Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1893-06-09
FINANCE. NOT TARIFF.

g IL was supposed, from Tue tome @o1
Democratic orators and papers last
fall, that the only needed legislation
was. that which would remove the |
hated protection laws from the
statue, and the first great work for the
president and congress would be to
place the country nearer a free trade
basis. Soon after the party of state
banks and unsound currency had
won, however, the country began to
experience the effects of stringency in
the money maket, and the condition
has gradually become such that all
parties agree that the financial
question must receive legislative
attention before the tariff can be
considered and altered. President
Cleveland has announced that he will
call an extra session of congress about
Sept. Is, and says:
"While there has been no mystery
nor secrecy in regard to my: Intentions
in this direction, think it not amiss
that the people should be informed au-
thoritatively that the time is at hand
when their representatives in congress
will be called upon to deal with finan-
cial condition which is the only menace
to the country's
Welfare and Prosperity.
It is we'll for the people to take up the
subject for themselves and arrive at
their own conclusion as to the merits
of financial policy which obliges US
to purchase idle silver bullion with gold
taken from our reserve. One does not
need the eye of fnancier to see that
this gold thus subtracted from the gov
ernment's stock is eagerly seized by
other nations for the purpose of
strengthening their credit at our ex-
pense. 1t does not need tho art Of
craftsmanship to detect the danger
that awaits upon the continuance of
this operation. Already the timidity
of capital is painfully apparent and
none of us can but
View With Apprehension
the fact that the monetary situation
will ultimately bring suffering to every
humble home in our land. I think that
between now and the meeting Of con-
gress much depends upon the action Of
those engaged in financial operations
and business enterprises. Our vast ma
tional resources and credit arc abund-
antly sufficient to Justify them in the
utmost faith and confidence. If instead
of being frightened they are conserva
tive, and if instead Of gloomily antici
pating immediate disaster they contrib
ute their share of hope and steadiness
they will perform patriotic duty an6
at the same time protect their own in
terest. The things just now needed are
GOODNESS and calmness in financial cir
cles and study and reflection among ou1
people," ..
The above expressions of the presi
dent will meet general approval, ane
indicate that he realizes that some
thing besides "tariff ref nm" is needed
by the people. Undoubtedly the
doubt as to the coming financia
legislation and the fear Of radica
changes in the tariff combined t.
cause timidity in both the financial ane
manufacturing circles. Either woule
have effected the prosperity of the
country somewhat, but together they
caused unusual stagnat;on in business
Until the currency is placed On {
solid basis, and the future Of thu
legislation regarding silver is assured
no party viii! advocate importan
tariff changes. With all other con
ditions most favorable it would inyitt
disaster to enact tariff laws that woule
reduce the earnings of laboring mer
and take away the prosperity D
manufacturing plants by inviting
greater foreign competition in ou
markets, but when there is much
fear Of financial trouble and public
confidence is somewhat lacking il
general business affairs, it is safe t.
say that no reasonable body Of mel
will advocate laws that will greatly
change business conditions in the
manufacturing branches.