The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-06-23
THE FINANCIAL TROUBLE.
HOW the Change of Administration Ha.
Affected Business

HOW the Change of Administration Has
Affected Business.
When President Cleveland came in.
business was large in volume and high
ly prosperous. The outgo of gold,
which had begun the very month he
was elected, both indicated and created
some apprehension, but the business
world was disposed to extend to him
; generous confidence and support
Banks loaned several millions of gold
to the treasury for legal tenders, sud
net exports of gold fell off to 81. 500, 600
/ in March Everybody knows that
! there has been a great change Gold
exports rose to SIS, 600. 600 in April, and
, last week alone were $1,000. O0O Bus;-
ness is no longer as large or as salts
factory. Failures have multiplied and
assumed serious Importance. A great
many works have stopped, and many
others are preparing to close. Wheat
and corn have dropped about cents
! each, and cotton nearly cent, in spite
of official indications of short crop.
! Railroad stocks have fallen an average
of SO per share and trust stocks S23. 80
per share in two months.
Happy is the democrat who can per-
suade himself that the change of ma
tional administration had nothing to do
with this trying change in business.
But no statement of the situation is
faithful or candid which does not at
tribute to the administration itself
large proportion of the evils now ex-
perienced. Some censure its policy,
and some its want of policy, but the
trouble goes deeper. The president
has erred in much that he has done and
in much that he has left undone. but
the root of the matter is that he has
been sacrificing the public welfare to
the exigencies of partisanship He and
his friends often say that the Sherman
silver law is the cause of all trouble.
1t is not true: but if it We're, why
has that law not been repealed? The
president has congress controlled in
both branches by his own party. He
could have brought congress together
before the end of March. He refused
to do so. and So took upon himself the
responsibility which he ought to have
placed promptly and squarely upon the
representatives of the people. His rea-
son all know. He felt that his party
in congress would break into warning
factions, one of which he would be |
forced to lead, and that he and the |
party would then be powerless to pass
measures without the assent and aid of |
In return it would be i'm
possible to avoid concessions to repub-
lican opinions and interests. The presi-
dent preferred to let the country suffer.
The Sherman law has been kept on
the statute books since March by the
deliberate choice of President Cleve-
land. Moreover, any and all measures
for the protection of the public credit
and the national currency have been
prevented by his refusal to call con-
yress together. Doubtless he thought
disasters endured by the people might
force his party to do something. but he
mas constantly been at work searching
ior some sort of compromise by which,
while surrendering public interests in
part, he might keep his party un broken
md ia the mastery. This was the true
meaning of that rulnous proposal to re-
leem new treasury notes in silver only.
Had it not been met with storm of in
lignation on all sides, the statement of
.lr. Carlisle which the president ap- l.
'roved on Thursday night might not
ave been reversed on Saturday. Now
is stated that agents of the president
ere are laboring to convince New S
'orlS bankers that repeal of the ten t
er cent. tax on circulation would do |
o harm. If he can get such support as
e wants the president may then offer i
hat proposition to the silver men as an ,
r
The next proposition is to provide 7
rec coinage of silver at the ratio of
yenty to one. 1t is not unlikely that r
MS may yet be attempted. Meanwhile, U
5 another and important concession to q
he infationists, it is proposed to issue q
lore legal tender notes on the pre-
nee that 1T is necessary in order to get n
Did. Western and southern fanatics 6,
re told that the president is battling q
yainst the whole money power of the I;
alton, which has conspired to force a,
IN to issue bonds, and that the only n
ay to avoid it is to break down all r.
lrriers which now limit legal-tender
sues. The business world began to fo
the drift of the new admin m
tration in April. Since April dis fr
tiers have multiplied. The reason is al
at the president is trying to help his n,
lrty at the expense of misfortunes to fo
e people.-N Y. Tribune. n,