The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-20


icy is still fresh in the memory of millions
who suffered from it. In four years the
country witnessed some zoo commercial
failures, with liabilities aggregating more
than nine hundred millions of dollars. One
hundred and seventy-seven railroads, with
a mileage of $1,000 miles, or twice the cir
Gle of the globe, and with securities
amounting to nearly three billions of dol
lars, were unable to meet their interest
charges and passed into the hands of re-
ceiVers. More than 10 national banks
closed their doors, with liabilities reaching
seventy millions; wool and all farm prod
ucts which tariffs could affect lost tens of
millions in value; farm mortgages were
ioreclosed by thousands throughout the
great West; our agricultural exports
shrunk in value; the balance of trade,
which had been in our favor, turned ruin
oasiy against us; the National Treasury
was depleted of It's gold reserve; our Gov
eminent bonds were sold to syIdcates at
lar below their market value before or
since, and our steadily declining revenues
were insufficient TO meet the necessary
expenses of conducting the Government.
II capital alone had suffered the loss would
nave been great, but not irremediable.
Unfortunately, those who rely upon their
daily labor for their sustenance, and their
families dependent upon them, constituting
the great mass of the American people,
were made to feel heaviest the burden OF
disaster. Nearly one-third of the laboring
population Of the United States were
thrown out of employment, and men by
thousands, able and willing to labor,
walked the highways of the land clamor-
ing for work or food.
-Four years of commercial misfortune
enabled our industries to meet, in meas
ure. these changed and depressed condi-
tons. but when President Mckinley was
inaugurated the country was in state
more deplorable than had existed for a
generation.
Facing these difficulties, the President
Immediately. upon his Inauguration, con-
yened Congress in extra session, and in
a message of force and lucidity summa-
rized the legislation essential to our Ia
tional prosperity. The industrial history
of the United States for the past four
years is the tribute to the wisdom of his
judgment. 1t is quickly epitomized.
Industrial History EpitOmixed.
THE tariff measure under which we are
now conducting business was preceded by
an unusual volume of importations based
upon common knowledge that certain du-
ties were to be raised; the bill met the
popular demand that duties on many Of
the necessaries of life should be lowered
and not raised; advances in invention
and new trade conditions made it unnec-
essary and unwise to revert to the higher
tariff provisions of the law of 1890; the
increases in the revenue provisions were
slight. Yet, notwithstanding all these
facts, tending to reduce income. the reve-
nues from the Dingley bill marched
steadily upward. until soon our normal
income exceeded our normal expenditure,
and We passed from a condition of threat
ened insolvency to one of national solv-
ency.
This tells but q small fraction of the
story. Under the wise provisions Of our
tariff laws and the encouragement af-
forded to capital by a renewal of public
confidence, trade commenced to revive.
The looms were no longer silent and the
mills deserted; railway earnings increased,
merchants and banks resumed business,
labor found employment at fair wages.
our exports increased. and the sunshine
of hope again illumined the land. The
figures that illustrate, the growing pros
perity OF the four years of Republican
administration well nigh stagger belief
There isn't an idle mill in the country to-
day. The mortgages on Western farms
have been paid by the tens of thousands,
and our farmers are contented and pros
porous. Our exports have reached enor-
nous figures; for the last twelve months
our exports of merchandise will exceed
our imports by $3.50. 100000. Our manu-
featured articles are finding a market all
over the world and in constantly increas-
ing volume. We are rapidly taking our
place as one of the great creditor nations
Of the world. Above and beyond all, there
is no man who labors with his hands, in
all our bread domain, who cannot find
work, and the scale of wages was never
in our history as high as now.
Passing over for the moment, the events
associated with the war. let ME refer
briefly to other legislation of the past four
years.
I'VE passed National Bankrupt act,
a measure rendered essential by four
years of Democratic rule, and under its
beneficent provisions. thousands Of honest
raen who were engulfed in disaster because
OF the blight of the Democratic policy, are
again enabled to transact business and
share the blessings of Republican pros
perity.
The Hawaiian Islands.
For half a century the Hawaiian ISL |
ands. a menace TO the long line of coast |
which skirts our Pacific Slope, have been
knocking for admission as part of our ter
ritory, and during that period the publicly
opinion of both political parties
favored their annexation. Four times
have they been occupied by European pow
ers, and as often have we compelled their
because it was essential that
they should never be occupied by any for
eign power. Finally, after years of mis-
by native rulers the gallant |
of American merchants and
made proffer again of these
valuable possessions to this country, ask
ng only to come under our flag and do
ninion.
"a Democratic President repudiated the
,ffer and sought to assist in restoring the
ormer corrupt and oppressive ruler. 1t
was left for this Administration to make
hem part of American territory. They
ire on the way to our islands in the
Southern seas; every instinct of self-pro-
ection should have prompted our quick
acceptance OF their sovereignty. and yet
hey were acquired in spite of the bitter
opposition of almost every Democrat in
Congress.
The Pacific Railways.
During the last Administration an Of
er Of settlement was made to the Pa
life railroads which would have brought
is s42, 600, 900 cut of the SIC, 00e, 900 due US
n principal and interest. President Nc
iinley, refusing to consider as binding the
orner offer, and acting within the au-
hority of Congress. collected every dollar
Il both principal and interest due from
he Union Pacific Company, and the prin-
ipal of the debt due from the Kansas Pa
iflc. We saved more than $40, 900, 900 over
he offer Ct settlement made by Mr.. Cleve-
and, and have collected all of the princi-
al and most of the interest due us. Thus
'as this transaction closed, and has since |