Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-12-30
EVENTS OF THE YEAR
Most Notable Topics of the Past
Twelve Months.
GLANCE OVER PAST OCCURRENCES
Questions That Have Occupied the
Civilized World.
THEIR PLACE IN HISTORY
GLANCE OVER PAST OCCURRENCES
THEIR PLACE IN HISTORY

THEIR PLACE IN HISTORY
The year 1898 will be remembered more
for its misery than its joy. Its great pune
tuating feature has been the Industrial de-
preston and financial collapses in Amer
lea, England and Australia But at the
close Of the year the outlook for the new
year Is q hopeful one. The Bering sea dis
pute and it's settlement the Hawaiian ques-
ton, involving the dethronement of the
queen, her restoration or the annexation of
the islands, the repeal of the Sherman sill
yer law and the stopping of free coinage in
India. the rebellion in Brazil, the incoming
of the Cleveland administration, the worlds
fair at Chicago. the home rule bill. the Ger
man army bill and Mr.. Gladstone's efforts
at reform. the demonstrations of the an
archists. the Siamese boundary dispute, the
growth Of socialism, the secession move
ment in Norway. the Chinese question. the
question of abolishing the house of lords
these are the topics that have been Of
especial interest to Americans. and will
make the past year marked in history.
The Industrial Depression.
The financial crisis of the past year had
peculiarly distinguishing features. 1t came
high water mark of prosperity. when crops
were bountiful and when neither war, fam
Inc, pestilence fire nor extravagant specu-
lation was present as a cause. The crisis
has frequently been compared with that of
1873. but within six months Of the past year
more disastrous results were produced in
the important industries than were caused
by the panic Of 1873 at any time during the
six succeeding years. The greatest decline
In the Consumption or pis IRON. for in
stance from lo.Z 10 1915 was 20 IL per
cent. but curing the Tour months enued
August L last the decrease was over ~ per
cent. The greatest became IN wool CON-
sumption in the years mentioned was about
Z per cent. whereas in the past year there
was a decline of SO Is per cent. In cotton
the decline In consumption in 1874 was less
than per cent, Whine in nine months OF
1898 over two million spindles stopped In
New England, which is about Ii per cent
Of the whole number in the country. The
decrease In production of the great indus
tries by the middle of August had gone be-
yond the decrease realized at any time
after the panic of 1873. The stoppage of
works was due to diminished or uncertain
demand. OF cotton mills - per cent were
closed. of wooden mills 43 per cent were
closed, OF knit goods 50 per cent were
closed. the middle states being affected the
worst Out OF nearsy BOO textile works
closed by the middle of August less than 50
were closed for vacation. The iron trade
ing reduced to about one-half the normal
capacity. The records of the shoe and
leather trade and other Industries have
also shown reduced demand and Cancelled
orders. Collections were in consequence
slow. bank deposits declined, loans were
curtailed even on ordinarily good security,
merchants were unable to realize on their
securities, and failures resulted which in
ordinary times would not have occurred.
The failures for the first nine months Of the
year numbered lila, with total assets
amounting to 20 per cent of the liabilities. 1t
Is safe to say that in a majority of cases,
perhaps a large majority. the assets ex-
ceeded the liabilities. During the five pre-
ceding years the assets were to the liabli-
ties In the following percentage: 81. 81. AZ,
90 and SO. From January 1 to September 1
800 state and private banks suspended of
which y resumed. OF the nearly $500 ma
tional banks in the country 155 failed and
20 resumed. Most Of the suspended banks
were small institutions. About 500 of the
rs bank failures occurred in trans Missis-
sippi states. September witnessed an i'm
provement in financial Institutions During
premiums ranging from $3.50 to sos per
1000 were offered by brokers' In MANY
places certified checks came into use. but
the premium on money brought out the
boards, and forty millions of gold came in
during August. The premium continued to
fail, and by September money was plenty
and the premium disappeared. The passage
OF the silver repeal bill by the House Of
by better feeling in business circles. and
during September r1anv mills factories and
banks resumed But the results Of over
production are still felt A recent estimate.
based on teleera ms from 40 cities nf tho
countrv shows the number Of nnemp,oved
to he ent non. Great distress exists and IN
oil cities stems are ho'no totn, n relieve ~
Public works are heinz nu~hn1 ,rd the hand
or charity has heen extended freely.
The Silver Agitation.
~ s,,4,~
the operation of the sherman silver law,
whereby the purchase of 4,5OOOOO ounces Of
silver month was directed had long before
the past year filled many with alarm. On
February the United States Senate re-
fused to adopt the motion of Senator Hill
to take up the bill repeating the purchasing
clause. The anti-silver men were again
beaten in the House three DAYS later nv q
vote of l52 to 143. Congress expired with
out any further effort being made 10 pass
the repeal bill. The popular demand for
legislative action grew SO great that Presi-
dent Cleveland. on June 30, issued call for
the assembling Of the Fifty third Congress
In extraordinary session on August Z. The
Presidents action was largely intuenc ed by
the fact that on June 26 the India mints
were closed to the free coinage of silver
mis- acton or the Indian government
was the only country, excepting Mexico
whose hints were open to the coinage of
silver without limitation, and her action
left Mexico and the United States the only
important countries in the world trying to
uphold silver either in price or as legal
tender. The value of the metal FELL IND
two days later was worth only - cents
an ounce. Under the Sherman act the gov
eminent purchased 5i,OO0Ou ounces of Sill
yer year, the greater part of which was
paid for indirectly in gold-that is, the coin
treasury notes issued in payment for the
silver were presented to the treasury and
gold demanded. 1t was paid In order ac-
cording to Secretary Carlisle. ITO maiatafn
the parity of the two metals" although, by
the law, they could have been pald IN silver
1t was easily seen that such policy would
drain the government of its gold ana that
1t was only question of time when the
ability of the government to pay its obliga-
tons in gold would cease, and every form OF
currency would fall in value to that or the
silver dollar, which, on June 26 was only
6O IL cents. In April, for the first time
since specie payments were resume the
gold reserve of the treasury fell below the
$1OO0O0,W0 limit. On June it had fallen TO
SS9,00O, 900 and later in the year 1t fell even
lower. The popuar sentiment OF the coun-
try was overwhelmingly in favor Of repeal
ing the silver purchase act. and the i'res-
dents action in calling Congress to repeal it