Huntsville gazette., 1893-07-01
THE REAL CAUSE.
How the Change of Administration Has
Affected Business.

When President Cleveland came IN
business was large in volume and high
ly prosperous The outgo of gold
which had begun the very month he
was elected, both indicated and created
some apprehension, but the business
world was disposed to extend to him
generous confidence and support.
Banks loaned several millions of gold
to the treasury for legal tenders, and
net exports of gold fell off to 81, 100000
in March. Everybod knows that
there has been a great change. Gold
exports rose to SIS, ,0O0,0 900 in April, and
last week alone were $4,000 Bust
ness is no longer as large or as salts
factory Failures have multiplied and
assumed serious Importance. A great
many works have stopped, and many
others are preparing to close. Wheat
and corn have dropped about cents
each. and cotton nearly cent, in spite
of official indications of short crop.
Railroad stocks have fallen an average
of $40 per share and trust stocks $3.50
per share in two months.
Happy is the democrat who can per-
suade himself that the change of ma
tional administration had nothing to do
with this trying change in business.
But no statement of the situation is
faithful or candid which does not at
tribute to the administration itself a
large proportion of the evils now ex-
perienced. Some censure it's policy,
and some its want of policy, but the
trouble goes deeper. The president
has erred in much that he has done and
in much that he has left undone, but
the root of the matter is that he has
been sacrificing the public welfare to
the exigencies of partisanship. He and
his friends often say that the Sherman
silver law is the cause of all trouble.
1t is not true; but If it were, why
has that law not been repealed? The
president has a congress controlled in
both branches by his own party. He
could have brought congress together
before the end of March. He refused
to do so, and so took upon himself the
responsibility which he ought to have
placed promptly and squarely upon the
representatives of the people. His rea-
son all know. He felt that his party
in congress would break into warning
factions, one of which he would be
forced to lead, and that he and the
party would then be powerless to pass
measures without the assent and aid OF
republicans In return it would be i'm
possible to avoid concessions to repub-
lican opinions and interests. The presi-
dent preferred to let the country suffer.
The Sherman law has been kept on
the statute books since March by the
deliberate choice of President Cleve-
land. Moreover, any and all measures
for the protection of the public credit
and the national currency have been
prevented by his refusal to call con-
gress together. Doubtless he thought
disasters endured by the people might
force his party to do something, but he
has constantly been at work searching
for some sort of compromise by which,
while surrendering public interests in
part, he might keep his party un broken
and in the mastery. This was the true
meaning of that rulnous proposal to re-
deem new treasury notes in silver only.
Had it not been met with a storm OF in
dignation on all sides. the statement OF
Mr.. Carlisle which the president ap-
proved on Thursday night might not
have been reversed on Saturday. Now
it is stated that agents of the president
here are laboring to convince New
York bankers that repeal of the ten
per cent. tax on circulation would dc
no harm. If he can get such support as
he wants the president may then offer
that proposition to the silver men as an
inducement.
The next proposition is to provide
free coinage of silver at the ratio OF
twenty to one. 1t is not unlikely that
this may yet be attempted. Meanwhile,
as another and important concession to
the inflationists, it is proposed to issue
more legal tender notes on the pre-
tence that it is necessary in order to get
gold. Western and southern fanatics
are told that the president is battling
against the whole money power of the
nation, which has conspired to force
him to issue bonds, and that the only
way to avoid it is to break down all
barriers which now limit legal-tender
issues. The business world began tc
comprehend the drift of the new admin.
istration in April. Since April s dis
asters have multiplied. The reason is
that the president is trying to help his
party at the expense of misfortunes te
the people.-N. Y. Tribune.
As to Mckinley.