Speeches of Benjamin Harrison, Twenty-third President of the United StatesHarrison, Benjamin
History
Speeches of Benjamin Harrison, Twenty-third President of the United States
Harrison, Benjamin
Harrison, Benjamin, 1833-1901; Speeches, addresses, etc., American; United States -- Politics and government
public robbery, and if they are faithful they will do it; not seven
per cent. of it, but all of it. [Applause and cries of "That's it!"]
So that I beg you all to recollect that you will vote this fall for
or against the principle of protection. You are invited to a feast of
cheapness. You are promised foreign-made goods at very low prices,
and domestic competing goods, if any are made, at the same low rates.
But do not forget that the spectre of low wages will also attend the
feast. [Applause and cries of "That's so!"] Inevitably, as certain as
the night follows the day, the adoption of this policy means lower
wages. Choose, then, and do not forget that this cheapening process
may be pushed so far as to involve the cheapening of human life and
the loss of human happiness. [Applause.]
And now a word about the surplus in the Treasury. Our Democratic
friends did not know what else to do with it, and so they have
deposited it in certain national banks. The Government gets no
interest upon it, but it is loaned out by the banks to our citizens at
interest. Our income is more than our current expenses. There is no
authority for the Secretary of the Treasury to lend the money, and so
only three methods of dealing with it presented themselves, under the
law--first, to lock it up in the Treasury vaults; second, to deposit
it in the banks without interest; or, third, to use it in the purchase
of bonds not yet due. The objection to the first method was that the
withdrawal of so large a sum might result in a monetary stringency;
the second obviated this objection by allowing the banks to put the
money in circulation; but neither method resulted in any advantage to
the Government.
Public-domain text, read in full here on John Shaqi.
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