Omaha daily bee., 1906-08-23


its Old habits of borrowing money 70 pay
current bills. Loans were ostensibly secured
to maintain the resumption Of specie pay
ments under the law of 1915. They had a
deficit AZ the end OF their first full fiscal
year of $50 600 zoo, S42000,C00 the next SIS co.,.
900 the next and SIS 10000 the next. max
ing total deficit OF $4,000 600 in four years.
They sold bonds, face value $3.50. $1,000 upon
which they realized premium Of SSl 10000
these bonds was S24i.O00O00. Deducting the
premium from the total interest charge, we
had net interest liability OF SlS,0OO,OOO
The amount OF the principal and net interest
was Alb,OOOOO0. That was the tuition OF
democratic policies.
In 1895 the republican party issued slss,-
100000 in bonds to secure funds with which
to feed clothe and equip the American
army In the Spanish American war. Note
the fact that the republican party fought
foreign war with smaller loan than the
democratic party was compelled to make
70 hght the evil results OF It's own policies
for four years in time OF peace. At the
close of that war our interest bearing debt
amounted to S,046,0O00O0 but on the first
showing a reduction OF si5i 5000 under re-
publican rule. In this connection recall the
recent Issue of 2 per cent canal bonds at
the high rates OF interest and discount pre-
vailing at the close OF the democratic ad
ministration In 1881. This is republicanism
triumphant again under Theodore Roosevelt
and Leslie M. Shaw.
Protection.
But whence did the republicans secure the
resources with which to accomplish such
splendid achievements? From the inherent
their wise and faithful application in legis-
lation and administration. Allowing four
years for the democratic hiatus between le65
and 1905, we secured funds chieny non
customs and internal revenue. $50 O0J,OOO
from the former and S,l5O,V0Oo0 from the
latter, making a total of SD, 6lO,uOO,O00. From
1866 to 1893, inclusive, we had deficits in
only two years Total s2,09g, 900, but our
opponk-ts had a deficit every year curing
their last administration. Our critics some-
times respond with the statement that there
was deficit in 1904 and 1890 of $4l,0JO.VoO and
~, geo, 0o0 respectively, making total OF
criticism it is appropriate to state the fact
that during the years 1904 to 1906, inclusive.
we disbursed from the general funds OF the
treasury for canal purposes $ll,OVO,VOV and
loaned the ST. Louis exposition in 1904 $500
900. 1t was contemplated by congress that
money should be borrowed on bonds to
purchase and construct the canal. Never
theless We bought the canal paid for the
expenses of construction to date, loaned
money to the exposition and paid Sl5lOO9,0OO
on the interest bearing debt after the close
of the Standardization war without bor-
rowing single dollar. Underlying all this
prosperity for the national treasury and the
prosperity that has spread throughout the
republic from the close of the civil war to
the democratic period of the dark ages IN
has been one of the most potent factors.
This principle was embodied In the re-
publican tariff of August s, 1861. and re-
asserted in subsequent tariff legislation,
particularly in the Mckinley act Of 1890 and
the Dingley act of 1897.
this principle as Mckinley saw them in
1890. He said: 81 believe in IL and thus
warmly advocate it. because enveloped in
II are my country's highest development
and greatest prosperity; out of 1t comes
the greatest gains to the people, the great
est comforts to the masses, the widest
encouragement for manly aspirations, with
the largest rewards, dignifying and elevat-
ing our citizenship, upon which the safety
and purity and permahency OF our political
system depend"
Labor and Capital.
Public policies relating to labor and cap
| ital require consistent and careful consid-
Grafton, and readjustments may be neces-
STATED as conditions change from time to
time. In ali matters of legislation and
| administration public officials should con-
stantly insist that labor should always
receive It's just share of the wealth that
| Il produces. Labor on the farm, labor on
| the railways, labor in the factories and
labor in the mines and mills, labor on land
| and sea, labor wherever the American nag
| floats in authority should be recognized
wages and reasonable hours. The repub-
| lican party has done more than any other
| party known in our history for the en-
| iargement and just application of this prin-
! ciple, 1t has been led by the republican
, party from the meager opportunities and
scanty allowances OF democratic Tree trade
| passed rewards howing from the doctrine
of republican. protection. We also urge
slave each other, but that they should
| work hand In hand, side by side, upon the
grounds Of absolute justice for the promo
| ton OF the welfare OF themselves and the
| public. Thus our mills and factories will
! hum with industry, national and interna-
| tional commerce will flow onward without
| interruption the mountains Will give up
| their hidden weaEh, great cities Will ex-
pand and prosper and agricultural and COM
| mercial enterprises of all kiD'ls throughout
! the republic will bestow increased bless
ings upon the people.
| Trusts.
Constitutional and statutory provisions
| guarantee protection to citizens with re-
| spect to the rights of property and place
| before them equal opportunities for the ex-
| ercise of their talents and skill in ACQUIRE
| toll The changing methods, opportunities
| and exegeneies of the business world grad
ually brought into existence partnerships
| DOR and capital OF individuals Such ac-
| cumulations OF labor and capital have pre-
| pared the way. for the development and es-
adjustment OF enterprises surpa ssing the
! resources and abilities of the Individual
Thus we have our great financial and COM
mercial Notwithstanding, manufactur-
ing and transportation companies, etc.
furnishing profitable employment to mil
| lions of people.
The public has recognized these organiza-
| tons as agencies that could promote the
general welfare" by wisely expanding the
avenues of commerce, labor and capital
| Consequently they have been chartered
for the benefit of all. But having been
virtually created by law, the formal ex-
preston of the viii Ok the people, they
must remain permanently under the con-
| troll of the law and bear their equitable
share OF the burdens of taxation. The ma
| ton and the state must always be the mas
| ters within their respective spheres. but
at the same time they are expected to
be reasonable and just masters. Other
wise inyestments will not be made. capt.
| tai will retire, labor will be forced into
| idleness, progress will be impeded, and
primitive conditions will be invited to re-
| turn.
While the government guarantees protec-
ton as to the rights of property and per-
mits them to earn a reasonable profit III
4 they can, il should always insist that the
hand. Of extortion should never be laid upon
the public
| In this connection. I am glad to note
the fact that the republican party has
never allowed the pendulum to swing to
the extremes upon great public questions.
IL insists that public officials who are not
only party representatives but In a larger
sense, the legal representatives of all the
people, should so analyze and decide the
concrete examples submitted TO them as