The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-11-04

| Try mas experienced uurIHS the last
| few years?
Fresh in the minds of you all are the
prosperous scenes of 'SS and 49, It
seemed to be an era of money making.
Nearly all were determined to obtain
wealth in a day. The spirit of specu-
lation was rife. Individuals went in
debt; cities and states went in debt
with reckless courage. People became
extravagant; their wants increased.
1 New pianos, silk dresses, fine houses
the neighbors must be excelled. Then
! there was turn. Bankers began to
refuse loans; land purchases began to
cease. The debts had to be paid, and
the crisis of '93 came. In the recent
! light of these we'll known facts, is it
right to say that simply because the
| Democratic party was so unfortunate
as to come into power 1t that unfavor-
able time, when the storm broke, that
| it is responsible for the financial de-
preston? Many sound business men
believe that the immediate cause of
the panic was the daring combination
of certain spectators, who formed
conspiracy to boom the shares of GER
tain industrial corporations to false
| heights. The public were ignorant of
the real value of these shares, and the
| failure of corporations caused a con-
| sequent loss of confidence throughout
the country.
| Also another marked cause was the
condition of affairs throughout the
world. The financial and other troub-
| les that started in the Argentine Re-
public, Australia, England and India,
| became worldwide in their injurious
consequences. Barring Bros failure
was felt everywhere and was the i'm
mediate cause of calling in extensive
English securities in America.
However important these points are.
I cannot dwell on them, but shall pro-
coed to charge the Republican party,
with it's system of plutocratic legisla-
ton, as shown in the characterization
of silver, and it's pernicious policy, en-
riching the few with protection, with
it's reckless and daring extravaganza
in manipulating the public funds, as
being the cause of our financial dis
tress. It is fair to judge a party by it's
past record, not by what it processes.
When Mr.. Cleveland vacated his Of
flee at the close of his first term, he
turned over to the Republicans sur
plus revenue of $105, 0000 900. When he
again took the reins of government af-
ter four years of Republican rule, there
were but s2,3O0,0O0 surplus revenue.
There is no higher evidence of ma
tional prosperity than an increase in
the revenues, and certainly decrease
in a nations revenues is an accurate
mark of financial distress.
With total receipts $62, 000,0 900 less and
total expenditures 1921 100000 less, the
surplus during Mr.. Cleveland's admin !
istration was $219 000,0 600 more than
during Mr.. Harrison's. During every
year of Cleveland's term the revenues
increased; during every year, except !
one, of Harrison's the revenues dimin- |
iShed.
Compare The gold exports and i'm
ports of the respective terms. Under
the Democratic regime two years wit
messed more exports than imports.
During every year of the Republican
administration that followed the ex-
ports of gold were in excess of the I'M
ports During the last three months of
Mr. Harrison's term the net exports
were over S36, 100000. Think of this
drain on the country of Sl2,0oO,OO0 II
month, before telling how prosperous
we were under Republican rule! On
the other hand during the fiscal year
ending June 80, 1894, the net exports of
gold were but 81, 100000. The calamity
crier does not remember that Mr.. Har-
rison's administration was marked by
falling revenues, increasing eXpendi- |
lures and heavy flow of gold from
the country. He will not think of the
Inheritance the Democrats received. He
will cry hard times and not for an in
slant consider that Secretary Carlisle
took charge after the surplus had been
burdened by increased expenditures of
more than s60,00O,000 a. year, while the
revenues had fallen off $4,000 900 al
year; and all this deplorable condition
of the treasury brought on by the very
party that he so keenly desires to have
reinstated. Any unprecedented mind can
look back upon President Harrison's
administration and see the financial
storm coming that reached its climax
in the summer of 1893. The year 1870
saw 10000 failures, with liabilities
amounting to 100000. The failures
during the year after the Mckinley
law was passed were 1000 in excess of
the previous year. Take the year 1892.
First in the spring great floods did
extensive damage to the wheat and
cotton crop; the Homestead and Buff
falo strikes and riots came in July and
August; then the scandalous failure of
the Whisky trust, which was followed
by the collapse Of the Reading railway
within two months after the issuance
of favorable balance sheet and the
fraudulent declaration of dividends:
then the people were told OIL
the adverse balance of trade
which, instead of being inI
our favor, was S1S,700,000 against us;
then accounts Of the bursting of the
Cordage company bubble went over
the wires, and the last news of Harris
on's administration was that Secretary
Foster had given the order for the
preparation of plates upon which roI
print bonds that the treasury gold re-
serve. could be protected. The Demo-
cratic party took the country
stripped, embarrassed and on the
verge OLA financial crisis" You might
as well blame the physician for' causing
the disease which he is summoned to-
attend as to blame the Democratic par
ty for causing the hard times. Insteas
of blame the Democrats deserve praise. |
True to the principles of Jefferson, tho
last Congress has reduced expenditures
of the government more than $2S, 900, |
600. BY dispensing with useless posi-
tons in the departments, 1t has re-
duced the salary list more than $1,000
900 annually. 1t has purge1 The pen
sion list of many fraudulent claimants
and there is a decrease in this bureau
of fifteen millions in the annual apprr-
priations. The pension field WAS q
fruitful place for the Republican hil-
lion-dollar Congress. Is it any wonder
that its increase of appropriations by
the dependent pension bill of $4,000, Goo
year brought forth the remark of one
of Mr.. Harrison's commissioners
God help the surplusp'
Ex-Governor Russell says: 1.-THE
farm that has been wasted by the i'm
providcnt tenant does not respond at
once to the skill and work Of careful
husbandry.' Neither did the times att
once prosper under Democrats control.
But you all remember thai the crisis
came in July and August, 1893 when all
the Republican laws were in full oper-
alton.
Surely the people were not frighten-
ed by the party and policy OF their !
choice as shown by such an over
whelming vote in the previous election. |
Now, after the Mckinley bill has