The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-08-11

Senting capital has Widened until it
has become well-nigh impossible of
being bridged.
Like the legacy of protective legisla-
ton, these financial enactments were
the gifts of Republican success to the
deceived and despoiled people trusting
that party. AS must inevitably be the
case, one evil aggravated the other
and the full effect of the conjoined in
EQUITIES came upon the people stimuli
taneously. The portendings of the
storm heard in the latter part of
President Harrison's administration
and noticed in the Juggling with. the
treasury funds by Mr.. Foster his sec
rotary of the treasury, eliminated
when the change in the administration
occurred.
Mr. Cleveland's administration, I'M
sheltered, had to meet the full force
of the unimpeded blast that had gath
cred as it approached the day of DEM
ocratic control of government.
Add to this the fact that for thirty
years we have had a reign OF criminal
extravaganza; that state. county, city
and individuals alike, regardless of
pay day-which must come at some
time-have gone in debt much beyond
their ability to pay even the interest,
in many cases; and you have Operat-
ing to a common result the causes
which brought on the period of liquida-
ton and reimbursement, beginning with
the failure of Barring brothers, in
the fall of 1890.
The Second Term.
Thus at the commencement of Mr.
'Cleveland's second term. with a legacy
of debt and paternal legislation tina was
but beginning to yield logical and in
evitable result; with financial policy
that had favored the money-lender and
increased the burdens of the taxpayer;
and with a system Of indirect taxation
under the guise of protection to Ameri-
can industries that had taken all from
the producer and centered it in the
hands of those that toiled not, until
the purchasing power of the people
had so decreased that even the bene-
fciarieS of the system were themselves
being ruined, what could follow but
financial alarm and industrial COZ
lapse? Men do not gather figs from
thistles, neither does the imagination
produce industrial results. The finan-
cial anxiety existing on the day of
Mr. Cleveland'S second Inauguration
was the legitimate child of Republican
protective and financial legislation,
just as the failures that followed the
resumption act and that series of acts
by which the money standard of the
country was made to conform to the
desires of the bondholder were the ma
tural product of a restricted circulat-
ing medium at the very hour when
the stimulant of protection was Great
ing an unreal prosperity that could
terminate only in disaster. 1t was the
unhappy lot of the Democratic party
to reassume control of government at
an hour when no hand could stay the
coming of conditions that were as GER
tain as that the rising of the sun must
follow the setting thereof. AS a party
of eXpediency and as ever building on
the suffering and the ignorance of the
people, the Republican party, like the
cutie fish, muddled the political
waters, and not only so escaped the
just responsibility of its own acts, but
laid the burden of its own misdeeds
so successfully at the door of Demo-
Gratis, that the party was whipped for
what it had not done, while Republic
cans were honored by the suffrages of
the people. 1t is, however. to the credit
of Mr.. Cleveland that he has so guided
affairs as to prevent the ruin to which
the whole nation seemed hOpelessly
destined, because of Republican mis-
deeds; but a new era, founded on
wiser and truer principles, has SET in.
The wonder is that even this nation
with it's energy, enterprise and its
vast endowment of resources, should
so soon be able to give evidence of
That it is so is certain
ly to the credit of Mr.. Cleveland in no
measure.
The panic that was precipitated upon
our country within eight weeks after
Mr. Cleveland's Inauguration was only
kept from falling on Mr.. Harrisons
head while he was president by the
Short crops Of Europe in 1891, which
gave to our country market for the
immense surplus it then had on hand
Such was the condition of the ccun-
try when Mr.. Cleveland was installed
into office on the fourth day of March,
1898. and with which he and his party
in Congress have had to deal.
4 Depleted Treasury.
He found depleted treasury-caused
by the obstructive methods of the Nc
Kinley bill-whose deficit has increased
with each recurring month. He found
the expenditures of the government
increased by the preceding adminlstra-
ton. and. this done in such manner
as to make it almost impossible, at
least for some time, to reduce them.
He found the government without
a reliable system of finances and en-
barraSSed almost to the point OIL los
ing its credit He found hundreds OF
thousands of men out of employment,
which brought on strikes and conse-
uuent strife verging on rebellion IN
several states of the Union. He found
a country whose commerce was BADLY
crippled. and finally, a financial panic
whose severity has never been equaied
in the history of our time, If at all.
To bring the country out of all TINS
chaos and to put it into normal con-
jition was the task to which MI.
administration invited MN,
when he took his seat as president on
the fourth day of March, 1898
1t is not pretended that Mr.. Cleve-
and has not made mistakes, but TO one
who has followed his administration
with the constant interest and Keen
solicitude that L have, the wonder is
hat he has done as well as he mas
confronted with the difficulties which
him.
The first and most important duty
because immediate danger was pend
ing. was to see that the credit OF the
government was maintained
The secretary of the treasury, under
-, o~.,,ra Of DnSitiVa statutory en-