The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1894-02-16

million of dollars, and adding ten mill
ions to its annual liabilities, it imposed
such enormous duties on other articles
as to prevent importations IN some
instances and to induce undervaluauons
and smuggling, all of which operated 10 |
reduce the revenues to point Tar oeio"
the actual necessities of the government. |
Meanwhile the absurd and mischievous
SHERMAN act" which required that the
government should pay out 81, 5Oo,ooo
per month in the purchase of silver
bullion, imposed burden upon the gov
ernment that it was scarcely able 10
hear during the last months of the Har-
rison administration. The consequence
was, that the foreign holders of United
States securities, cogniZant of tie fact
that the revenues of our government
were falling short many millions of dol-
lars of its actual requirements, became
alarmed and drew upon this country for
gold by throwing their holdings OF UNI
| ted States securities upon our market.
The outflow of gold thus induced had
the effect of producing stringency In
| the money market, which was followed
| by a loss of confidence in banking IN
| stitutlons, which were in turn Obliged to
call in their loans or close their doors,
and the end of it all was stoppage of
the wheels of industry and business.
Such was the condition which con-
fronted the administration of MIR. Cleve-
! land when it assumed the reins of pow
er on March 4, 1898. The new Presi
dent was obliged to call congress togeth
er in extra session in order to provide
ways and means to avert the disaste
which threatened the country. At MIR
Cleueland's s suggestion Congress repealed
the SHERMAN act" and at once conn
dence in the banks was restored ant
MANY of those institutions which ha'
suspended, resumed operations. None
' again became abundant in the grea
financial centres and now awaits distr
button throughout the country throIg
the marketing of products of farm an
mill and factory. The passage of tn
Wilson tariff bill by the House of Rel
resentatives has already given a grei
impetus to manufactures. Mills an
" factories that have been idle since la
spring are now starting up and the nun
ber of the unemployed grows small
day by day. When free raw materla
for the manufacturers and cheaper N
cessaries of life for the workingmen shs
have been assured by the passage of Il
- Wilson tariff bill in the senate, an e
of activity in production and trade W
" surely set in which will prove to be oil
of substantial and enduring prosperlt
The salient points to be remember
and reflected upon by the intelligent V
ter, therefore, are
l. President Cleveland left the Tres
- ury with surplus exceeding one hu
dred millions of dollars when he sure
dered office on Mach 4, 1889.
=. > Ex-President Harrison, owing
~ the hurrful legislation of the Reed co
- gress of 1889 90, including the Sherm
silver purchasing act and the McKinl
tariff law, left the treasury bankrul
W with deficiency in the revenues
d" nearly fifty millions of dollars, when
ist surrendered Office on March 4, 1898.
- When the government itself lacks t
revenues necessary to meet its liabiliti
= it naturally follows that the creditor cl;
among its subjects will lose contiden
in the ability of the debtor class to mt
its obligations. The Harrison admin
n' tration brought the government to Il
u" pass and is responsible for the tinanc
"e and industrial disasters that have sup
~" vened. The Democratic party, throu
oS President Cleveland and the present CO
-" gress, has corrected the fatal blunder
% the Sherman purchasing act and un'
ID" the instruction of the people at the b
lot box in 1892, is preparing the RENE
vi for the stupid and mischevious rever
III legislation embodied in the Mckinley
Ihe iff law. Let the people of Pennsylvar
by supporting James Denton Hanc'
oe for representative at large In congress,
"he the election on Tuesday, February
testify their approval of the efforts
President Cleveland and the Democr
ro> to restore financial soundness to the G
M ernment and industrial prosperity to
country.
lest