committee
and made known what protective duties they thought they ought to
have in order to carry on their industries, and the committee gave
them just about the rate of duty they desired. It was a high
protective tariff, dictated by the manufacturers of the country.
It resulted in a great stimulus to the country's industries, and
great prosperity followed its enactment. It has been difficult
from then till now to reduce duties below the McKinley rate. The
manufacturers have since persisted and insisted upon higher duties
than they really ought to have.

I may remark here, in passing, that the McKinley Law was not passed
until October, and we were immediately plunged into the campaign.
The McKinley Law was the issue, and the Democrats swept everything
before them, carrying the House by the overwhelming majority of
ninety-seven. The Senate still remained Republican, forty-seven
Republicans to thirty-nine Democrats. McKinley himself was beaten
and never afterwards returned to Congress.

It is strange what a revolution periodically occurs among the voters
of the United States. When the Mills Bill was the issue the
Democratic party was beaten, and badly beaten; the Republican party
came into power; the McKinley Bill was passed, and we suffered
about as bad a defeat as had the Democrats two years previously.
The difference was that the Democrats were cleaned out on the shadow
of an issue, without the reality (the Mills Bill never having become
a law), and we went down in defeat on the reality, the McKinley
Bill having become a law.

It was during this time also that the bill known as the Sherman
Law, or the Coinage Act of 1890, was passed, which directed the
purchase of silver bullion to the aggregate of 4,500,000 ounces in
each month, and the issuance for such purchases silver bullion
treasury notes. This was probably the beginning of the silver
agitation. It created a long discussion in the Senate and House,
and that subject was constantly before Congress until it was finally
settled by the election of McKinley, in 1896.

It was this Congress also that passed the Sherman Anti-Trust Act
(April 8, 1890). It was one of the most important enactments ever
passed by Congress; and yet, if it were strictly and literally
enforced, the business of the country would have come to a standstill.
The courts have given it a very broad construction, making it cover
contracts never contemplated when the act was passed. It w