The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1900-10-12

tion, and the public debt was reduced
$3.50, 600, 600. In the following election
the main issue was the Mckinley
tariff law, and Democratic president
and congress were elected. The coun-
try no sooner realized that a change in
administration was to take place than
| it became frightened and almost
paralyzed. Instead of the good times
promised by the Democrats a financial
panic ensued soon after the result of
the election became known. Rich
men could not borrow on the best
securities and money DISAPPEARED from
circulation. In 1892 the people had
confidence, but in 1898 the promise
and threat of free trade caused con-
fdence to leave and send money into
hiding. In the business world, con-
fidence is everything. Legislation can
not force money out unless there is
confidence.
On the heels of that financial panic
came an industrial stagnation, and
many industries built up under the
protective tariff began to reduce their
time or to close down. In 1894 the
Democratic tariff law was passed and
wrecked many industries and brought
in an insufficient revenue to run the
government, so that Cleveland was
obliged to increase the national debt
$3.50, 600, 00O. Thousands of honest
laboring men were thrown out of en-
ployment
COxey's Standing Army.
You have heard much said during
this campaign of the danger of a
standing army. Under Cleveland ad-
ministration. we had Coxey's army,
and that is the only standing army
that this country has any cause to
dread. We haven't had this army
under McKinley's administration, and
will not have it under any Republican
administration. Applause.
The Democrats said in 1896 that free
silver, 16 to 1, was the only thing that
would bring back prosperity, as it
would make money more abundant
and cheaper The Republicans said
that there was no scarcity of money,
but that it was in hiding on account
of want of confidence. We said that
free silver, instead of making money
more plentiful would drive gold out of
circulation and reduce us to silver
mono metalism, and that silver would
drop one-half, orsto its bullion value.
We said that the only way to bring
back prosperity and money was to elect a
Republican administration and pass a
Republican tariff law. What we then
promised and argued has come to pass
in greater measure than we had ex-
pected or even dared to hope. AS soon
as Republican administration was
assured, the sun seemed to shine and
money came out of hiding, and in
cipient prosperity commenced even be-
fore Mckinley was inaugurated.
President Mckinley called congress
together in special session and it re-
pealed the Democratic tariff law and
passed Republican tariff law along
the lines of the maligned Mckinley
bill. The mills were at once reopen
ed and laborers were paid good wages
with good money. Prices began to
go up on manufactured products and
agricultural products, and wages adj
vanced. This great industrial re-
vival in our midst led to the greatest
revival of our foreign commerce in
history. If the manufacturer does not
have to strive to retain his home
market he can reach out for other mar
kets. In other words, if we make the
pot of our industries boil over, it will
boil over into foreign lands, and it
has done this. Last year our foreign
commerce amounted to 50, 500, 600, 600,
which is an increase in the four years
of over $500, 900, 900. Last year the
! excess of our exports over imports was
| $545, 600, 600, and this has brought a
steady flow of money to America.
Gold has flowed to us because of the
industrial revival due to the protec-
| tive tariff. The circulation of the
country is now 1927 per capita, which
| is an increase of So in four years, or
about $500, 900, 600.
The Republicans passed the gold
standard law making gold in theory
as well as in fact for the past fifty
years the standard. 1t allows banks of
smaller capital than heretofore to be
started and provides for refunding the
national debt with two per cent bonds
A large amount of bonds have thus
been refunded and these two per cent
bonds, which were issued at par, al
ready bring four per cent premium in
| the money markets. No government
ever borrowed money at SO low rate
| of interest The United States is not
only the commercial and manufactur-
ing, but is getting to be the financial
center of the world, and is no longer
debtor but creditor nation. The old
| world comes to America now to Dor
row money, and during the past year
we have loaned money to France,
| Germany, England, Sweden and Rus
sia When other nations want to build
bridges, make other improvements, or
! go to war, they have to come to
| America and borrow the money. Gap
plause. All this has come to pass
! through the policy and acts of the Re-
publican party since taking the ad-
ministration in 1896, and not by the
free coinage of silver The Democrats
now say that free trade and free silver
are not pressing issues. This is true.
| We can postpone them until the re-
surrection morning. Applause.
Republican Party VS.. Trusts.
The Democrats are pressing the is
sue of trusts, and propose to show
how sham and hollow, how insincere
this Democratic pretense is. We have
been living during period when a
great industrial revolution has been
taking place Machinery has taken the
place of hand toll and factories have
succeeded individual effort. Articles
formerly made by village blacksmith,
cobbler, ETC., are now turned out in
large factories where many people are
employed. AS rule, combinations of
capital are not detriment but
blessing h11t there are com hinati nns