New-York tribune., 1894-06-25
THE CAUSE OF HARD TIMES.
WAS IT THE WICKED "MILLONA1REs"?
,,1 ,o, THE PEOPLE OF MEANS SAVED THE
TREASURY FROM RUIN-wTIAT DID IT. THEN?


.ress in business circles? There Is 4 E'hueind"
in this county who accounts for the business panic
in this way:
lie s,vs: Harrison robbed the Treasury and
when cleveland got in the millionaires brought in
these yer things ter be paid (Which, by question
ting him. found to mean United states Dohis)'
and that ere is what is doing the mischief.
fear there are too many persons VINO attribute
the cause Of our present financial depression to
the same source.
am reader OF The Tribune and admire the
articles Of Mr.. Horr very much; and he VIII con-
fer a great favor upon myself and fayge num-
ber Of friends II he will give the cause. Of the
business troubles from which people are now
suffering from his point OF view Yours truly
Dow CITY. Iowa. April 49, ls9t IRA \. FIELD
To give All tho causes which have preciptated
the present business difficulties upon the people
Of this country would be no small undertaking.
To perform such "A task involves vast amount
| OF careful study and no small amount Of specu-
! lation upon topics about which people diirer
widely
| 1t may. however. be quite possible In bret
newspaper article to name the chief causes ana
to eliminate some Of the various causes which
are enormously given by people struggling to
! account FOR the dismal fact | have formerly
written upon this topic at some length. ana re-
| cent events have not wcakcned-they nave
| rather strengthcncd-my belief I'm the soundness
! Of the conclusions AT which then arrived. one
| thing IS certain. that the cause given by the
Democratic friend Of Mr.. Field Is not the real
one because no such thing occurred.
Tho Treasury Of the United States was not
! robbed during the Administration Of Mr.. Har-
rlson. No welnformed man can claim that any
such occurrence took place. ~ Democrat or
! Populist whD has any knowledge of the subject
50 far a. know. ever made any such charge
tI,, o., ~ hp ho Df he
States were paid of and cancelled during Prcsi-
! dent Harris,n's term Of Office. My memory IL
! that the bonded debt Of the United States was
| reduced by such payments to the extent of S261,-
600 900 between the 4th Of March. 1889 and the An
| Of March, 1893. Does this Iowa Democrat claim
| that T. pay the debts and stop The interest on
! bonds IS a robbery u the Treasury? Of course
| not, More than that he f. mistaken about such
| bonds being presented and payment demanded
! as soon as Nj Cleveland came into power Moth
| ing II the kind occurred. The millionares pre-
sen,od no such bonds and demanded NJ such pay
! nen;s for the simple reason that 10 bonds came
! due at that time: they had none - present
What has actually taken place is the exact
| opposite ~ what this Iowa Democrat claims.
| Tho revenues ~ the Government foU IF. and.
when tho Treasury ~ the United states lacked
funds 20 meet i;s daily wants. these very mill
/
900 nnl took new Government per cent bonds.
paving high premium 10 gct them. in place of
! their cash when ~" loan was about to be-
! railur. Secretary, Carlisle saved II from failure
/ by a pcrs.nal appeal 70 the bankers and capi-
,allsts - New-York CITY. Instead OF those mill
/ l0nAiros embarrassing the Admlnigtratlon II
/ president Cleveland by demanding the payment
| - bonds from HIS empty Treasury. they actually
savol i from disgrace hy ioaring money 10 re-
p'ouieh The Treasury and to keep f. from getting
empty
Thcs, facts are current history: ana no man
who assumes - speak upon the subject AZ all
is excusable for not knowing and acknowledging
them.
What then IA cause tho panic7 why are 50
many men unemployed to-day? why are 50
! many mills and factories running half time. or
! hnlf handed or entirely shui down? why are
our merchants selling So fcw goods AMI our great
limos 20 transpl l~tau'n carrying So little freight:
/ Why are the men wap grow sheep ana wool iu
de.pAlr? How docs 81 happen that. * WHORE one
/ wlll I'm The midst . no matter what class u our
fellow citizens. one question and ono only T. IN
| tlr llps Il every man one meets. How long Ia
this thing going 90 last "Yes. Oh Lpri' how
| long," Go whore one may tho same question Is
| hoard. II Is on The lips II the entire Nation
When an cntir, people make the same Inquiry
Il must mean something
Whence this trouble came shall attempt -
show. WI cn It will cease | know not I am
fully satisfied what would 10 10 bring about a
change. but / AN also sure that my plan VIII
not b. adopted for time. Men who ID not be-
lieve as ID are managing. or rather mismanig-
inr this business now They have been doing
go for oyer "A year. The result of their efforts mp
TO date is seen and known to all men. The
{, far 10 r,,
description from mo. II is known and acInowl-
edged by every human being meet. It matters
not t. what political party man belong. they all
agree that the botch H. far reaching indeed fear
mi.
When al this trouble begin? | answer. on the
day that the result Of the last Presidential cleo
tIon became fully known. Up to that time. bust
ness had been good all over the United States.
our people. were we'll employed at good wages.
Merchants and laborcrs were doing well. ! was
in twcnty-onc States Of this Union I'm 1882. pre-
vious To- that election. In each State business
was active and good. found 1t 50 wherever |
went. Tho moment the people learned that the
Democrats with their free-tradc notions were 10
come into full possession Of all departments OF
thr Government. that moment the troubl" began.
Why? Bccaus" In that fact lay the danger 70
American industries There came into power "A
party PLEDGED TO CHANGE THE ENTIRE
SYSTEM under which those Industries had been
built up and by which they had been fostrrcd
and their prosperity made possible.
The people who produce any kind OF goods de-
pend for their success upon the markets in which
they must sell their goods. when they are sure
OF an active and "A fair market they can pro-
ducc goods ahead oG tlmc with confidence. so
long as they had our home markets assured %
them. and compelled u compete only with
! each other. they could 60 on producing with a
/ fair show Of success. But "A party had now come
! into power which proposed 10 change Ia" entire
! conditions That party had won on the theory
| that Protection IL robbery. ana they proposed 10
| fnL.e lnIXu Lhn hnra md l-l lh.. Ellls mAAn by