Now let us talk for a few moments about the price of wool. For ten
years preceding the repeal of the McKinley law, the average price of
Ohio X.X.Washed wool in the Boston market was a little over 31 1/5 cents
per pound. April 1, 1896 wool was quoted in the same market at 18 cents
a pound. Such a startling contrast in prices needs no comments. As
millions of our sheep were slaughtered we were compelled to import wool
and woolen textiles into this country sending our money abroad, which
should have been paid to the American farmer and sheep raiser. Instead
of this we paid our money over to foreigners in exchange for wool and
woolen textiles, which came into this country like a flood when the
McKinley law was repealed and the duty removed. The result was that the
woolen mills of America were practically all shut down and thousands
upon thousands of American workingmen and women were thrown out of
employment, and in turn, were unable to purchase the products from the
American farm. No wonder the American farmer found a ready market for
his potatoes in 1892, when all our people were employed, at from 50c to
60c a bushel; and to-day, when our people are unemployed, the farm
price of potatoes is from 25c to 30c a bushel. Let us see what sort of
a stewardship has been going on in this country for the last few years.
For the twenty-five months ending November 1, 1892, our balance of trade
with other nations was in our favor to the extent of $28,245,641. That
is what the McKinley law and protection did for this country. That,
fellow citizens, is what we call good business methods. Selling to other
nations more than we purchased from them to the extent of $28,245,641,
or an average of $1,129,822 per month, or $37,660 per day. (Applause.)