St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-18
DEMOCRATIC GOOD TIMES.

When the wave of financial depres-
sion, originating in the Southern
hemisphere, struck this country in 1898
Its effects were immensely aggravated
by the financial legislation which had
inflated the currency of the country by
the issue of notes, practically redeema0le
in gold, for the payment of silver bull
ion. The effect of that legislation began
to be felt Immediately after IFS passage.
and showed at once in the appearances
of these notes in custom payments.
While no one contends that the silver
legislation was the sole cause OF the
financial panic, no candid person but
that will admit that it was serious
complication. and greatly aggravated
the effect which We could not have
avoided of financial disasters abroad.
But Immediately, with unanimity, Re-
publican papers and editors for months
dinnel into the ears of the country the
cry that the panic was simply the result
of the change of administration made In
1892. "Democratic hard times" became
the favOrite expression among them,
and voters were tainted with having
voted for change in 1892: told that
this was the change they voted for, and
were asked sneeringly how they liked it.
1t was useless to point out the mani
fest unfairness Of this, and all the Dem
ocrats could do was to walt until the
effect of their own legislation could be
felt. With the repeal of the purchasing
clause of the Sherman act there came
an immediate restoration OF the cohfl-
dence in the currency Of the country.
which showed itself in the renewal Of
the bank deposits which had been with
drawn in the first stage of the panic.
Naturally. manufacturing industries af-
fected in any way, nearly or remotely,
by tariff legislation adjusted their OUT
put to the daily demand, awaiting the
settlement of what tariff rates should
be. For this reason the restoration OF
the confidence in the currency produced
no immediate effect in the manufacture
ing industries of the country.
After long delay, due to Republican
diiatory tactics,a tariff act passed which
made material reductions in all the
schedules, enlarged the free list, and,
what was of most value, enabled manu-
| facturers and producers to proceed with
their work with confidence. Then the
| time came when Democrats could say
that the country was now under the
operation of Democratic legislation, and
that whatever change followed should
| rebound to the benefit of their party
1t is as fair for Democrats to claim that
any improvement that came after the
passage of the tariff act and the repeal
of the Sherman act was but effect fol
lowing cause as it is for the Republicans
to claim, as they persistently do, thai
all the prosperity of this country was
due to their particular policy.
Immediately upon the passage Of the
tariff act, the situation improved rap
idly. Factories renewed operations il
full, markets were filled with buyers
prices of articles which were affected by
the tariff Ielt the result of the reduction
of the taxation, while those unaffected
by the tariff felt the improvement re
sulting from larger demand. Since
the first of this month we have beer
having Democratic good times which
sharply contrast with the Republican
hard times of last year. Everything i'll
dicates that the situation will contlnu,
to improve steadily, and that the coun
try from now ON will get the change 70
which it voted in 1892. Turning The
tables on the Republicans we can ash
them now how they like the change
and point to the improved conditions a
being the best arguments III favor o
the continuation Of the Democratic
party in power.