Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1893-07-05
BILLION DOLLARS LOST.
The Fruits of Cleveland's Reform
Administration.
From the New York Press, June q. |


figures, colossal as they are, barrel.
indicate the appalling proportions o
the disaster which has fallen upon tn,
commerce and industries of the coun
try. The shrinkage in personal prop
erty, limited companies and real val
ues, other than stock and bonds
probably exceeds in amount the los
which is reflected in the Stock Exchange
quotations. The total depreciation
therefore in the wealth of the country
within seven months is probably
nearer two billion dollars than one.
Three fourths of this unparalleled fall
in prices has occurred in III days since
Mr.. Cleveland's Inauguration. Such
is the cost of his "object lesson" to the
country. Such is the penalty of elec.
ting Congress overwhelmingly Demo
cratic and strongly in favor of de.
based currency, and free silver.
"Want of confidence" 10 the sole cause
of the disaster. The Sherman Sill
yer law was enacted two years and
seven months before the last national
election, and had been in full oper-
alton without causing disturbance to
the finances or creating alarm. Secre-
tary Carlisle in his public statement
of June IL, less than fortnight ago,
stated. that there had been paid for
silver bullion under that law "$114,-
900, ,920, worth today at the market
price of silver S103, 1886, thus show
ing loss of S10,SSS,53O." This incon-
siderable loss when considered in
relation to the whole amount of our
currency was nevertheless foreseen by
the majority of Republicans in Con-
gress and would have been partly or
wholly saved to the people if solid
phalanx of free silver Democrats had
not barred the way.
1t is that phalanx of cheap" money
Democrats whose conversion is the
purpose of Mr.. Cleveland's "object
lesson"-the most costly country was
ever called upon to pay, the most
wanton President of the United
States ever inflicted.
Noone could have predicted SO sud-
den and 80 dire realization of the cost
of Democratic success in the last cleo
ton as has come upon the country.
Whether it be attributed partly to the
finances and partly to the tariff, or to
both, either horn of the dilemma is an
appalling responsibility which the
Democratic party must assume alone.
If the Silver Purchase act is deemed
contributory cause the following vote
of the House in June, 1890, shows the
record of both parties
Democrats for free coinage 101
Republicans for free coinage ID
Farmers Alliance for free coinage /
Total 116
Democrats against free coinage 13
Republicans against free coinage 1877
Total - 140
When the decline in the market
price of silver became apparent and a
motion was made last winter in Con
gress to repeal the Silver Purchase act
now in force, the vote stood:
Democrats for repeal 104
Republicans for repeal 80
Democrats against repeal 107
Republicans against repeal So
Farmers, Alliance against repeal 10
Total 1872
Some of the Republicans voted
against repeal, not because they ia
vored continuing the present law, but
because they deemed it best to leave
the question to the incoming Admins
tration.
The entire cost of all the silver pur.
chased under the 20 called Sherman
law is less than the amount of the
national debt paid off by the President
Harrison. There was, therefore, no
shock to confidence, no impairment of
national credit, no shrinkage in value
during thirty one months of the Sher-
man law administered under the
Republican President and Republican
Secretary of the Treasury. Three
months of hesitancy, doubt and weak
ness under President Cleveland, with
the shadow of free silver Democratic
Congress over the land, brought COM
mercial panic and financial disaster
over the whole country. Has the
Democratic Congress learned its cob
ject lessong"
Women In the Pulpit,