Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1894-07-17

ed Dy TWO unknown ulci uIdSScu ny
force from the young lady's side, car
ried some distance off and badly beaten.
The Responsibility for the Present
Crisis.
From the New Yorl, Stats Zcitung.l
TRANSLATED FOR THE ALEXANDRIA
GAZETTE BY l.. *.
Since the beginning of the present
business depression during the last year
quite number of thoughtiess people
have claimed that the democratic adj
ministration is responsible for this de-
plorable state of affairs. They forget
that the last republican Congress had
emptied the Treasury and that Mr..
Harrison, when he assumed the duties
OF President, found an enormous sur
plus in the Treasury, which he convert
ed into deficiency, which was barely
covered by a misleading system of
bookkeeping ; they forget that they
saw the present crisis coming rs the
logical sequel of protection and because
it came sooner than they expected they
blame the democratic administration.
We will now attempt to prove to those
people that they voted for tariff reform
because they saw tie crisis coming and
that this crisis is the unavoidable sequel
of McKinleyism. Through this system
protected manufacturers have received
such enormous profits that Unlimited
capital was invested in those industries
for the purpose OF getting a share
of the spoils. The result Of
this was an immense overpro-
duction, causing the accumulation
of unsaleable goods, because our eX-
ports could not be increased at the
same ratio as long as we have scarcely
any free raw materials and impose such
enormous duties on the products of 9th
er countries Therefore our manufac-
turers are compelled to sell at home,
the consequence is reduced prices, in
many cases losses instead of large
profits, the result of which is bankrupt
cy, the closing of factories and the dis
charge of hands, which constitute the
chief elements of the present crisis.
The correctness of this hypothesis is
conclusively proved by the U. S. cen
sus, according to which in 1880 all the
factories in this country produced
goods amounting to S5,369, 100000; in
1890 this amount was $3.50, 900, 900,
which means an increase of "A per cent.
regardless of the fact that prices of all
goods had been reduced greatly during
that decade. The percentage of increase
in quantity must, therefore, still have
been much greater. During the same
period the capital invested in those in
dustries increased from g, 100000, 900
to 1924 100000, an increase of 13l per
cent. Therefore, while the productive
power increased "a per cent, the in
vested capital increased 1874 per cent,
but the population only increased 25
per cent, while the exports only in
creased the trifing amount II per cent.
Is it wonder, therefore, that
we are suffering from over pro-
duction? The consumptive power
of our population would increase at the
same ratio. In the decade from 1870 to
1880, while production increased 81 per
cent. the population increased so per
cent, but from 1880 to 1890 production
increased "a per cent. and population
only % per cent. The fact that the
capital invested increased much faster
than the value of the goods produced,
is conclusive proof that the profits of
the manufacturers were decreased. AS
soon as the market was over-stocked
goods were sold at any price; business
failures followed and while the liahil-
ties of bankrupt concerns averaged
$50, 900, 900 from 1879 to 1881, in the
year 1890 they had increased to $780,
000,0 900, and in 1898 to 1881 100000. All
thinking people who voted the demo-
cratic ticket two years ago did so because
they foresaw the result of Mckinley
ism with its impending dangers and ex-
pected relief from the democratic party.
And now. that we are about to get at
least part of the desired relief, some
nearsighted people who voted the dem
ocratic ticket blame that party for at
tempting to repeal the Mckinley BILL
Had Harrison been re elected, the crisis
would have been much worse, without
possible chance for any relief. The
only hope for the future lies in the re-
turn from the dangerous path of pro
lection by not voting for the party that
precipitated the present catastrophe.