Year: 1860

yery marty to nsint US to; but to invite US ''to
look elsewhere" from a party which promises
nothing to us in it's professions, and, by fair
implication 10 Il party which threatens every
thing that we fear in its platform, and lnhlcts
all that we suffer in It's practice, Is IN the last
degree indefeusible. In 1896 we were gov
erned by our apprehensions OF the iuture
These apprehensi0ns are all now fully con-
firmed, and we have y clear experience to
guide and command US in the next campaign;
and | am greatly mistaken in the men for
whom | am here assuming to speak, II they
will allow themselves to be deceived by the
false pretences or the silence of any parties
that may be in the field when the next day Of
trial comes.


AS class, those interested in the iron busi-
ness of Pennsylvania are not politicians. A
large majority of them seldom take much IN
terest in party movements, but when the ne
cessity for action is thrust upon them, as 1t Is
now, it is to be confidently expected they will
arouse themselves, and will make themselves
felt in a struggle in which their interests and
those of the whole country, which so seriously
affect their own, are involved.


The time has fully come for q general un-
derstanding; it is time to understand ourselves,
and it is time for the political parties which
calculate upon our support TO understand US.
Three years ago, as | have said, we were dl-
yided; one party of protectlonsts, with
foresight which events have fully justified,
would not trust James Buchanan. Another
division entertained so much hope from HIM
as to support him, or had less fear OF the
probable occurrence of the mischief which
the other predicted.


Both divisions arc now very fully convinced,
and their minds are made up-tiey under
stand themselves. The reasons for division
of opinion at that time were that an undls-
turGed confidence in all regular commercial
credits existed and extended from north To
south, from east to west, and by and between
every portion Of our common country. The
marts Of trade were filed with men Of means,
eager to embark in every legitimate enterprise,
with aspiring trust in the future and the
merely speculative apprehenslons uf a com
mercial revulsion, so often expected but still
postponed by one cause or another--such as
the California gold discovery and the Crlmean
war-lid not convincingly seize upon the
fears of the great body of business men. But
since that time of mingled fear and hope,
general experience has settled the general
opinion. The importations of foreign goods
which destructively compete with domestic
production, and the expectation Of specie IN
payment Of such surplus importatlons, and OF
foreign debt and interest previously y contract
ed have gone on until there remains no longer
any doubt of our actual condition, of the ten
denotes Of our commercial system, nor Of the
causes which have wrought the mischiefs
which now Cypress, and those which threaten
US. The form in which these things are ope-
rating now, Is loss of commercial confidence;
a general stand still fearfulness Of worse
things to Gomez greatly diminished produc-
tiveness Of industry; parayzng OF enter
prise, and stagnatlon in the movements Of
capital. The consumer is without the means
with which to buy; the manufacturer without
the customer to whom to SELL and the labOrer
without employment; while close in the wake
of idleness follow discomfort and discord, with
threatenings Of civil wars.


In February, lS5T--a few days before Mr..
Buchanan took his seat as President of the
United States--the banks of the city of New
York held in their vaults but ten millions Cf
specie, as basis for loans amounting to one
hundred and eleven millions. This was then
deemed sufficient reserve, or, If you please,
the movements of business invited and in-
duced so large a ratio Of accommodation to
the men engaged in it. At the same time
commercial paper, outside of bank circles,
met with an active demand and ready sales,
at fair rates


A little more than two years after, we find
the signs of terrible decline in that conf
dence which is the spring Of enterprise, and
the impulse of all our wealth producing agen-
cies. Through the whole month of October
last. the specie reserve Of the banks of the
city Of New York averaged twenty millions Of
dollars, with range of loans not exceeding
one hundred and seventeen millions-double
the amount of specie, inactive, and held for
caution, against an amount Of loans increased
less than six per cent.


1t is to the financial system Of the demo
cratic party that we charge the evils which we
suffer, and seek to remove by change in the
national legislation. Excessive importations
of foreign fabrics supplant our own products,
and throw our own industry out of employ
ment Excessive exports of our specie under
mine all the forms Of circulating credit, and
alarm the money holders SO as to check the
movements of the real money of the country
among ourselves.


Gold in immense sums is this day lying idle,
waiting for investment in any thing but bust
ness paper, and ready to accept the lowest
rates Of interest in securities that do nothing
for productive labor or for business enterprise.
Business, beyond the marest necessities of
life. is fast resolving itself into nothing but
money jobbng. National stocks and real
estate security can command it upon easy
terms but labor, manufacturing operations,
and business credit, are held anWOrthy OF re-
haHce. Our own workshops are being closed.
that those of Europe may supply our markets;
and your Secretary of the Treasury even sees
the evidence of an active trade in the fact that
the enormous imports of the year just closed
have all gone into consumption, never reflect
ing, as it appears, that for every millions
worth of such goods consumed his countrymen
| are deprived of quarter of a million in wa
ges which their labor would have earned in
the production of them, if the domestic fac
tories were not shut up by the foreign mum
dation.


/ may be allowed to speak for the working