Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1893-08-11
REPUBLICAN EGOTIST.
EX-PRESlDENT HARRISON AZ
FlICTED WITH SWELL HEAD.
The Treasury Four Years AgO-The
Harrison Administration Found
IL Full TO OVERLOOKING, Left l.,
Bankrupt-Presen Depression.

II run 10 OverfloWing, Left 4,
BankruPt-Present Depression.
$. F. News Letter.
That ex-President Harrison is a
short-range, small-calibre mana pol
itician rather than statesman is
generally recognized fact; but any
competent observer who doubts the
truth of that intellectual standard can
readily be convinced by a reference to
the statement in regard to the present
business crisis which was put forth in
his name in last Sundays New York
World.
The ex-President sees in all this
financial, industrial and commercial
disturbance nothing but the logical
result of his own defeat. He say.
that by this political result "The
enormous manufacturing interests
were, OF course, duly impressed and
business has been compelled to suit
itself to the condition to which the
Chicago platform would logically lead
u factories stop, workshops close
and prices shrink"
The ex-President does not seem to
have kept himself in touch with the
progress Of events.
He does not seem to be informed of
the fact that prices generally have
been steadily shrinking since the pas
sage of the Mckinley bill in 1890;
that workshops have been closing,
factories stopping, and wages going
down since that time.
He does not seem to be aware of
the fact that we are suffering in part
from wave of business depression
which is sweeping over the world, or
TO know that these waves of depres-
sion are periodical phenomena, OF
which no man knows the origin, and
which do not seem to be amenable to
the ordinary laws OF commerce.
He does not seem to have grasped
the fact that not single factory has
stopped or a workshop been closed be-
cause of the anticipated effect OF any
contemplated tariff legislation.
He does not seem to have learned
that there is not hitherto prosperous
protected industry, within the length
and breadth of the land, to which he
or any other person can point, which
has, thus far, curtailed its product or
gone out of business because of any
expected reduction in the tariff sched-
ules by which it is affected.
He does not seem to know, judging
by the utterance which is here under
consideration, anything explicit or
clear, except that he was defeated last
November and that now we have q
financial crisis and commercial de-
preston; and in the narrowness Of
his egotism, he ascribes this business
cOndl ton TO hls defeat.
But in reaching this opinion the ex-
President has followed hop, skip and
jump mental process rather than the
dictates Of logical habit of mind.
1t would be far more rational and logi-
cal (though not absolutely true) TO
say that the present disturbed condi.
tion OF business and finance is the re-
suit of the policy which was pursued
during the four years which he exer-
cised the presidential powers rather
than of the policy which may be fol.
lowed during the three years and
seven months that are to come.
1t is certain that when he took Of
fee he found the treasury bursting
with surplus of revenue, the finan-
cial condition of the country healthy,
and business interests of all kinds
prosperous; but on the other hand,
when he surrendered his official sta
ton, the treasury has been for months
in the gravest difficulties, financial
distrust existed on all sides. and busi-
ness interests were Ian gushing.
As a matter of fact, however, it
would not be in keeping with truth
full and intelligent comprehension Of
the situation to charge the present
condition as result solely of the
policy followed during ex-President
Harrison's administration Of the public
affairs. It is the result of an unac-
countable wave of business depression
acting upon an artificially based in
dustrial organization (Which aims to
make every man pay more for that
which he uses than the laws OF trade
demand) and a false statement of
finance.
As Colonel Ingersoll, who is close
observer and in touch with CONNER
cial and industrial life in the great
eastern centers of population, says:
"This is a bankers panic. The
bankers have been predicting a panic
for years, and have done all they could
to fulfill their prediction"
OF the means employed to foster
AID promote it, a sample may be found
in this incident, which is taken from
the Philadelphia Times:
at is stated, on apparently reliable
authority, that number Of banks in
New York made large loans on Thurs
day last to speculators, on condition
that the money should not be drawn
out. What the speculators wanted was
to tie up money and make it impossible
to get it on the best security. The
banks were safe in lending down to
the full extent of their means when
the money was not to be drawn; but
it was an exhibition of greed at the