The herald., 1893-06-04
INTERwoVER POLITICAL AND FINAN-
CIAL ILLS.

cIAL ILLS.
There has been great deal Of unrest
in the financial world ever since the fail
ure of tho Barings. This has been ag.
gravated by the Panama fasco and by
the monumental bank failures in Aus.
tralia. To cap the climax, Austria at
this criticnl time has seen fit to convert
her circulation into gold, and Russia
has been boarding gold for years. Over.
speculation in England has been on q
scale go gigantic rs TO dwarf the opera
tions of George Law. Think OF $780,
000,000 having been invested in the
kingdoms OF Great British and Ireland
alone in buying up breweriesl As re-
suit of all these extravsgant operations
Europe ia poor. Her people are COM
PEELED TO sell their American securities
---confessedly the best and most reliable
in the world-in order to get money to
support the kite.fying projects at home.
This explains the fact that, sincs the
beginning OF the year, we have shipped
some $50 900, 900 in gold coin to the old
world.
There has been another cause for
disturbance of values and consequent
instability in the money market to
which too little attention has been paid.
We sllude to the Mckinley bill. Read
ers of the HERALD will remember that
we took gloomy view OF the effects of
that bill on novel ground. It was con-
fessedly an attempt to 'oinch" the
whole OF mankind outside OF the borders
OF the United States We pointed out
the to us obvious circumstance that ma
tions nowadays ere so intimately bound
up in each others welfare that anything
thatiniuriouely affects any one of them
is bound TO react dissstrously upon the
others, and no nation ia 30 likely to ex-
perience the full measure of the injury
as that which sete the unjustly discrim
NATIVE agency in motion. The McKin-
ley bill is directly responsible for the
drain OF gold from the United States, in
connection, of course, with the other
causes we have named. Once let 1t be
understood that the United States has
hibitive--policy, and what more natural
than that the consequent distress in
many foreign industries should result in
the realizing on American securities,
even though there may be no concerted
plan in the conversion of American
pondH anu HtUvsH Envu usru golu culn
No human being can point to single
earthly good that has been accomplished
by The Mckinley bill. 1t has unsettled
our relations with Europe, producing
drain OF gold, while, as natural corol-
larry, il has deplorably unsettled busi-
ness in the United States. Governor
Mckinley himseli WAS hoist by his own
peterd, and would be bankrupt ii it
were not for the generosity of his friends.
Another bright exemplar OF the Ohio
school of Republican politicians, ex-
Governor Charley Foster, Harrison's
smooth and genial secretary of the treas
ury, followed in the wake OF his com
patriot. People of the expansive breed
OF finance--they Of the kite-Aying guild
are tumbling into the vortex OF bank
ruptcy every day, with their rotten
banks, all largely the results OF McKin-
leyism and the instability of business
which has followed the enactment of
that absurd law.
What wonderful difference is there
today between the condition OF the gov
arnment in the irnt three months OF
Mr.. Cleveland's eecond standardization
and that which was chronicled three
mouths after Harrison took charge OF
things? Mr.. Cleveland left to his cue
csssor in the treasury vaults $l94, geo, 600.
During his four years term OF Office MIR.
Harrison reduced this stock OF gold over
500 600, and created conditions
which made its still greater reduction
inevitable.
The foregoing are facts, presented
without the slightest desire to exaeger
ate. They point trumpet tongued TO the
necessity of repeating this absurd bill
and getting back to sound systems o
finance end tariff The country expects
great things of the Democratic presiden
and congress, and the sooner speoia
session OF Che latter body is called to in
augurate the needed reforms the better
it will be both for the nation and tbs
Democratic party.