The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-29
SATURDAY. DECEMBER 20. 1894.
THE CLOSING YEAR.

the continued depression OF 1894 than
had been hoped by most and expected
by many. The causes OF this industrial
and financial depression Of 1894 will
be attributed by different persons TO
different causes-the wish being the
father TO the thought.
But after making all allowance for the
reaction from period OF most unex-
ampled activity, amounting almost 10 =
continuous "boom" throughout the
administration OF President Harrison,
the vast majority 81 the American people
have come to the deliberate conclusion
that the prime cause Of the unsettlement
Of business, the confusion OF financial
conditions, the disaster 90 labor, and
the general paralysis OF prosperity oc-
Cured about the fret week oiNovember,
1892. The reversal OF the industrial
and business conditions OF third OF n
century was undertaken and entered
upon with jauntincss and sublime show
~ confidence that could only have been
born OF ignorance and n lack of appreci-
alton OF the tremendous interests with
which the actors were juggling.
As the clouds OF disaster rose thicker
and blacker, in the spring and early
summer OF 1898, IL was declared with
oracular solemnity that the Sherman
silyer-purchase law was the maleiactor
that was Mt the bottom OF all the evil
portents, and ii was said that the repeal
OF that disturbing legislation, and the
consequent restoration OF confidence in
our financial system, and the continued
supremacy OF the gold standard, would
restore the lost serenity and make all
lovely.
Accordingly congress was convened in
extraordinary session, and after some
learned and some unwise talk the Offend
ing legislation was cancelled from the
statute.
But confidence did not return. The
sun OF prosperity still persisted in linger-
ing below the horizon.
The cyclone Of crashing banks and
collapsing industrial institutions per-
haps abated somewhat; but il was the
quiet Of death succeeding the turbulence
OF the tornado
The tariff reform vas To make all
things lovely. The President in his
message one year ago proclaimed the
gospel Of free raw materials. He showed
In a manner presumed TO be satisfactory
to his own mind, how taking the duty
off raw materials would give TO the man
uiacturer larger opportunity, to labor
more abundant employment, and open
the markets OF the world to our compe-
tition.
So the year of 1894 opened with the
promise from the head 81 the nation
that such . bill would be promptly sub
mitted, and rosy predictions OF the
abundant revenue and re-established
prosperity as the sequence OF tariff re.
form. IL Is unnecessary, and It would
be Improbable, TO rehearse the history
OF the tariff bill. lis radical amendment
in the house, and its almost total recon
struction in the senate. While the
radical tariff reformers, under the lead
oil Wilson and the conservative tarif'
reformers, under German et AL, wrcstled
Tor supremacy, the country waited in
suspense. and business was smitten with
palsy.
But new danger had arisen. BY
some mysterious means, in spite OF the
repeal al the Sherman purchase act, the
gold was slipping rapidly away from the
treasury, and suspension OF gold pay
mcnts was threatened Then came the
first bond issue since the specie resump.
ton In 1870, and the United States pre-
scented the unwonted spectacle OF borrow
log SOC, 000, 900 ut five per cent. interest
In an era 81 profound peace and at the
end OF long period OF prosperity.
But the sos, 1000, 900 realized on the
bonds went into the vaults OF the gov.
eminent and set NO idle wheels in motion,
rays the Detroit Tribune, and furnished
no wages for the workingmen.
Az last the tariff reform" was IN fact
accomplishcd-with ita income tax at
tschment, sugar trust diiierential, whis-
key MISREPRESENTATION and all; and
men took a long breath, hoping that the
worst was over, and that the bushes.
world would soon adjust itself TO the
new conditions, and that the rccupcrs-
tive power OF our people would assert H.
self, and that the dawn Of 1895 would
zee the country well on the way TO con-
vaIesence and restored vigor.
For couple Of weeks there seemed
ground for the hope. The taking out Of
bond OF n vast amount OF goods which
had been held Tor lower duties, the. nc
tiyity In whiskey during the ten days