Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-31

rates Of the Mckinley law. The conditions
in 1893 and 1894, 1t Is true, were deplorable;
the people were in great distress; they We're
desperate. and. as usual during such times
unable to detect the real cause, attributed
it to the party in power. What was the
real cause of the trouble In 1888 and 1884?
What were the conditions when Mr.. Cleve-
land came into power on the 4th Of March,
1893? Mr.. Harrison came into power on
the 4th Of March. 1889. when the revenues
of the government were yielding surplus
lars a year: at the end Of his administra-
ton that surplus had been wiped out. and
the certainty of deficiency, OF more than
$50 OO0, 600. was staring Mr.. C1evelands ad-
ministratfon in the face. This condition OF
affairs was the direct result Of the legisla-
ton enacted by the Fifty-frst Congress:
The first session Of that Congress abolished
the duty on sugar. which yielded revenue
Of about $1OOO0,0OO annually. to which
should>be added the amount Of the bounty
paid out Of treasury on the domestic pro-
duct, which was about SIS, 100000, making
a sacrifice on this product alone of $4,000
600. The passage Of the dependent pension
bill. which it was estimated would require
an expenditure of about $4,000 600 annu-
ally, the first year cost the treasury over
$40 600 600; other expenditures were IN
creased. and when that Congress ceased TO
exist it enjoyed the distinction OF having
been the first 'billion dollar Congress IN
the history of our country. The Sherman
silver purchase law was enacted at the
same session as the Mckinley law, and
under it's operation we began the purchase
Of 54OO0,OOO of ounces Of silver bullion a
year, issuing in payment therefor treasury
notes payable on demand, In coin, which
meant gold or deprecated silver. We be-
gan to hoard silver bullion at this rate,
increasing our gold obligation, while the
price of silver was rapidly declining. Dur
ing this time our stock Of gold was being
depleted by continued expectations to Eu-
rope During Mr.. Harrison's term our net
expectation of gold was over $157, 100000.
an average of more than So, 0OO, 600 annu-
ally. The expectation of such a vast sum.
at this time. when our stock Is twice as
large as it was then, would bring on a
panic in very short time. This was the
condition of affairs when Mr.. Cleveland
came into power, and the surprise was not
that we had panic. but that We were able
to weather the storm and safely anchor In
the harbor.
1 do not intend to enter into discussion
Of the merits or dement's Of the Wilson bill
except to say that it was not hodge-podge
measure and did not inf1ict any serious In
jury upon a single American industry.
Take, as an example, one OF the great in
dustries which had its beginning under the
operation Of the Mckinley law. The duty
on tin plate was reduced from az cents to
IL cents per pound, and yet that industry
continued to prosper under the lower rate
to such degree that a stockholder in one
of the plants in Indiana, when compelled
to sell out to the trust at fabulous price,
said that he disliked to accept the same,
his Stock at par value, had paid over 100
per cent dividends the previous year. 1
am willing that the American producer
and manufacturer shall be given ample
protection to compensate them for the
higher wages and every other increased
expense in the cost of production.l The ma
jorty of the American people, I am salts
fed, favor the protective principle and if
that principle is ever destroyed it will be
because of the extreme and extortionate
demands of It's immediate benefciaries
This question ought to be taken out of
politics. Our industries have become so
varied, our productions so large, our COM
merce so vast. that we cannot longer afford
as a great commercial nation to play bat
-tledore and shuttlecock with it.
w. D. BYNUM