Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1906-10-25

9O6s
publican party stood for the payment
of these, dollor for dollar. in gold or
its equivalent, though some had been
contracted during the time Of a de-
based currency
In speaking Of the selling Of the
Panama canal bonds recently issued
and the wonderful success which the
government met with in disposing of
them, the speaker continued: "Thus
was the ration rewarded The credit
thus sustained in the dark hour of
trial now enables us to borrow enor-
nous sums of money at less rate
than eny other country on earth.
| Then came the question of the re-
sumption of specie payments. The
republican party said that the pay
ment of specie should be resumed.
The issue was fought out and the re-
sumption came. Instead of contract.
Ing the currency of the country as 1t
was claimed 1t would do, 1t expanded
1t and the hard times predictions did
not come true. In 1896 financial is
sues again came before the people of
the country. The republican party
said, stick to the gold standard. :
Again was the issue fought out and
the republican party won.
| What is the result? Again the
currency Of the country has been en-.
larged, and where there were in 1896
$22 per capita, now there are $32 per
capita.
"Our party was founded on the
ruins Of the whig party When the re-
publican party came into power the
whig party died. That party's princi.
pal platform was the stand for the
principle of protective tariff Under
the oaks at Jackson, Mich, when the
the principle of opposition to human
slavery, the protective tariff policy was
Incorporated into its platform, and 1t
remained there. However, the matter
did not become live issue for many
years as the enormous debts incurred
during the civil war necessitated for
their payment tariff high enough to
be protective in its operation.
The first campaign in which the
tariff was the issue was that of 1888
This campaign, which was my first by
the way, was the one between Benia
min Harrison and Grover Cleveland
Harrison won. The tariff was revised
1t had to be. Under the then existing
schedules there were enormous sur
pluses every year. The Mckinley law
was passed and FIVE weeks later the
republican party was organized on
the country. During the last two years
OF his administration Harrison had to
deal with hostile congress that
thwarted his every move.
/ S1ry0 1o&o
came up and this time Cleveland won
Then we had trouble. My good friend
who Is opposing me, says that the re-
peal of the Mckinley law did not come
until 1904 while the panic began in
1908, ergo, the repeal of the bill had
nothing to do with the panic. Let me
tell you why. In 1892 the democrats
had majority in the house of repre-
sentatives. In 1893 1t was seen that
they would have a majority in the sen
ate. That meant that the Mckinley
| law was to be repealed. What was
the result? The manufacturers began
at once to reduce their output and tc
manufacture on orders. The working
men having less employment, con
sumed less and soon the panic was or
in full force.
In 1894 the Wilson law was passed
which ran until 1897. You know What
the conditions were during those years
The other day Bryan went down into
North Carolina to make speech
They shut up the stores and the shops
and made a holiday for him Bryan
in 1894, was on the ways and means
committee and helped to form the VIII
son bill and gave the country holi
day which continued for four years.
In 1896 both sides promised prosper
ity. Bryan presented a silver rainbow
OF promise and said open the minis tc
the free and unlimited coinage of sill
yer. Mckinley presented a golden
rainbow Of promise and said open the
mills and not the minis.
Coming of Prosperity.
Mckinley was elected by a major
ity of half a million. He called con
gress together and they repealed the
Wilson law and enacted the Dingley
law. But still prosperity did not come
My good friend Hamilton says that
prosperity did not come as a result oil
the enactment of the Dingley law, be
cause 1t was some time after its en-
actment before the return Of the pros
perity. Why Because when it be
came certain that the Wilson law
would be repealed, every importer In
the country began to stock up and i,
took time to work these goods off.
"But prosperity did come. That was
nine years ago and the nine years thai
have passed since then have been un
equaled in the history of the United
States or in the world. The net bal
ance of trade in the III years up tc
1897 was s2S3, 100000. In the nine
years that have elapsed since then the
balance Of trade has been $4,S98, 900,
900.
my friend Hamilton explains all
this. He says it is not the tariff but
the climate and the soil that we have
in this country. Why, bless my soul
didn't we have the same climate and
the same soil during Clevelands ad
ministration? I think we did. The
complaint then was over production
This year we have the biggest corn
| crOn that ever preW ont of fha oroun