The Elk Mountain pilot., 1900-05-15
WOLCOTT TO REPUBLICANS.
Before the State Convention He Delivers Strong
Upholding the Course Of the Administration
Speech

many events of vital and world wide
Importance. as this, and in the glories
of war and of conquest, we are apt to
forget the years back, at the commence
ment of McKinley's administration.
DO you recall the fact that during
liarrison's administration $500, ,000,OO
and more of the national debt had been
paid, and that when Mr.. Mckinley be-
came president he found IA depleted
ana empty treasury and war impend-
ing: that he found the administration
which had preceded him been com
PEELED to sell two hundred and thirty
odd millions of our national securities
to make secure the revenues for run
ming the government. and he called
Congress in session and he wrote that
important and imposing message in
which he called upon Congress to pass
n proper protective tariff bill that
should protect American labor and
American Industries. tApplause) And
the result of II was that the war, which
had cost us three hundred and sixty
odd millions of dollars mp to this time,
has required the issue of only two
hundred million dollars OF bonds; thai
for the first time in five years before
there Is a surplus income over the eX-
penditures; and because of the action
of Congress. under his request and di-
rection, this country was able to main
tain. without diminution of its pros
perity and without feeling the financial
strain. one of the great wars of modern
times.
We must not forget that. We must
not forget that during Mr.. Cleveland :
administration there was an attempt
TO settle the entire Pacific railroad in
debtedness by throwing of the whole
amount of interest due. and under Mr.
McKinley's administration every dollar
of the Union Pacific Indebtedness was
collected, adding thirty or forty mil
lions of dollars to the national Golfers
the Kansas Pacific deht. except Il
small portion of the interest. WAS like
wise collected: that we took into our
treasury, as payment for the building
Of those railroads. every dollar that
we loaned and every dollar of inter
est that we advanced. We must not
forget, too, that during this admins
tration we have passed n bankrupt law
that enables an insolvent debtor who
sees no ray of prosperity in front of
him, burdened with debt. TO lind II way
to get new, start, ana that is II Re
publican measure tapplauScl; and the
islands OF Hawaii. twice before seized
by England. once by France and once
by Russia, all of whom were compelled
to let 20 their hold, because we said
that their occupancy of those islands
so near our western coast would he a
menace TO our peacc--they came un-
der our control not alone by Republi-
can votes, but against the almost united
Democratic opposition applause).
another measure thai Congress- has
passed. to which ! must call Your at
tention before I pass TO the great
events that accompanied our war. was
the currency bill, about which there
has been so much discussion. Mr..
Chairman. under that measure we pro
vidcd that the bonds Of the country
now outstanding at four and four and
one-half per cent. and five per cent.
might be exchanged for longer bonds
of these United States drawing but two
per cent interest. There is moi II coun-
try in the world that has such credit,
and it came because Republican
President was In the White House
dong applause. There are to-day
nearly three hundred millions of those
bonds eXchanged-ovcr two hundred
millions already cXchnnged-and with
in the next few years you Will lind
that the obligations outstanding by
this government draw but two per
cent. interest. England pays. at the
present price of consois, nearly three
per cent: Germany pays three per
cent, and her bonds are selling at less
than par. No other country in the
world has II credit like ours. or has cv-
er been able to establish such iinan-
cial exchange as has been provided by
this last Congress.
And. air. Chairman. Congress has
also provided. although our volume of
currency is far greater than ever be-
fore in the history of our country-far
greater than that of any country in the
world, except France-to further en-
large the volume of our currency. on
larged the privileges of these bonds as
n basis for the issue of paper money.
II has already brought into circulation
over thirty millions of much needed
additional currency; as good currency
for practical purposes as exists in the
world. and it is estimated by those
who know. that within the next twelve
months more than one hundred mill
ions of additional currency will be add
ed to the country. growing out of the
passage of the currency bill.
at is popular. Mr. Chairman, among
the Democracy and the Bryanitcs. to
dCnounce national banks as enemies of
mankind. For my part. Mr. Chairman.
| am not in favor of Il man because he
owns n dollar, or bank. and | am
not against man and want to drive
him out of the community because he
has got 4 dollar or bank (prolonged
applause) | don't know how far YOU
may feel as deeply as | do upon this
question, because / am probably rne
only man in this great audience who
ever finds it necessary to borrow II
dollar. Naughter.) But | am free To
say. Mr. Chairman, that / am very
glad that throughout our country these
national banks. which were Il neces-
sity when we resumed specie pay
ments, still exist to absorb our nation
nj debt and to give us The basis of an
onlurinp. and safe and SOlYenf cur-