New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-26
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n period OF less than four months from the ''','e
| the Democratic party assumed full controi Vi VI,
executive and legislative branches OF the Natioha'
| covernnent the President Of the United states
pubcly announced to the country and the "oi'
that there Is a general distrust and apprehe"S'o"
concerning the financial situation OF the cou".i''
that IT pervades all business circes that IL mas
already caused great loss and damage 10 ou'
| neople: and that II threatens to cripple our me'-
| chants stop the wheels Of manufactures prihs
d,stress and privation to farmers ana 10 WIN.
hold from our workingmen the wages Oh iaoo''
The President was therefore constrained " wi
vcne Congress in extraordinary session. 10 tne emu
that the people may be relieved. through iesiSa
tim from pending danger and distress foiS
davs later the. President advised Congress '.'
,here "exists an alarming and extraordinary DUST
ness situation, involving the weitare anu pO
perity Of all our people, and that ne "au IN
vened Congress that the present evils might p'
mitgated and dangers threatening the iu'u''
might be averted A., D.,s,
aor, arc not today materially changed. There eH-
lets at this time the same alarming business con-
dition" the same dangers seem TO DE threa.e"'e
the future" and II the President couiu io'
uoment have his attention diverted from his ps-
catorial sports at Buzzard's Bay ne wouiu nv
only observe the continuance OF this oep,' ,"DN
| condition but II he would listen ne wou'o he"'
49, orn,nous tramp of a multitude of the unem-
| n,oved which no man can number, fresh from the
| nine and the factory. carrying above them, not
the delusive banner of tariff REFORM put the paoN
Gag OF distress and desperation and demanding
food for themselves and their dependent 1ain'ieS'
LOOK ON THIS PICTURE. AND ON THAT
| sucb 10 the startling condition existing IN our
| country to-day On the sixth day OF last Decem-
ber-less than three months prior to the time 'h''
Democratic Administration was NEUTRALITY-SUSPICIOUS.
was read from the clerks desk message IRON.
| BENJAMIN Harrison the then outgoing President OF
the United States. giving picture OF the Gun
dtion of the country in striking contrast 10 that
osortod TODAY In that message President Har-
rison said: -
I'm submitting my annual message 10 |o"sie''
have great satisfaction in being able to say that
the general conditions affecting the commercial ana
Industrial interests Of the United States are IN tne
highest degree favorable A comparison OF the
| existinr conditions with those of the most favored
perod in the history OF the country will, believe.
show that so high degree Of prosperity anu SO
| general diffusion OF the comforts OF lie were
never before enjoyed by our people
At the close of Mr. Harrson's Administration he
said there was prosperity In the Nation What has
wrought the appalling change? What was 1t that In
the brief space of six months has plunged this Ma
ton with all its Industrial interests from the
summit OF prosperity and hope to the depths
Of adversely and despair? He suggested that those
citizens who nine months ago were deluded with
the idea of the necessity for change had by this
time the full measure of their desires grathed, I'M
less they had appetite for misfortunes which
no calamity could appease and no disaster satisfy
The President, In his proclamation converting Con-
gress had declared that this condition was the
outgrowth OF financial policy embodied In UNI
wise laws. which he compelled to execute until
repealed. The country had been left In much I'M
certainty as to the laws referred to in this proca-
oya1 all nolbt hy
specifying the act OF $780, commonly known as the
Sherman law. as the fruitful source of all our
woes.
While he Csir Burrows) frank to admit that
that measure In it's practical workings had been
disappointment its friends yet he did not be-
lieve that it responsible to any considerable
degree for the deplorable condition In which
found ourselves to-day. Not until after the Presi-
Dental election last November did the business in
terests of the country take alarm and stringency
in the money market begin to appear II the opera
tions Of this law the fruitful source of all
the disaster we witnessed to-day, 1t not a
little remarkable that 1t not made manifest
during the first two years of existence? He could
not believe that deplorabe condition was to be
attributed to act which increased the circua-
ton of this country more than S,oco,0OO a month
in good sound currency, and he could not believe
that labor had been driven out of employment
and into the street. because OF the bad character
Of our money. He did not believe that men and
women hid money, they were doing to-day, and
had been for the last sixty days because they had
any suspicious to the soundness of that cur
| rency He did not believe that great business en-
terprses had been abandoned great industries
shut down because of a suspicion that our money
not safe. The fact was that at this very
moment entire volume Of currency, whether of
| gold, silver paper, was worth 100 cents on a
dollar every dollar being kept at parity with
every other dollar.
WHERE THE REAL TROUBLE Is.
He was constrained to believe that the real cause
| of this widespread business depression was at
tributable chiefly to the hostility of the Demo-
| cratic party toward protective policy under
which, for the last thirty years the Nation had
wrought its marvellous Industrial independence.
This money stringency. which was of recent date.
was preceded by business paralysis all over the
country. As the result Of the last Presi-
Dental election known. and II was seen that
the people had actually affirmed the declaration of
the Democratic platform that a protective tariff
was Unconstitutional" that hereafter were to
have tariff for revenue only. with no element
OF protection In It, that moment the manufacturers
had put out their fires, labor had been reduced In
its employment wholly discharged. and men had
abandoned the great business enterprises which
they had In contemplation. and In every way cur
tailed their expenses that they might save some
| thing from the general wreck which to
follow the inauguration of free trade In this
country. He had heard 1t suggested that this could
not be the cause for the reason that as yet there
had been change in our tariff law. Neither had
there been any change In our financial policy. and
yet the President declared that there was an ZAP
| prehension" to financial situation, which
was the fruitful source of our present disorder.
SO he could say that 1t the apprehension oil
a change In our industrial policy that had brought
this general suspension OF business and universal
distrust.
He held that 1t the threatening attitude OF
| he Democratic party toward industrial sys-
TEN that had in very large degree brought about
the present deplorable condition. He much re-
GREETED that the President should have assured the
| country that tariff reform Was only held In ahey-