The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1890-03-27

barrels NJ bahf NJ furt Wayne fpr the New
York market iia did ~, and was drawn
upon by his oansaeea f0r part pf tho o.
ponsas Of transportation not eYered by The
sales. From llsi7 70 lsil ihera was nothing
10 break tho stagatp but tho political
campaign oi lhi0, in which everybody he'
came enlisted t0r want VI something elhe 70
do, ln tho fall pf lHll o reaction lpgan 20
appear, lhis became decided IN lHlii before
tlo tariff u that year went into operation,
aud in iklh tho country ohaAtplpl by adyer,
atY was IN the inll tide " healthy ana
wealth producing Industry and enterprise
1hls continued until credits hename again
unwlsely expanded and speculation beoane
rlfe 900.
Ia 1857 Was tho president oi The bank IN
tho slale OF indiana, and lhls u a part Of
what | said about tho financial troubles Of
that year In tho report from whloh have
quotodl
Tho nnAnelal orlals Of 1871 vas tho result Of q
6miarCailHa ~ tlat Of lll, uRinaT, thn unhrallly
extension u tho yarlola iurms " clllit hut ~
IN this pisa ila eyll had not blen long ~ WORK
aud productive Industry had no b1ell seriously
dimluhhed, tho reaction, though sharp ana DO
aruotiye Waa nnl generAli nor Wefn lhp einpAl
raaHnenls resulting from Il ppuagtedt New, Ia
huth inslAnoHs tho eEpAuhIpn occurred While the
business of thp p0unlfy was upon hpale haAla
but II was 0nly H0ninally 90 A false system OF
credits had interviewed under which paymeln
Wrrn deferred aud hpncle 90 ne'aure oi value
and a regulator II trade wRs practically ignored
EyeythlnH moved smoothly aud apparently pros
perulaly 90 long ~ credits could bH established
and ponlhloii bul ~ slon ~ payueuh we're do
mandat and specie was M requlallion dsluiHl CON
menoed aad collapse eusued IN these instances
tho expansions preceded and contraction followed
the susHann, but u VIII bu rrooleeled lhai Whlle
tho waves wafa riang bpecle ceased 70 la fesn
lai0r Ny reason of orpllt HJhlnai Whleh lHe'rh1el
tho no 0f IL
Now, with all duo respect to Mr. blaine, l
express tho opinion that Iho apparent pre-
party which preceded tho rpyusl0n OF lbli
and tho real prosperity which pipoedrd tho
or'Als of 1851 we're not caused by the tariff,
and that tho reyersaa which followed we're
not attributable tOib reduction II tho iArln
was In any measure Instrumental Ia produo'
ing tho changes II was IN stimulating tie on
panslon Which terminated IN disaster, ln 1867
/ was q believer In tho tarlf, and II never en-
tered my head 70 attrlbule the financial
trouble Of that year 10 tho change. 70 which
II had been subjected
TIin FINANCIAL fRountKh oY laia
Tho most pressing duty which hal to pei'
form when became secretary Of tho treasury
In iBl5 waa 10 provide tho moann'to pay tho
soldiers and 10 meet other pressing demands
upon tho treasury, Thia was done la Tho only
way II could be dono-by tho Aalo of tenpo
rary obligations which had proved 10 10 NJ
trAotIye 10 Investors After this lad baen
accomplished tho work of funding those obll'
cations whs commenced aud carried success
fully on until the whole Amount-somo thlr'
teen hundred millions VI dollAp-were oon'
ysrtad Into bonds While this work was
going On was under constant apprehension
OF a financial crisis bofor0 II could 10 con-
plelsd Ny apprehension was unfoundod,
but only ~ 70 time The crisis was postponed,
and Tor 10 long period that tho opinion
gonorally prevailed that the vitality and pro
duotiye power VI the country we're ~ groat
that tho muat expensive war that had over
been wagel could 10 concluded aud great OK
pinsIon of credit could bo checked and
abridged without financial Disturbance |
have t0 confess that this Wna my own opln'
Ion, but the fama catsa which produced tho
crisis " 1857 were NJ work, and, nv had al
ways bron tho oaao, the reyulson came whom
least expected
Whom loit london In September, isfa, 10
como 10 the United Stataa, tho financial aklca,
II not cloudlosi, wore not threatening Tho
letters which wore received by tho London
firm from ia Now York partners were en-
couragug, aud had no reason 10 expect
anything hut a pleasant whit 10 my old home,
aud return 10 London under suspicious cir
cuiuitanocs But on tho arrival ~ the steam
ship IN tho uutor harjor ! WAS met by tho
ttunnlng intelligence that my American part-
ner and tho correspondents VI the Fort
Wayne banking hous', IN which vas inter
ostod, had failed; that all the banks except
tho Chemical bank, which had Woathcrod all
storms, had suspended, aud that ono OF tho
wildrt panlCH which had ever occurred was
raging throughout the country Tho crisis
was terrible ono Although II cnno ungS'
pUctcdly, 10 was only tho contamination of
iunuonccs which hud been long at wor, be-
meath tho financial horizon In oxtrnt, In
holcencO aud disaster u rc'cmblcd tho royul
hion Of 1871 IL wOsuol, a. Mr. Blaine statcu,
brought about by tho lussca sustained IN the
civil war, which hnd been terminated oght
years before, nor by tho destructive fires In
Chicago aud Boston. Great losses may bring
about what nlo called hard timob-not pauIcs
II was produced by au expansion ot currency
aud OF credits, which fostrrd speculation,
which rarely ian 10 terminate In financial
trouble
rRE8ENr CONDITION oy Tim COUNTRY,
A high tariff has BEEN IN forco since 1862,
and according 10 Mr. Blalno the country, and
tho whole country, under its bonolcont Inilu'
onco ought 10 be highly prosperous Tho
circulating medium u abundant Interest "
lower thun over before known. Good rail,
road and municipal Por cont bonda COM
mand premium, thoto " tho United States
ore In demand al l2i, aud yet what 10 tho
condition Of that great Interest which under
lies all other intoroas-tho agricultural In
terestl What arc good farming lands worth
IN Mr. Blninoa own state, Ia Vermont, IN
Now llampshirc, In all tho eastern hatcli
How DO prices Of farming lnnda IN tho middle
Iiatos compare WITT the Hlllng pIleut of SUCH
lands whom tho tariff WINS light In comparison
with what II is NJ tho present tImei II tho
condition OF the iarmlng Interest IN these
llntcs " tho result Of the Increase of cultl.
yatod acres Ia tbs now states and the loHoncd
rates Of transportation, how happens II that
In MI these great graih producing states tho
farmers who aro M we'll olr at the cloc Of tho
year ~ thcy were at tho beginning are tho
exceptional
II protection Ia the bcnc1ccnt policy that
II h represented 20 bc by Mr., Blaine, how
happens u that oyon manufacturers aro not
happyl How happens II that combinations
nre formed by them 10 curtail production
and dmalntain high priceai Arc tloconsumors
n manufactured goods benefited by loglSla.
ton that prevents foreign competition and
enables tho favored few 10 rogrlnto prices for
their own ndyantngol N country ronlly
prosperous when citlos which nro tho con.
'unora Of wealth, aro rapidly growing and
forming lands uro decreasing Ia value; when
ronts In cities nro enormously high and ex.
colent farms Nro not attractive 70 teuants NJ
rontOls not equal 10 0 per cent. Interest on
half their appraised vauOi