It is not now true that either climate or the habits of her people indispose them to manufactures. Of the Virginias, North Carolina, Kentucky, Tennessee, Alabama, and Missouri, it may be now said, as Mr. Spence said of the more northern States, "They possess the same elements as ourselves [England]—coal, metals, ships, an aptitude for machinery, energy, and industry—while the early obstacles of deficient capital and scanty labor are rapidly disappearing." And I am sure there is a "New South"—shackled as it is by traditions and prejudices—that is girding itself to take part in great industrial rivalry with England, which Mr. Spence so much deprecates. These great States will no longer allow either Old England or New England to spin and weave their cotton, but will build mills in the very fields where the great staple is gathered. [Applause.] They will no longer leave Pennsylvania without an active rival in the production of iron. They surely will not, if they are at all mindful of their great need and their great opportunity, unite in this crusade against our protected industries.
Our interests no longer run upon sectional lines, and it cannot be good for any part of our country that Mr. Spence's vision of English trade with us should be realized. [Cries of "Never! Never!">[ Commerce between the States is working mightily, if silently, to efface all lingering estrangements between our people, and the appeal for the perpetuation of the American system of protection will, I am sure, soon find an answering response among the people of all the States. [Loud cheering.]
I thank you again for this beautiful and cordial demonstration, and will now be glad to meet you personally.
[INDIANAPOLIS, SEPTEMBER 25.]
The third delegation from Wabash County during the campaign arrived on September 25, a thousand strong, headed by Hon. Jesse Arnold, Col. Homan Depew, Thomas Black, W. D. Caldwell, Obed Way, Thomas McNamee, Rob't Thompson, Wm. Alexander, Robert Wilson, Andrew Egnew, C. S. Haas, W. W. Stewart, W. H. Bent, Robert Stewart, and W. D. Gachenour. Their spokesman was Capt. B. F. Williams. Parke County, Indiana, contributed a large delegation the same day, under the lead of John W. Stryker, Jacob Church, John R. Johnson, A. O. Benson, W. W. McCune, Joseph H. Jordan, and A. A. Hargrave, of Rockville, and 300 school children, in charge of A. R. McMurty. Dr. T. F. Leech was orator for the Parke visitors.
General Harrison spoke as follows:
My Wabash County Friends and my Little Friends from Parke—I am very glad to meet you here to-day. My friend who has spoken for Wabash County has very truly said that the relations between me and the Republicans of that county have always been exceedingly cordial. I remember well when I first visited your county in 1860, almost a boy in years, altogether a boy in political experience. I was then a candidate for Reporter of the Decisions of the Supreme Court of this State. You had in one of your own citizens, afterward a distinguished soldier, a candidate for that office in the convention that nominated me, but that did not interfere at all with the cordial welcome from your people when, as the nominee of the party, I came into your county. I think from that day to this my name has never been mentioned in any convention for any office that I have not had almost the unanimous support of the Republicans of Wabash County. [Applause.] This is no new interest which you now manifest to-day. The expressions of your confidence have been very numerous and have been continued through nearly thirty years.
There is one word on one subject that I want to say. Our Democratic friends tell us that there are about a hundred millions—their arithmeticians do not agree on the exact figures—in the public Treasury for which the Government has no need. They have found only this method of using it, viz.: depositing it in the national banks of the country, to be loaned out by them to our citizens at interest, the Government getting no interest whatever from the banks. I suggested, and it was not an original suggestion with me—Senator Sherman has advocated the same policy with great ability in the Senate—that this money had better be used in buying Government bonds, because the Government would make some money in applying it that way, and there was no other way in which they could get any interest on it at all. But it is said if we use it in this manner we pay a premium to the bondholders. But it is only the same premium that the bonds are bringing in the market. In other words, as I said the other day, capitalists who can use their money as they please—put it out on mortgages, at interest, or in any other way—think the Government bond at the current rate of premium is a good investment for them. Now, the Government can buy those bonds at that premium and save a great deal of interest. I will not undertake to give you figures. One issue of these bonds matures in 1907, and bears four per cent. annual interest. Now, suppose this surplus money were to remain all that time in the banks without bringing any interest to the Government; is there a man here so dull that he cannot see the great loss that would result to the people? I have another objection to this policy: the favoritism that is involved in it. We have heard—and from such high authority that I think that we must accept it as true—that the great patronage appertaining to the office of President of the United States involves a public peril. Now, suppose we add to that danger a hundred millions of dollars that the Secretary of the Treasury can put in this community or that, in this bank or that, at his pleasure; is not the power of the executive perilously increased? Is it right that the use of this vast sum should be a matter of mere favoritism, that the Secretary should be allowed to put $10,000,000 of this surplus in Indianapolis and none of it in Kansas City, or $75,000,000 in New York and none in Indianapolis? If the money is used in buying bonds it finds its natural place—goes where it belongs. This is a most serious objection to the present method of dealing with the surplus. But if you still object to paying the market premium when we buy these bonds, see how it works the other way. The banks deposit their bonds in the Treasury to secure these deposits, get the Government money without interest, and still draw interest on their bonds. If any of you had a note for a thousand dollars due in five years, bearing interest, and your credit was so good that the note was worth a premium, and you had twelve hundred dollars that you could not put out at interest so as to offset the interest on your note, would you not make money by using this surplus to take up the note at a fair premium? Would you think it wise finance to give the thousand dollars that you had on hand to your creditor without interest and allow him to deposit your note with you as security, you paying interest on the note until it was due and getting no interest on your deposit? [Laughter and applause.].