The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1893-07-26
Dare psmoorats Deny NJ
From the X. Y. Pres

Prom the \. I. Fress
One year ago the prosperity Of this na-
ton was at high water mark. Eighteen
hundred and ninety-two was the banner
year of American industrial progress.
rnring the twelve months ending at
midnight OF the thirty-first day of last
December the American people produced
more and consumed more than in any
year of their history. Our foreign trade
broke all records. by its magnitude The
volume Of our industrial production and
ofour exchange of products among our
selves went far beyond ali precedent
We produced million tons more Of pig
iron than in 1891, and S2,0OO,OO0 tons
more than Great Britain. We produced
aO0OOO tons Of steel rails more than IN
the preceding year. We consumed So
10000 pounds more wool than in 1871
Capital and labor were alike fully and
proftably employed. The factory wheels
revolved increasingly. Wages were high
er than ever before. Confidence was
universal. Credit was freely extended
The integrity Of the currency was sssur-
ed. There were fewer commercial fall
ures than in any year since 1852. The
creation of wealth for the nation and
competence for the toiler went on apaee
under the shield Of Americas second
Declaration Of Independence, the Nc
Kinley law.
Until the Bourbons and the Socialists
elected Grover Cleveland there was eve
" prospect that the same conditions
would prevail during 1898. The capital
of the nation, the executive ability Of It's
leaders of industry, the enterprise of its
merchants and the skill of its trained
workers we're at the highest point on No
yember 5 when the Democratic party
triumphed on a platform that declared
war on every American interest With
the election Of Cleveland manufacturers
and merchants began 10 trim their sails
in anticipation of the coming storm.
With the inauguration Of Cleveland the
storm burst. Confidence vanished Cred
it fed. Capital hid itself Securities in
which q large proportion Of the coun-
try's wealth was invested rapidly dwln-
died in value till The loss to the people
exceeded 81 600 200, 900. Bank sitter bank
went to the wall. The liabilities Of com
mercial failures for the first six months
of the wear were more than double those
Of the corresponding period Of 1892
Menaeed by revolution, American indus
tries ceased to expand and began to ret
roerade. Production has fallen and wa
ges have fallen with it. Every plate glass
factory in the country has shut down.
The great iron mines Of the Northwest
have suspended operations. Blast fur
mace fires are being banked. Trade bal
ances are against us- Textile mills are
everywhere closing or restricting their
product. The prices Of wool and wheat
have sunk to a ruinous figure. The farm
er suffers with the merchant and the
manufacturer. Tens Of thousands Of
American workingmen who last year
were busy and prosperous are idle and
facing destitution to-day.
The Press asserts explicitly and direct
" that the prevailing conditions Of disas-
ter have bsen brought about by the threat
Of Democratic free trade. 1t asserts that
the loss Of the people through the depre-
ciation Of securities, the paralysis Of cred
it and the stagnation Of industries would
not have taken place If Benjamin Har-
rison had been elected instead Of Grover
Cleveland. The Pres challenges Demo
cratic newspapers 10 deny this statement
Is there one Democratic organ that dares
to assert that the disaster which has
come upon the country since March
would have occurred if TIE Republican
party had continued to control the gov
ernment2