The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-07

human industry and ingenuity and the
Republican party of which the Republican
party is the self assertiye senior mem
Der? What monumental effrontery is the
which enables them to boast of the ben
efitS of the Increased volume of standard
metallic money and consequent prosperity
by the operation of 1.-The Quantitative
theory of money" which theory no lam
guage was too strong to deny and ridIcuie
but yesterday
secretary of the treasury can and does
contract and expand the countryS cur
rency at his will, and illustrates this by
the occurrences which happened in 1902,
which he quotes. Remember he boasts
that this is a fact. If SO, what magnifi-
cent one-man power it is. 1t is almost
as great as that lately welded by the ex-
secretary of war himself, when he was ex-
officio emperor of the Philippine archi-
pelago. when as he himself subsequently
fecting the interests and lives of millions
of people had to be decided by him upon
not much more than moments notice
and entirely within his own discretion
What do the men who believe that the
government ought to go out of the bank
ing business and the men who believe that
the banks ought to go out of the gov
erning business think of this remarkable.
this boastful assertion that one man in the
United States can, and does, contract and
expand the currency which furnishes the
viii?
Regarding Trusts
The temporary chairman then told the
country that the act to expedite hear
lngs of the trust cases. namely. the act OF
Feb II. 1908. was Republican legisla-
ton He forgot to say that every Demo-
crat voted for it, and yet that is my
recollection. I have never known more
ingenious mind than that of ex-Secretary
Root His ingenuity is never so marvellous
as when its power is Illustrated by things
which he forgets to mention. Verify he
is the root of all evil when it comes to
et<l
OF reason. The eX-secretary then tells
us. in a burst Of eloquence. that the fatal
14th of September, 1901. marked no
change of policy that when the kindly
and fraternal soul of Mckinley wendell its
way from the earth he left behind him nc
break-his policy was continued in spirit
by his successor.
Who is there in America of common
sense who does not know better? The
changed spirit of the policy of the adj
miniStration with regard to reciprocity
with foreign nations, with regard to 10
cal self government in the South. and in
twenty respects which it would take too
much time to particulariZe. will suggest
themselves to your mind at once.
The present Republican party needs
running start of fully fifty years to en-
able the imagination of the American
people TO jump over its present obstruc-
tiveness and its evasion of live issues
which lie in its pathway to success in this
year of 1904.
Business Depression
The platform in speaking of the access
Of the Republican party to power after
Mr.. Cleveland's second administration had
expired uses this language:
We then found the country after four
years of Democratic rule in evil plight
oppressed with misfortunes and doubtful
of the future
Why not be honest with the people as
men ought to be? 1t is true that after the
election of Mr. Cleveland the chronic bus
mess depression continued. 1t is true that
II became acute; in a word reached the
banks. and then the fright or panic of
1888 came, which was not a local or
American condition but one which had
existed from where Vienna nestles on the
Danube to where BuenoS AyreS commands
It's bay. one whose foundations had been
laid long before it reached us, almost last
among the nations.
Then with the panic upon us more nos
trums of a national character were sug-
gested TO cure an evil Of world character
One of them. as you will all remember
was the repeal of the purcha sing clause
OF the Sherman act
This noStrum was suggested by wise
men and it was administered to the pa
tieut. 1t did no good. of course. The
panic went on until the boil upon the
body commercial having burst. the poison
OF speculation, boom values and credit
operations was released from the system
1t went on until agriculture, the basic in
dustry, revived.
Gold Standard and Democrats
In the midst Of the panic all the wise
IheI1 and chief among them the Republic
an leaders. told us that il was lack. of
confidence IN the money of the country
that had brought on the panic. The Dem
ocTatlc administration. with q sufficient
number of votes of both parties in the two
houses behind it, took that view of the
situation and demanded and secured the
passage of the act repeating the purchase
clause OF the Sherman act thereby for
the first time practically establishing the
gold standard in the United States. With
out either free or limited coinage of stand
ara silver money the country was in1me-
dlately after the passage of that act
necessarily and actually as it had been
since and as ii now is and as it is destined
10 remain for length of time beyond my
power of computation, on a gold basis
was not one of those who thought the
legislation adopted wise, but wise or UNI
wise. the result is an accomplished fact
plain. palpable and obvious to all men
VINO nave common sense and like MANY
another step in history it is beyond recall
or hope of recall.
Due to Cleveland
This accomplished fact was the fact of
Sold basis, not by the Republican party.
put by the logged persistency and in
domitaple VIII of Grover Cleveland aid
ed, il is true. by Republican legislators
VINO thought they saw in it the final dis
fuptlon OF the Democratic party. That
was IN the main their motive Now they
would steal his thunder" and this Re-
publican platform boasts that it was the
republican party which established the
gold basis. Moreover they would now
eat their words and their votes of 1899
ana tell US that the panic was not brought
ABOUT. as they then said. by lack of con-
ndence IN our money and too much sill
YER but forsooth by tariff act which
was, not passed until more than wear
after. te-wit, in 1894. when the panic that
Is The acute and fright stage of depression
was virtually over.
Do not misunderstood me- a panic of
course, is not succeeded all at once bv
the golden hueS of prosperity. Industrial
depression must follow it for a while as
depression must precede it. So depres-
SION continued until when? As / have
SAID, when the boil bursts and the poison
IS elm mated from the body commercial the
IleSh begins to heal. 1t cannot begin to
heal IN one minute earlier The process
OF recovery was aided by many for us
1oTtutouS circumstances.
Rise in Wheat
Things had struck rock bottom and had
begun to revive before Mr.. Mckinley was
elected. and the first index OF that fact
was the rise in the price of wheat. fol-
lowed by the rise, in, the price of other
agricultural products sympatheticaIlv
With 1t. Then came the immense increase
OF gold output that kept prices here and
elsewhere. Not only is the boast that
Mr.. Mckinley'S election was responsible
for high prices not true but it is a very
dangerous falsehood.
The speaker denied the statement
that the Republicans only were entitled
10 credit for freeing Cuba, and said:
Nor IS il true in any proper sense that
the Republican party deserves much cred
II for enforcing the antitrust law What
has the Republican party done in This re-