"Under Republican policy, sometimes embarrassed but never changed, our country has become free, without a slave; strong, without standing armies or great navies; rich, with wealth better distributed, labor better paid, and equality of rights better secured, than in any country in the world. All the opportunities of life, without distinction of birth or rank or wealth, are open to all alike. Education is free, without money or price. Railroads, telegraphs and all the wonderful devices of modern civilization are at our command. Many of these blessings are the natural results of our free institutions, the work of our fathers, but they have been in every case promoted and fostered by the policy of the Republican party. We, therefore, can honestly claim that our party has been a faithful servant of the people and is fairly entitled to their confidence and support.
"But we do not rest our claims upon this fact alone. We do not need to muster the great names that have marched at the head of our columns to their final rest to invoke your approval. We invite the strictest scrutiny into the conduct of the present Republican administration of Benjamin Harrison. He was not as well known to the people at large, at the time of his election, as many former Presidents, for the politics of Indiana do not give a Republican of that state a fair chance to demonstrate his capacity and ability, but my intimate acquaintance and companionship with him, sitting side by side for six years in the Senate Chamber, impressed me with the high intellectual and moral traits which he has exhibited in his great office.
"The issues now involved are not so great and pressing as in the days of Abraham Lincoln and Ulysses Grant, but they do directly affect the life, comfort and happiness of every citizen of the United States. The recent Republican Congress, in connection with President Harrison, has dealt with all leading domestic questions of the time and with the most important questions with foreign nations. Every one of these has either been settled or is in the way of settlement.
"The administration of Mr. Cleveland settled nothing but the sublime egotism of Mr. Cleveland, his opposition to the protection policy, his want of sympathy for the Union soldiers and his narrow notions of finance and the public credit. He devised nothing and accomplished nothing. A Democratic House passed the Mills tariff bill, but it was rejected by the Senate and by the people in the election of 1888. It was neither a protective tariff nor a revenue tariff, but a mongrel affair made up of shreds and patches furnished here and there by Democratic Members to suit their local constituencies. This abortive measure was the only one of any mark or importance proposed by Mr. Cleveland, or passed by a Democratic House of Representatives.
"In marked contrast with this is the Republican administration of Harrison and the recent Republican Congress. Mr. Harrison, with the slow, thoughtful, conservative tendencies of his mind, gave careful consideration to every proposition that came before him, and announced his opinion in his messages to Congress. The House of Representatives, having cleared the way by the decision and courage of Speaker Tom Reed that the majority should rule, proceeded to transact the public business, and the Senate, in hearty concurrence and co-operation, acted upon every important measure pending before Congress. The first in importance, though not in point of time, was an entire revision of our revenue laws. This bill was subjected to the most careful scrutiny in both Houses, and was passed as a Republican measure, and approved by the President. It is the law of the land, though some of its provisions have not yet taken effect. It is, in my judgment, a wise law, and will bear the most careful scrutiny. It may be that in its details, in the rates of duty, the precise line between enough to protect and more than is necessary, is not observed, but this error in detail does not weaken the essential merits of this great measure. I do not intend to discuss it in the presence of a gentleman now before me, who had charge of the bill in the House, who is, in a great measure, the author of it, and whose effective advocacy carried it over the shoals and rocks in the House of Representatives. You will greatly and justly honor him this day, but not more than he deserves, and you will have a chance to hear from him as to its merits. It is sufficient now for me to state, very briefly, why I heartily supported it in the Senate.
"In the first place it is a clear-cut, effective measure that will make explicit the rates of duties proposed; will prevent, as far as the law can, any evasion or undervaluation. It is in every line and word a protective tariff. It favors, to the extent of the duty, the domestic manufacturer, and will induce the production here of every article suited to our condition and climate. It is a fair law, for it extends its benefits not only to the artisan, but, to the farmer and producer in every field of employment. I know, by my long experience in passing upon tariff bills, that the McKinley bill more carefully and beneficially protects the farmer in his productions than any previous measures of the kind. And its inevitable effect in encouraging manufactures will give to the farmer the best possible market for his crops. The bill has received, and will bear, discussion, and will improve on acquaintance. The new features of the bill relating to sugar and tin plate will soon demonstrate the most satisfactory results. Sugar will be greatly lowered in cost to the consumer, while the bounty given to the domestic producer will soon establish the cultivation of beet and sorghum sugar in the United States, as the same policy has done in Germany and France. The increased duty soon to be put upon tin plate will develop, and has already developed, tin mines in several states and territories, so that we may confidently hope that in a short period we will be sweetened by untaxed home sugar, and protected by untaxed tin plate. The arts of the demagogue, which were at the last election played upon the credulous to deceive them as to the effects of the McKinley bill, will return to plague the inventors, and this Republican measure, with its kindred measures, reciprocity and fair play to American ships, will be among the boasted triumphs of our party, in which our Democratic friends will, as usual, heartily acquiesce.
"There is another question in which the people are vitally interested, and that is the currency question. They want good money and plenty of it. They want all their money of equal value, so that a dollar will be the same whether it is made of gold or silver or paper. We have had this kind of money since the resumption of specie payments in January, 1879. Nobody wants to go back to the old condition of things when it was gold to the bondholders and paper to the pensioners. When the outstanding government bonds were fifteen hundred millions, and banks could issue paper money upon the deposit of bonds, the volume of currency could expand upon the increase of business. But that condition is passing away. The bonds are being paid, and the time is coming, and has come, when the amount of bonds is so reduced and their value is so increased that banks cannot afford to buy bonds upon which to issue circulating notes.
"We must contemplate the time when the national banks will not issue their notes, but become banks of discount and deposit. The banks are evidently acting upon this theory, for they have voluntarily largely reduced their circulation. How shall this currency be replaced? Certainly not by the notes of state banks. No notes should circulate as money except such as have the sanction, authority and guarantee of the United States. The best for of these is certificates based upon gold and silver of value equal to the notes outstanding. Nor should any distinction be made between gold and silver. Both should be received at their market value in the markets of the world. Their relative value varies from day to day and there is no power strong enough to establish a fixed ratio of value except the concurrence of the chief commercial nations of the world. We coin both metals at a fixed ratio, but we maintain them at par with each other by limiting the amount of the cheaper metal to the sum needed for subsidiary coin and receiving and redeeming it.
"The demand for the free coinage of silver without limit, is a demand that the people of the United States shall pay for silver bullion more than its market price; a demand that is not and ought not to be made by the producer of any commodity. There is no justice or equity in it. If granted by the United States alone it will demonetize gold and derange all the business transactions of our people. What we ought to do, and what we now do under the silver law of the last Congress, a conservative Republican measure, is to buy the entire product of silver mined in the United States at its market value, and, upon the security of that silver deposited in the treasury, issue treasury notes to the full amount of the cost of the bullion. In this way we add annually to our national currency circulating notes of undoubted value, equal to gold to an amount equal to or greater than the increase of our population and the increasing business for our growing country.
"There is another measure to which the Republican party is bound by every obligation of honor and duty, and that is to grant to the Union soldiers of the late war, their widows and orphans, liberal pensions for their sacrifices and services in the preservation of the Union. In the language of Lincoln, 'To bind up the nation's wounds, to care for him who shall have borne the battle and for his widow and his orphan.' Impressed with this obligation, the Republican party has gone as far as prudence will allow. We appropriate $135,000,000 a year for this purpose. Though the sum is large, it is not the measure of our obligation. The rising generation who will bear this burden must remember the immeasurable blessings they enjoy by the sacrifices and services of Union soldiers in the preservation of the Union and in a strong republican government and free institutions.