The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-10-27
DEMOCRACY ARRAIonso.
Ex-Psosident, Harrison on IN" Cause o'
the Recent Panic.

Indiana eX-freaAdcnt nuLFlboh nPc"o
upon the ruinous policy of the demo-
cratic administration and gave his
reasons for believing IL 20 be the di-
rect cause Of the financial panic OF tho
present year At Fort Wayne Mr..
Harrison made n lengthy address IN
which he said:
My Fellow Citizens; when we have de-
bate on always like 20 find In the hrst place
the points OF argument 80 that We may ~ ~
10 discuss those things about which we dlhef.
find there Il q general agreement nov among
republicans aud democrats upon two propose
lions One is that have had vide anu
disastrous panic I'm which all our people nave
shared; the second IS that ono party or the
o,her-aemocrats or republicans-is In con-
siderable measure responsible 70 the people
Tor these evil times. Now that makes the dis
cussion easier a little. We have had ana We
are SiiIl in the shadow OF very evil times. inc
Turner has felt them The merchant has iert
them Above all the man who was dependent
UNION his daily wages for his living mas ielt
them because when he lost his JOB ne lost
everything whereas the merchant when MS
goods were marked down had still something
left.
There we're one or two features OF this panic
that / want 10 talk 10 you about In the MIST
place want TO say that In my opinion IL was
not one OF those panlcs which sometimes CONN
from oves-trading and oter-speculntlon' ~
ni.ises that we had entered into. We have had
such panics as that Ia this country, ana they
are always characterized by great deal OF lltl-
CATION In our courts. In the panic OF 1879 - tho
courts OF all our counties were crowded Win
col ection suits. Men we're being sued on /
notes and mortgages were being forecloscd !
That state Of things has not characterized TINS
panic through which we have Just gone. lheio |
has been little OF that 10 was not oVer-tfHo-
Ing and oyer-speculation II was not "hueut-
i et,sf fFffhf Ia
\ rs III had been We would have seen the
necessary incidents and concomitants ~ thas
sort OF thing ia the collection OF notes and fore
| closures OF mortgages all over the country
i when this panic began We had more money
i tn circulation per capita than We have had Tor
many years. 1his had come about in this way.
/ In tho FIRST place under what Is known a. the
| sherman law the silver purchasing law, under
which We bought i.bOOo ounces OF siNer
every month We issued large amount OF
what was called treasury notes 80 that the
| money ia circulation had been Increased ny
about $50 OOO.0OO by This new currency and had
been put out among the people The money IA
| circulation had also been enormously IN
creased by the reduction OF the surplus ~ 'ns
treasury.
.,You remember. my democratic fricnds-I
hone We are friends. for 1 have not any thing
unkind 10 say about anyone-you remember
when they made campaign upon the lhcoly
that the country was being ruined because
~
haze taken this money out Of the pockets ~
the people aud locked II up and IL is not doing
anybody any good That surplus had been py
the purchase Of government bohds reaucta
enormously ana the money was out among ma
people doing It's work. And then ~ the IN
4 creased pcnsionsa which 1 am glad 10 say re-
publican congress voted and approved WITH
pleasure and have never apologizod for an
enormous additional amount OF money Was put
IN circulation among the people until our
democratic friends changed the FORM OF INC IN
dictment against US.
They indicted us nrst for having TOO mueh ia
the treasury and now they say we left TOO lttle'
My point Is that the money Ia circulation was
so largely increased that " could not nave
been a lack OF money that brought on that
panic IL was not any lack OF confidence on
! the part OF the people in the money that was
IN articulation IL was not because they doubt
ed the value Of the bills or tho coin they had
In their pockets. IL was one OF the curious
: features OF that panic that men who had
money and went to the bank 10 get II ala not
care much what kind OF money was paid them
whether Il was silver certificates or what
mot They did not stop TO look at II, but lus'
: wrapped IL up In a newspaper and TOOK ~ nome
, and hid IL under tho bed or took Il 20 savings
deposit company hlrea ooA anu sNNN" - ~
tlese.
: erhe result was great scarcity OF money
$ hut presently the people got over their fear OF
y the banks and they brought the money PACK
i banks could not MAXI my RNt VI ~
Nobody wauted IL. There was no business pe'
j. ING done There were no solvent borrower
II who could use the money, and from that tlh'
|, 10 this that has been the situation 81 the couh
/ try All OF our banks have been hlled WIZ
money belonging 70 people VINO ala not wan
TO use IL
what was this expectation Of evil. Thu
10 dread Of catastrophe which came upon IN
people OF this country and which - still NOR
:. or less upon themi IL was the uncertainty
that the democratic success OF lst2 introduced
r The democrats said they we're going 70 destro
u thts protective system They we're going 1
= tear down this house that had sheltered u'
= From that time 10 this the people have Jus
- stood wondering. fearing drcading what migh
~ be done on that question.
o. At Upton later on Mr. Harrison agail
u referred 10 the hard times and said;
Ok ave have had hard times and the hardncs
~ touched every one. The capitalist who had AZ
money invested IN bonds ana stocks hus foun
y. their value enormously shrunken. His intcrc'
= has been dcfauted, his checks have bee
10 PASSED ana his wealth greatly curtalled. ~
is manufacturer who depended upon the proht
te his mill has been without proht lie has ~
IN tempted 70 save himself from loss by shuttlt
- down the mill aud putting out the fires lie h'
~ been contcnted 70 lose the interest on the I
: yestment ia his plant. The workinRman, Who
entire capital for tho support Of his wife ~
\ children and his orr maintenance was IA D
' II
has been fortunate II ne had - little store wi
which to tide him over Many stalwart, no
ea. hard working independent American wor
man has been compelled 20 appeal 10 his teilo'
Ia men for hclp-a thing he had neycrdonc beior
4 This condition has some upon us folloai
~ a period 81 the highest prosperity, ana the .
ginning OF Il was ooincldent In time with Z
auccess OF the dcmocr ratio party. This h
nothing To DO with tie question OF who
2 president II Is not question OF who 20
congressman u.s. Much less N u question
oho your governor Il. n Is question OF I
principles and polcief OF tho party that "
control Of the government The dcmocra
party entered oa tho c0ntrol o. the govcrnms
In All It's branches for the FIRST time since I
var with q platform declaring that IL y
- going 70 reyolutlonizo 'he tarin policy Of q
'fo country. IL was not ~ be mere modih'
mt ton: the house 70 come down 20
ground The structure was 20 be laid out
csc | new lines on the groun7 AS well as In the air
- 'iThey tell as that times are Improving
IT. | hot.. theV ara 1Nn1k God the republic