The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1893-08-23

The Present Administration Responsible,
Mr.. George Gunton, In the Social
Economist, holds the present admins
tration responsible for the widespread
business disaster throughout the country.
He declares that its coming into power,
pledged to radical change Of our indus
trial policy, has destroyed confidence in
all unrealzed enterprises.
"The very accession OF Mr.. Cleveland
to the presidency, with House and Senate
at his back, was silent proclamation
that capital was 10 danger, that the gov
eminent would Q used to the advantage
of foreign producers and to the disadvan-
tage OF home producers, that protection
and encouragement to prospective home
industries would be withdrawn, and
American productive values reduced to
the level of European. The effect OF this
among bankers and business men was like
q fire alarm. 1t made every one lose con-
fidence In his own safety of his neighbor,
and by destroying credit actually produc-
ed insolvency. Strong banks began to
restrict their loans and to insist upon the
taking up Of all notes, thus suddenly
cramping business men beyond their pow
er to meet Immediate obligations and
forcing concerns TO make assignments
whose assets were many times their liabil-
tiles. There is no more economic reason
for assignments and bankruptcies to-day
than there was year ago, when the ma
ton was at the height of prosperity.
| Nothing Of an industrial character has &C.
i ~ t. 1,,Aa he oh
dustries of the country were in a whole
some, progressive and confidence-inspir-
ing condition. No symptoms of sbnor-
NAL business initiation existed. To be sure,
new industries were developing, but only
in accordance with wholesome industrial
progress. Their products found ready
! demand in our home market, as is shown
by the fact that in no great lines Of indus
| try Is there any glut OF commodities. The
only disturbance that has occurred Is the
destruction of credit by fear of the conse-
quences of the new policy upon growing
and prospective industries; In other
words, business credit, which is an indis-
pensabie factor in progressive industry,
has been fatally injured, and doubt, fear,
| CONSERVATION, assignments, bankruptcies,
have taken its place.
| No such result followed the presidential
election Of 1884, says Mr.. Gunton, for the
reason that Mr.. Cleveland was then pow.
erless to change the policy of the
country, having the majority of Congress
against him, and for the further reason
that IL was not until December, 1887, that
he announced his free-trade intentions.
SIT is true," Mr.. Gunton continues, she
could not have been elected had not
majority OF the people been made to be-
lieve in the policy he represents; but
those who were converted to his side
| were not those that his election frighten-
ed. The accesslons TO the ranks Of his
followers were mainly composed of dis.
contented farmers and laborers, misled by
persistent attacks upon the integrity OF
American business men, whose success,
they were made to believe, was due to
unjust exaetions upon workingmen and
small farmers, through privileged legisla.
ton; while those whom his election has
frightened are the wellinformed business
men OF the country, whose wealth is in
vested In productive enterprises, the val
ne of which they know will be largely de-
stroyed by his proposed radical change OF
policy.
''Some administration defenders would
fain attribute present business conditions
wholly to the silver question, especially
to the Sherman act. This is evidently
the attitude Of Mr.. Cleveland himself;
but II is easy to see that it partakes more
OF tho character of evasion than OF ex-
PLANTATION. The Sherman act was un-
questionably unsound legislation. There
is no economic defense for using geld TO
buy silver to store away in government
vaults. The law should be repealed at
the earliest opportunity, and rational
currency law passed, by which silver, as
well as gold, can be made to do full ser
vice as money. But although the Sher.
man act contained an element of unsound-
ness, 1t was utterly incapable of creating
the present industrial disturbance. To
be sure, it added something to the doubt
and uncertainty created by the threatened
change in the national policy, but alone
it could hardly have produced ripple.
''In short, 1t is really the administra-
TONS free trade policy, and not the un-
wisdom OF the Sherman law, that is the
cause of our present lamentable condition.
II Mr.. Cleveland would give the country
an unqualified assurance that our tariff
legislation should remain unchanged DUR
ing his administration, Industrial conf
dence would be restored In less than
week, and the silver question could be
dealt with without menace to the coun-
try or trucking compromise with curren-
cy inflationists. He could call an extra
session of Congress with the absolute
certainty Of being sustained in pursuing
any honest monetary policy by the ration
al elements OF both parties against the
wild elements OF his own. AL signs
point 10 the conclusion, however, that
Mr.. Cleyeland and his immediate advisers
are either strangely oblivious or utterly
Indifferent to this view OF tho situation.
He seems to have become so infatuated
with the idea OF putting our industries on
free trade basis that he looks with un-
concern on the calamities necessarily con-