At the door of this old man lie the
causes of commercial disturbances, depression in trade and recurring
panics more than in the causes stressed by partisans for political
effect.
We should never have hard times in this country. We live in the best
land beneath the sky. It has been well said: "This is God's last best
effort for man." We have soil rich enough to grass and grain the
world. Our vast domain is inlaid with gold, silver, iron and lead of
boundless worth. Deep in the bosom of Columbia are fountains of gas
and oil, sufficient to light and heat our homes for a century to come.
Within these healthful lines of latitude is room enough not only to
house all the peoples of the earth, but to sty all the pigs, stable
all the horses, and corral all the cattle of the world.
To have all these gifts crowned with sunshine and shower, free from
pestilence and famine, we are the most prosperous and should be the
best contented people on the earth. In such a land there should be
perpetual peace and plentiful prosperity. Yet we have hard times after
hard times, and panic after panic. Why is this? If I could tell you
why, it would repay for the time and money spent to hear this lecture.
During the great panic in the nineties Mr. W.C. Whitney of New York,
wrote a letter to a leading New York daily in which he said: "There
are just two causes for this panic; too much silver and too much
tariff.
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