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VOL XXIII.
No. 16.
Published Every Saturday, at 3 East Fourteenth Street. New York, November 7,1896.
Alfred Dolge Speak
PUBLIC LIBRARY
ASTOR, LENOX AND
SPLENDID ADDRESS I'.Y THE GREAT SUPPLY MANUFACTURER AT
MEETING ON THE DUTY OF THE COMING ADMINISTRATION.
WORDS OF DEEP IMPORT.
N no section of this fair land of ours was
the election of Major McKinley re-
ceived with greater joy and enthusiasm
than in Dolgeville. The inhabitants of
that intelligent and progressive community
have suffered, in common with the nation
at large, from the mistaken policy of the
present administration, as well as the
heresies promulgated by the agitators who
have been so signally defeated, and it is no
wonder that "joy was unconfined" last
Wednesday night when the Dolgeville Re-
publican Club—in fact the entire village—
turned out to celebrate the great victory. .
It is significant that it was at a rally of
this club, just after McKinley's nomination,
that Mr. Dolge sounded the keynote of the
campaign. It was therefore meet that, at
the celebration on Wednesday night, he
again should be the speaker, and, as usual,
his speech was worthy of the man. After
tracing up the history of the causes which
led to the issues of the late campaign, and
referring to the promises of the present ad-
ministration "that reduced tariff would
mean prosperity," and their failure to show
results either in "prosperity" or "sufficient
revenue to cover the expenses of the
Government," he touched upon the silver
question and said: "The people, not only
the Republican party, but the patriots of
all parties, buried this silver question so
deep on election day that it perhaps will
never be heard of again." He then pro-
ceeded:
I
We are now entering upon an era of prosperity
which we can prolong by adopting the proper
measures to give business and enterprise that sta-
bility so necessary for the protection of capital and
the welfare of the people.
The first duty of the government, after the 4th
day of March, 1897, is to regulate its own house-
hold in such a manner as to provide sufficient in-
come to meet the expenses.
This should be done through a change of the
tariff, which ought to be just as much a tariff for
revenue as for protection.
Is it not ridiculous that we imported $91,000,000
worth of manufactured woollen goods from Europe
since the introduction of the Wilson bill, while our
factories were idle? Perhaps fully one-third of
these $91,000,000 represent wages which our work-
ingmen have lost.
I believe a special session of Congress should be
called by the President early in March for the pur-
CATION
pose of revising the tariff sufficiently to produce
the required revenue.
Great problems confront the Republican party,
whom the people have once more entrusted with
the control of the Government.
The panic of 1893—and more particularly the
stringency of the money market during the past
four months—have demonstrated that our banking
system is not capable of properly fulfilling its func-
tions.
Capital is exceedingly sensitive; whenever the
smallest cloud appears on the horizon of trade and
commerce, capital quickly retires to its hiding
place, not to return until the bright sunshine of
prosperity has dispelled the clouds entirely
$3.00
SINGLE COPIES, 10 CENTS.
Hence, whenever so-called hard times come every-
body is alarmed, and hoards his money. The
officers of financial institutions are, as a matter of
course, compelled to protect their institutions, by
calling in all loans and discounts, irrespective of
the effect it may have elsewhere, and hence we
have a panic and calamity, causing ruin to many
honest business men simply for the lack of ready
money.
I do not advocate that the United States Gov-
ernment shall go into the banking business, on the
contrary, I should desire the Government to per-
form simply the function of a policeman who pro-
tects the public, but it should also enable these
banks to extend credit to manufacturers, mer-
chants and farmers against collateral security as
their business may require, by issuing its notes
against the security, and destroying the notes
when they have performed their function. This
would give us an elastic currency which will ena-
ble the farmer in the far West to borrow such
money as he may need as cheaply as the merchant
or manufacturer of the East, and a manipulation
of the money market, sending the rate of interest up
to 100 percent, and over,would be an impossibility,
{Continued on page 8.)