The Coconino weekly sun., 1894-10-04

ital invested in manufactures would be imper- lied if not destroyed, that the four millions of laborers would be thrown out of employment or be compelled to work on short time ut great ly reduced wages; that there would be sud- den and large influx Of foreign commodities thrown upon the market at greatly reduced prices; that the nine thousand millions of man ufactured products would dwindle because of the influx of foreign fabrics and because of the destruction of the consuming power of tho peo- pie, impoverished from want Of work, or work ing at reduced wages: that the earnings of rail- ways built up in relation to and as part of our industrial system would greatly diminish, and their power to make dividends would cease wholly or be greatly diminished; that new enterprises would cease or be greatly curtailcd, thus throwing out of employment those engaged In the building trades; that the accumulated earnings of laborers in savings banks would be partially withdrawn, and that in consequence the business of the country would 6e rapidly curtailed. The uncertainty of what would be tho final outcome in this transformation increased the troubles. The manufacturer could not afford to pay the price for materials under one system and sell his products under another system. The importer could not import manufactured articles at the Mckinley rates of duty and sell them in com petition with later importations, on the basis of free trade or tarin for revenue duties The merchant could not afford to buy in market necessarily unstable The result of this was paralysis of manufacture and of trade. A suggestion from President Cleveland or from the leaders Of his party, that radical changes would not be made that no revolution in our industrial system was contemplated, would have mended matters. This word was much needed, but was not uttered-on the contrary 1t was given out that the system of robbery and spoliation' would be destroyed. This was the potential cause of our distress and of the financial troubles of the last eighteen months.
 The Panic of Dlstrust.
 With 1t came distrust of credit Manufac- turers were asked to pay, savings banks pre- pared for crisis which they saw approaching Accompanying this industrial disturbance was what might be called bankers panic, arising from over speculation and undue expansion Of credit and from the fear that our gold would go out to pay for this probable large increase of imported goods. that the continued pur- chase of silver and the Issue of treasury notes for such purchases would impair our power to obtain the parity in value of all our money, gold silver and paper, the latter increasing at the rate of S3,0OO,00) or sI0O0,000 per month, and the treasury balance began to run down because of diminishing revenues These fears of trouble respecting our currency were not wholly groundless, but with the cooperation of the banks there was still ample gold to main tain parity. But dlstruSt once having taken possession of the public mind like appetite grew by what 1t fed on, md money panic set in and became universal. Universal business distress followed, The president called con gress tn special session. The democratic leaders were not in accord with the presl- dent They were willing to stop pur- chaSeS of silver, but wanted free coinage of silver instead They were willing to jump from the frying pan, but wanted to jump into tho fire. At length they stopped the debate, and with . majority of the republicans and a minority of democrats the purchasing clause of the sherman law was repealed This allayed the money panic, but it did not stop the dis tress. The industrial trouble was acute Money was plenty, but not in demand. Labor CTS were out of employment and walking the streets for bread, manufactories were closed business remained stagnant, Then came the Wilson bill, full Of free trade and full of dis tresS for the wOrl,ingman, and for the business man, but there was a feeling that soon we would know the worst, and that we could begin again or surrender. Then came the struggle in the senate and the result. It is not as bad as we anticipated but 1t is bad enongh. Fires will be rehndled, many industries will start up again with reduced wages, others will not be able to live under the rates of the act Of 1894 with continental and English prices for laborin competition, even by reducing wages So that the great distress and disaster of the last
 
 democratic party, and no sophistry or specia pleading can change the facts which fix the true cause Of all this distress directly upon tho organized democratic party,
 House Tarifr BllI.
 Now eighteen full months of President Cleveland'S administration have passed into history, as also eighteen months of the life of the Fitty-third congress- during which time congress has been in session thirteen months trtsh h c te.,. e \. November. With majority of eighty in the house and q clear working majority in the sen ate, they entered upon these promised reforms | and the law of 1894 is the result MT Mills | stated in the senate that not a thousand peo- | pie in the United States would be satisfied | with the law. This of course, was an exag- geration, but in form correct as the republican | party is dissatisfied with 1t because 1t does not thoroughly and symmetrically discriminate in | the levying of duties for the protection of | American labor and American producers and | the democrats because it does not uproot the | policy of protection so long and so thoroughly | in our American system. The body | of the party in the house and the president de- l nounce the bill because 1t does give protection | In spots to the American producer, permitting our laborers to continue work on reduced scale of wages, and they promise that this war on our industries shall go on until their plans and purposes are executed.
 But neither the house bill nor the senate amendments were constructed upon the prin- ciple proclaimed in the democratic platform of 1892 Favoritism ran through every feature of the bill as 1t came from the house. Every southern industry except sugar had the eIe- ment of protection in its framework; and sugar was protected by bounty Wherever a south ern industry was touched a gentle hand was laid upon 1t, or no hand at all. In the northern states special industries were selected for pro- lection, while the great body of the industries were selected for slaughter. As respects every agricultural product of the north such duty md rates of duty were provided as would en- lble the farmers of the Dominion of Canada to bring their products into our country unim- leded by revenue duties even, and without pro- ection to our agriculture, and resulting in treat loss of revenue
 They marked many industries for absolute and others for gradual decay, and others were preserved without change But in III this adjustment they reduced the revenue 75 OO0,00O creating present deficit of that sum md a permanent deficit of from $25, 900 900 to, 50 OOO,OOO
 These are some of the details of the house Jill before 1t reached the senate They went ,eyond any public declaration heretofore made as respects the method of raising evenue to support the government Tn all the lebates of 1892, in all the public utterances of