The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1893-07-22
THE aoHANesa HAS COME.

Public interest now centers around
one question, and that is the reason
for the financial depression and the
stagnation in business There Is no
other subject that receives SO much
public attention and is so generally
discussed. On street corners, in banks,
in public meetings and through the
columns of the press all interest CEN
ters around the tightness of money and
the decentralization Of trade, and what
remedy should be applied. To arrive
at fair conclusion in these matters
one should divest himself of all pref
udice, and attempt to arrive at the
first cause.
1t must be admitted that there has
been no change in the financial or in
dustrial policy since the inauguration
of Mr.. Cleveland; but it must also be
borne in mind that the platform on
which he was elected was Numerically
opposed to the manner in which ma
tional affairs had been administered
for the past thirty years, and from
every rostrum in the country Demo
cratic orators advocated change from
the old methods ard forcibly i'm
pressed upon the minds of the people
that such would be the inevitable re-
suit of the success of the party on
November Sth. The election took
place and there was an overwhelming
majority in favor of the new plan of
managing national affairs, and both
branches of the national legislature
were given to the Democracy. When
Mr.. Harrison vacated the White
House IN Washington City in March
last the country was never more prcs-
porous, factories were running on full
time, labor received higher pay
than it ever had, and United
States securities were eagerly sought
in every country in Europe. Only
few weeks elapsed after the induc-
tion of the new president before for
eigners began to call in their paper,
causing drain on the treasury, and
placing the amount of available funds
lower than it had been for long
time. The limit of 500, 600. 900 was
passed, and gold in the treasury has
continued a5 the low water mark ever
since. Not only this, but in conse-
quence gold has been boarded, deposit
tors have become fearful and banks
have failed all over the country; capital
has been tremulous and few invest
ments have been made; the prices for
products have reached the minimum,
and values of all kinds have been un-
settled; the iron works in Pennsyi-
vania and Michigan have shut down
and thousands of laborers have been
thrown out of employment Other
disasters have followed, and these have
become SO far-reaching and injurious to
the industries of the country that
President Cleveland has called an ex-
ira session of congress to convene in
Washington City August 7th. These
are simple statement of facts, and
from them some reasons may be de-
duced for the present condition of af-
fairs.
In a great measure all financial
transactions especially in banking in
stitutions- upon public confidence,
and this was first shaken by the ex-
port of gold to foreign countries. The1
cause of this may be readily seen
when it is known that the Democratic
party that had lately come into power
advocated no substantial policy re-
garding monetary matters, and for
eigners were not certain that the gov
ernment, under its control, would not
adopt bi-metallic policy and pay
their securities in deprecated silver.
They simply did what any other busi-
ness man would have done under the
circumstances, and cashed their paper
while gold still remained the standard.
This initiated the distrust with capital
lists and caused the run on banks. The
Sherman act might have continued in
operation indefinitely. with firm and
safe fiscal policy at Washington City,
and foreigners would not have become
Following this distrust
Of capital came the alarm of fac
tory owners and proprietors of iron
furnaces. If Germans and English
men have no confidence in Democratic
'oundness on finances, they argued,
what reason have we that the party
will not carry out the Chicago plat
orm and repeal all tariffs, except for
'evenue; and If it does, and we invest
argely, we shall be the losers. No
urplus stocks we're purchased, and in
many instances works closed down.
n few words this is the history of
he disasters the country is now suf-
ering. The gold was first taken out +
4 the country, then banks closed their =
loors, capitalists became afraid to in
'est their money, staple products had g
10 purchasers, values became unsettled, =
nd business of all kinds suffered 10 =
consequence. Ordinary foresight die q
ated these precautionary steps as !
means of self-protection, and if free :
rade is inaugurated capital will be !,
ayed from great losses by measures of q
If the events appre-
lended take place, the wage-earner .
will be the greatest sufferer, because !
le depends on his labor for the sus- =
enance of himself and family. To ,