace. {
The DEM cratic party during the
four years they were in power. from
1893 to 1897, sent abroad 5000. 900, 900 in
gold much of il being for the product
of rival alien industries which had
been imported in order to give our
wage-workers a rest. The republican
party under the rule of William Nc
Ainley have in three years imported