The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1893-08-03

The Boston journal in a recent mum
Der, in reply to an editorial in the Boston
Herald in which that paper attempted
to show that the finances of the country
were satisfactory in 1883 when Clevc-
land turned over affairs To President
Harrison and wholly unsatisfactory in
1893. when Harrison relnqui,hed the
executive chair to President Cleveland.
uses the following facts and figures
The Herad's article, as usual, is gross
ly partisan and misleading. For ex-
ample, in making its comparison of ex-
penses in 1888 and 1892 with view Ia
showing the increase under Harrison,
it leaves the interest account out of the
comparison. for the obvious purpose of
conccaling the saving of about S2l 900
900 affected In that account by the debt
paying policy of President Harrison, an
item which would have diminished the
net increase. Then the Herald refers to
the falling off in revenue under Ilarri-
son. but locks the candor to explain that
this was due to the reduction of repeal
of duties effected by the Mckinley act.
1t declares that the Treasury WAS ''clean-
ed of resources but omits to state how
far this was due to payments on the
public debt So much for the Herald :
statements: now for some of the facts
Taking for comparison the closing
years of the two Administrations, a tho
years in which the policy OF the Govern
ment would be most fully operative, let
us see what WAS the condition of tho
country and business. In lSss the mum
Der of mercantile failures in the United
States WAS 1863. which WAS one in
every 9s of the concerns doing business
In 1892 the number of failures was To-
3lh or one in every ll3 traders, and
the average amount OF liabilities was
the smallest for u years. In 1892 also
the volume of bank clearingS was tho
heaviest on record. while in lsSS it was
smaller by nearly S2.0o0 900. 900 thar
in the preceding wear. Our foreign
trade amounted to 81 1896, los. 80 in lSNS
in 1892 it had mounted up to 81 ,Si3,
1851. Moreover, the total national
debt, less cash in the Treasury. was
81, l54. l22 ,Gs2, August |. ISIS. July |
1872. it had been reduced 10 SSlO.22S.
Gas. reduction of more than $500, 900,
900. Finally, Dunn's Review of Trad,
for December 80, 1892. summed up n
follows the prevailing conditions in bust
ness:
'Ihe most prosperous year ever known il
business closes tomorrow, with strongly ia
| vorable indications for the future.
| For the year the volume of settlements through
the Clearing House is the largest ever known
The largest total of exports aid i'm
ports ever known in any year. Tn
precedented purchases for consumption.
Manufacturers have made extraordinar.
| progress. The year closes with al
wooden, cotton and silk machinery fully EN-
ployed and unsold stocks OF goods much lighte
than usual, while the demand for the cominl
season already exceeds the capacity Of man,
mills Shipments of boots and shoes from tn
East have been 3 per cent larger than in an!
| previous year
This WAS the state of things in tn,
closing days of the Harrison Admins
| tration. Ii compares nore tllan tavorl
bly, as the figures which we have cite'
prove. with conditions Al the close o
Clcveland's former administration
And what shall be said Of the contraS
between the state of affair. thus depict
ed and that prevailing ii present. les
than five months after the second in
auguration OF Grover Cleveland: