The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-06-10
Cause of Existing Financial Embar-
rassment.

Diversity of opinion exists upon all sub
ieets, and it is not surprising that opinion
varies in reference to the causes OF onr
present financial difficulties Public opin-
ion, however has pretty well settled down
10 the conviction that the failure OF
the Earrings, three years ago, set the ball
in motion, disturbing confidence, unsettling
values and deranging business IN all ITS
rami6catiops. Australia was the next to
feel the shock, and the suffering there has
been very great. Capital and credit are
sensitive things and are quick to take alarm,
and business is readily affected when these
are disturbed. The commercial world Is
more or less connected in business relations,
so that one part Of it cannot be affected
without the whole feeling the shock to a
greater or less extent. This country felt
il later. and when il came found eondi-
ton of things existing here that gave 1t
additional impulse. That condition grew
out ofihe Legislation that piled up silver in
the vaults of the Treasury TO the amount
of millions, which has been paid for in
cold. For this legislation the Republican
party is responsible, and to that extent re-
sponsible for the financial distress now felt
throughout this country. That the silver
bill of John Sherman, passed by Repub-
lican Congress and signed by Republican
President, is responsible, seems TO be the
concurrent opinion of the best financiers OF
the country. The uncertainty as 10 what
Congress will do in reference to silver, Is
another source OF uneasiness. This Is the
opinion of Bradsireet, Dunn 4 Co. and
other acknowledged experts in finance.
Ex-Secretary Foster, who has gone down
in the crash. did not attribute his failure
to a change in the administration, as some
are doing, but 10 his own neglect and un-
due participation in politics. The PhIla-
delphia Ledger, one of the leading and
most influential journals in the country,
attributes the money crisis to the silver
bill. Referring to report from Washing
ton favorable to the repeal of the silver
bill, when Congress shall meet in extra
session, the Ledger says:
1t is certainly time for them 10 come to
their senses. Whatever their theoretical
views on the silver question may be, they
must see that the Sherman Silver bill is doing
great injury to the general business OF the
country and affording no benefit TO special
interests. With that law out of the way there
will be some hope Of putting the finances OF
the country on sound basis.
The New York correspondence of the
Ledger, also, says:
While there is certainly widespread dis
turbance. there is no evidence of excitement
or panic anywhere, and it is significant that
the heavy gold exports this week and large
impairment of the Treasury reserve have been
accepted without any signs OF commotion.
Nevertheless the facts of the situation ATE
understood here, and it is known that there
eau he no relief until the present financial
policy of the country is changed for the bet
Ter and confidence at home and abroad in our
currency is restored. The Chamber of Com
merce at it's last meeting for the season EN-
phasized the necessity for an immediate re-
peal of the Sherman act by passing resoIu-
lion calling upon Congress to act on the ques-
lion at the earliest possible moment
But our esteemed contemporary, the
Sentinel, is of different opinion. The
views of financial experts are nothing to
it. BradsIreet, Dunn, Ex-Sec. Foster, the
Le,lger, its New York correspondent, the
New York Chamber of Commerce, bank
presidents, may all say what they please
upon this subject, it does not weigh the
weight of feather with our astnte con-
temporary, who thinks it knows a thing or
two about finance AS well AS other people,
and is certain that the change of the ad-
ministration decreed by the people at the
ballot box last November, has worked all
this evil. Hear il: After drawing Il
glowing picture of the prosperity of the
country and descanting upon the blessings
of Republicanism, the silver bill and al, ) it
says
''In the face of these historical facts the
people, by their votes in November last, re
pudiated the policy under Which ihes- won
derful results had been achieved. and resolved
to withdraw the power to shape the policy ol
the country from the Republicans, and dele
gate it to the Democrats. The country was
then wonderfully prosperous, but "A change rs
already manifest. Business failures have in
creased al an alarming rate; banks are closing
their doors: the volume of business is being
contracted; gold is flowing out of the country,
and financial disaster threatens. Democrats
may not admit that the cause producing
these effects is Democratic supremacy in the
government and the threatened substitution
of Democratic policy for that OF the Hepnbii
can party, but there seems TO be no other
explanation of the unfortunate fact.
AS We said in the beginning Of this
article, men differ upon all subjects, and it
as not strange that they should differ upon
a question Of such magnitude as this.
Bradstreet, Dunn q Co. Ex-SeaFetary Fos-
der, the Philadelphia Ledger and its New
York correspondent, the N. Y. Chamber
of Commerce, and numbers of bank presi-
dents and statesmen, are doubtless all cor
rect 10 their conceasns of opinion touching
the causes of our financial embarrassment
but will they not review the ground on
which their opinions are based, when they
learn the views of our esteemed neigtbor,
the Sentinel, which has given its opinions
TO the world on this interesting subject on
several occasions, evincing the earnestness
with which its views are entertained.
And the Washington correspondent of
the Baltimore SIN will have to look over
the situation again and revise his opinions
A few days ago he wound up a review OF
the situation as follows:
II would he very thick headed individual