The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-07-29
PARTY OF 1NoOMPETBsOE AND DISASTER

Chicago declares in favor Of free trade
and State banks. There is nothing new
or progressive in either of these ideas.
reform" and the other as financial re-
FORM" and it is claimed that their adop-
ton would bring great relief to the
country. If these ideas had never been
tried there might. perhaps. be some
ground for the claim that they represent
real and beneficial reform, but they
have both been tried, with disastrous
results.
History shows that the Democratic
party has never held power for any con-
siderable length of time without disas-
trous results to the national finances and
the bushes interests of the country.
The national treasury has never been
bankrupt but twice, and both times it
was under Democratic administrations.
The government has never been obliged
to borrhw money for currentexpensesa alta
ruinous rate Of interest but twice, and
both times it was under Democratic adj
ministrations. More than once the
Democratic party has deprived the peo-
pie of safe and uniform national cur
rency and made them the victims of
over-issues of fuctuating State bank
notes. More than once the same party.
by reckless legislation in the direction
of free trade, has caused a general clos
ing of mills and factories, thrown thou
sands of workmen out of employment
and caused q complete prostration Of
business.
The following extract from life of
Henry Clay. written by Hon. Henry j.
Raymond, in 1912, shows the condition
of the country at the close of JacksOn's
administration:
The administration of General Jackson
was just drawing TO close. No candid
and considerate man could contrast the
two conditions of the country-that In
which he found and that In which he left
it-witbout acknowledging the sad change
which had come over every interest,
blighted the falrest hopes of every patriot
and cast the whole country into deep shade
of dependency and hopeless suffering.
In 1929 the currency was safe and equable;
our credit. at home and abroad. stood upon
q level with that of any other nation; in
dustry and economy were the sure avenues
to wealth and happiness; the produce OF
the farmer commanded u fair price In every
market; the goods OF the manufacturer and
the wares OF the mechanic found ready
sales, and gave employment to thousands
of industrious laboTers in every walk of
business; and this great people were en-
phatically and IN the best sense of the
words prosperous and happy.
But the national bank had now been de-
strOyed. The country hAd no practical
circulating medium OF equal value in every
.<.f lTx<t., Nha.n 70 Of he
government had been removed from the
national institution. where never one dol
lar had been lost nor one cent paid for It's
secure custody, and scattered throughout
the land In the state banks, and these
banks. by circular issued from the Treas
ury Department under the Presidents d.
rection. had been instructed to loan It out
. to the people; every man, therefore. who
could procure an indorser, good or bad,
filed his pockets with bank notes; new
and enormous issues were made. and the
whole Nation rushed at once into the most
rash and extravaganza speculations. Land
and its products rose TO an enormous price.
Purchases were made and debts incurred
to an unparalleled extent and the whole
Nation finally stood still at the height of
the frenzy to which the government had
urged her, each man owing his neighbOr for
purchases made at prices he could never
again hope to realize. The money OF the
countless tStatel banks that had sprung up
oil over tho land began TO depreciate. busl-
ness affairs were of their own accord tend
ing downward, when the catastrophe was
fastened by the issue from the Treasury OF
the specie circular, ana the crash oil uni
versal suspension fell upon the banks, and
all the business of the Nation was whelmed
in ruin and vast numbers of the people into
utter and hopeless bankruptcy.
This is picture drawn by master
hand of the financial ruin wrought by
the Democratic party during Jackson's
administration. 1t is history written
while the facts were fresh in mems
minds. Here is another account of the
same period. written by Horace Greeley
in 1916. After picturing the universal
prosperity that prevailed under the pro-
tective tariffs of 1924 and 1923, he de-
scribes the condition of affairs brought
about by the sweeping reduction of
duties made by the Democrats few
years later. He says:
The extensive imitation following a severe
compression of our paper currency cOnse-
Quent on the arbitrary removal of the de-
posits from the United States bank and
their distribution among some four score
local banks. combined with the diminution
OF the duties on imports to stimulate
enormous importatlons in 1886 and again In
w
deranged. it's industry Frustrated. and even
its revenue at length fell off so as to be
wholly inadequate TO the wants of the gov
eminent. The receipts from the customs
in the three years of lowest revenue duties
1870. 1871 and 1872 averaged less than
Sl7.00O, 600 per annum. and from all sources
except loans and treasury notes. fell short
Si9,0O0.C0O. The government was reduced
TO the necessity of borrowing to meet it's or
binary expenses, and, like other borrowers,
found the very fact of Its needing money
afforded an excellent reason to lenders for
declining 10 trust 1t. Its loans were haw ked
about the capitals of Europe without find
Ing purchaser, and were taken at last, but
partially and grudglngly, on terms which
must have made fortunes for the takers as
soon rs condolences In its solvency returned
by the eDactment and operation of the
tariff of 1872 The prosperity of
the country under this tariff has been
steadily, palpably progressive and nearly
universal. If New England first felt its
impulse, owing To her large Investments in
manufactures. It has by no means been con-
fined to her borders. In every State
of the Union manufacturing estab-
lishments are springIug no, Civ
Ing value 10 water-power. timber.
stone. brlck-clay, etc, comparatively
worthless before, furnishing employment
for the carpenter, mason, brick-maker. etc.,
and giving An additional development to
the industry of the vicinity. The earnings
of those permanently employed IN the
factories are mainly so much added TO the
wealth OF the community. The farmer
family, OF whom one or two choose some