New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-18
DUE TO FALSE PRETENCES.
DEMOCRATIC SUBTERFUGES BRING on
THE panic OF 1893"
REPORT OF THE REPUBLICAN CLUBS CON-
MlTTEE-SILvER HAD ITS PART. BUT THE
LAST ELECTION WAS THE PRoxI.
NATE CAUSE OF PRESENT
BUSINESS TROUBLES.

NATE CAUSE OF PRESENT
BUSINESS TROUBLES
The Republican Club OF the City OF New-York last
night placed the responsibility for the present stu
alton upon the election Of Grover Cleveland TO the
Presidency. The conditions they exist, are
described the Democratic panic OF 49," and facts
and figures shown to support this designation OF
IN the people of this country. For months the
members Of the Committee National Affairs OF
the club has been keeping a careful watch upon the
MANY business charges and studying the which
have led the fearful decline In values within the
last eight or nine months. Every possible cause
for this state Of affairs has been examined with care
and oonscertiousness and while 1t is admitted that
the Sherman Silver law, so called may have had
something to do with 1t the committee finds that
the underlying and responsible cause has been the
dstrust and lack Of confidence generated by the Demo
cratic victory Of last November.
The Republican Club produces figures which are
indeed interesting at this time. These figures show
that, In spite OF fifteen years Of silver purchase 1t
was not until the results of the last election were
kcown that there any disturbance. The report
Of the committee presented by Joseph NJ Deuel.,
the chairman. 1t follows
Your committee OF the Evolutionary custom Of
ou- people fully freely discuss all questions of
public and recognizing the benefits thus obtained
boss to submit to the club some observations upon
the present deplorabe financial industrial and business
condition Of the country.
IL is 4 DEMOCRATIC PANIC.
IL 10 not be expected that complete and efficient
remedy con applied until the cause or causes
shall have been determined. Upon that snbect pubic
opnion varies but 1t generally conceded that the
due either the silver purchase clause
Of the Of 1890 else To the result
OF falls election We concede that silver may have
aggravated the trouble and favor the repeal ~ the
purchasing the OF 1890 but assert that
0f
as President with both OF Congress Democratic.
aud uhc troublesome times through which we arc
passing will 10 in history the Democratic panic
93
Notwithstanding silver purchase Legislation had been
In about fifteen years there indication of
business until the people became satisfied
that Congress Democratic in both branches Business
and industrial confidence which marked the full term Of
President Harrison continued until IL definitely
Known that Democracy had captured the Senate of the
United States which made the Chicago platform national
probability.
Soon thereafter unmstakable trouble
appeared and the tremendous efforts which
been made by Mr.. Cleveland to divert attention
from PRINCIPAL cause. and IL upon the
called Sherman OF 1890 First the alleged
Of Democratic Congressman. which con-
venenuy made public and then the camor
alleged excessive loss Of gold which was charged TO
silver assigned the OF business embarrass
Ordinarily equal gold loss would have at
tracted but passing notice During the first six months
s75 coo but during five months of 1891. according
Secretary lost $2 900 600 Our net loss for
fiscal year 1891 sos $50 oS7 and yet the balance
Of trade in favor the extent of s3s55i0i4
NO GROUND FOR SURPRISE
During fiscal year 1892 creditors. our
foreign trade balance exceeding 1902 600 and vet upon
International settlement Of account suffered net loss
hbouu half million In gold and nearly thirteen million
silver Considering contribution TO foreign haes OH
ocean freightage the profits foreign in
dfshn
residing or travelling abroad the large amount Of wages
earned and Europe the logic OF the statistics
Of 1892 is that avoid excessive bullion loss export
trade largely exceed import trade To maintain COM
mercial relations and TO satisfy the demands above
the amount OF our favorable
balance. and nearly s14 900 besides Losing
millions in bullion in 1882 the present silver
legislation force there is for unusual
surprise Of s75 900 600 during six months OF the
present year the face adverse balance OF trade
nearly 500 600 ooo 1t Is surprising that our eoid
loss and that the drainage ceases and the
golden tide earlier in the season than is
usual
II silver legislation responsible for our gold loss
early in year nothing has since been done by the
Government bv the press financial and commercial
Institutions to alay the fears and appehensons abroad
which are alleged created by the act oil 1880
The Silver 1890, requiring the purchase Of $780,
600 ounces each month"; displaced TIE act OF 1919 re-
curing the expenditure Of not less than 81 OOOoOo nor
more than 100000 each month in purchasing silver
At or hollow So cents per more silver was Durchas-
able under the earlier than under the later act we
are not now dealing with the merits OF either at Doc
Of history that under reither was the COUNTY
subjected excessive strain workmen thrown out oil en-
ployment or widespread uncertainty introduced when the
Republican party controlled the National Administration
SOME FACTS OF HISTORY.
We concede that silver may have payei some pr, III
our gold it is far less than is charged against
u Unnecessary fears been created by single
standard advocates which tended 70 make hnancia ana
hps,ncss d,rust more intense. and accentuate be
esneal disaster which the November election pecipt'o
In this connection bee 10 recall some recent history
On June o. 1892 Democratic party publicly deeaieu
q. National Iolitics principally antagohized Dut one
oicv Of the Republican party, which In any"ise couio
affect or concern business or the industry OF inc
country This was Republican adherence to thc Amc"'
can doctrine Of protction, which was deiouhc'u d "
Unconstitutional fraud and the advance agent OF the
sherir Thence until election Mr.. Cleveland and ohcr
noura,,c oraclc prolhesed disaster TO the American
,>nIe unless policy the reverse Of protection shouo DC
adopted. According To them the country was ".""''u
nv mn evil but Republican legislation, (which at
,hs and q, thirty years. found no laboring MIN
IN enforced idloness and no producer without
..s, Votes sufficient TO elect Mr. Cleveland indor ed
this contention and demanded change. Ihat was ,he
,n,t.torv OF present troubles Sooh aer Inauguration"
800, ,,o,s,akable evidence OF shaken confidence in the
community Mr. cleveland submitted to all inFrVic"
h, comm a sanity forgeful OF prediction a7'cruos
he Informed the people that the one SOLITARY menace 10
lic ,,o.perity and success is te monthly purchase Vi
silver under the Act Of $50 linus pS NE o% ~"
{, n,o mat Democratic succcs was reached through
,.c rrc,eu.e which already cost Us TWO thou'a"d
millions Of dollars in property depfec'a'on anu o'''
sta guaton.
MR. CIEVELAND'S REITERArloN'
IT, was declared at Chicago and rei'eratei Ds MI 'ee
land that the Mckinley bill fo,tcreu ITO ia.'' Wy, c
- = 49,, ,t, ., ,he sheriff and yet with The assurance
Of the speedy introduction Of Democratic substitute inc
amounts involved in commercial failures Increases III M
months over 200 per cent. comparing inc i' ,eno
q, rho ,rcscnt wear with the nrst six moihs Oh 'o'-
n".,p ,,n ,onr rcor. Of MI IIarrsons administration
D"'"'s VI. -, q, 1908 in business concerns
yet the failures in the year OF his ' "a
3s5 less than in the last year of Mr.. Oie'eo"u .us
mnistraton aud the total amount ihNoNes - - ,roIe
against US WAS s2s Oc2 oo7 in 1852 the balance o.