Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-09-03

M s3NhAN ~ lsiF Atlsitt III IlB>tEklAy VI
NIL our people. .las constrained me to call
together In extra session the peoples repre-
! sentatiyes In congress-. to the end. through
| the Wise and patriotic exercise OF legislative
duties with which they solely are charged,
! the present evils may be mitigated and
dangers threatening the future may be
ayerted. Our unfortunate financial plight
Is not the result of ultoward events nor
of conditions related to our natural re-
sources. Nor Is II traeeable TO any of the
Affections which frequently check national
growth and prosperity. With plenteous
| crops, with abundant promise of remunera-
| tive production and manufactures. With I'm
usual invitations to safe Investments, and
with satisfactory assurances to business
enterprises, suddenly financial distrust and
fear have sprung up on every side. MI
merous monied institutions have suspended
because abundant assets Were not immedi-
ately available TO meet the demands OF
frightened depositors. Surviving corpora
tons and individuals are content to keep
In hand the money they are usually anx-
ions 10 loan. and those engaged In iegiti-
mate business are surprised TO find that
the securities they offer for loans. though
heretofore satisfactory, are no longer ac-
cepted. Values supposed to be fixed are
fast becoming conjectural, and loss and
failure have invaded every branch of busi-
ness"
The Cause of the Change
Nhot ~ siditiinS anu Suuutu CuduSt WltU-
In the short period Of eight months, from
December, 1892, to August, 1893. What had
occurred? A change of administration all
branches OF the government had been en-
trusted to the Democratic party. which was
committed against the protective policy that
had prevailed un~interruptedly for more
tnan thirty-two years and brought unex-
ampled prosperity to the country and firm
ly pledged ID its complete overthrow and
the substitution of a tariff for revenue only.
The change having been decreed by the
elections In November, its effects were at
once anticipated and felt. We cannot
close our eyes 10 these altered conditions.
nor would it be wise to exclude from con-
temptation and investigation the causes
which produced them. They are facts
which we cannot as a people disregard, and
we can only hope to improve our present
condition by a study Of their causes.
! In December, 1892, we had the same cur
rency and practically the same volume OF
currency that we have now. 1t aggregated
In 1892 $2.3I2, 800. sol; in 1893, s., 323. Oo0,-
o00: in 1894, 1898, 40, 1862, ard in Decem-
Der, 1885,. 81, 194, 900, 230 The per capita Of
money has been practically the same dur
ing this whole period. The quality of the
money has been identicai-all kept equal to
gold. There is nothing connected with
our money. therefore, to account for this
sudden and aggravated Industrial change.
Whatever Is to be deprecated In our finan-
cial system, Ii must everywhere be admitted
that our money has been absolutely good
and has brought neither loss nor conyen-
fence TO its holders. A deprecated cur
rencv has not existed TO further vex the
troubled L~usiaCss situation.
Good Money Never Made Times Hard
1t Is q mere p~retense TO attribute the
hard times to the fact that all our cur
rency is on a gold basis. Good money never
made times hard. Those who assert that
/ nur prasput industrial anJ gnnpaial JappaS-
sion Is the result of gold standard have
not read American history Alright, or been
| careful students Of the events of recent
years. We never had greater prosperity
In this country, in every field of employ.
ment and industry, than in the busy years
from 1850 TO 1892, during all of which
time this country was on a gold basis and
employed more gold money in its fiscal and
| business operations than ever before. We
had, too. a protective tariff, under which
ample revenues were collected for the gov
eminent, ana an accommodating surplus
which was constantly applied to the pay
ment Of the public debt. Let us hold fast
to that which we know is good.
| 1t is nor more money we want; what
we want is to put the money we already
have at work. When money Is employed
men are employed. Both have always been
steadily and remuneratively engaged dur
Ing all the years Of protective tariff legis-
lation. When those who have money tack
confidence In the stability OF values and in
yestments they viii not part with Their
/ money. Business is stagnated-the life
| blood of trade Is checked and congested.
| We cannot restore public confidence by an
act which would revolutionize all values,
or an act which entails a deficiency in the
| public revenues. We cannot inspire conf
/, dence by advocating reputation or prac-
| ticing dishonesty. We cannot restore con-
fdence, either TO the treasury or to the
people. without a change In our present
tariff legislation.
The Tariff of 1874.
The only measure of a general nature that
| affected the treasury ami the employment
| of our people passed by the Fifty-third con-
| gress was the general tariff act. which did
not receive the approval of the president.
Whatever virtues may be claimed for that
act there is confeSsedly one which Ii does
not possess. 1t lacks the essential virtue Of
its creation--the raising of revenue sufficient
TO supply the needs of the government. 1t
has at no time provided enough revenue for
| snch needs, but IL has caused n constant de-
ficiency in the treasury and a steady deple-
tion in the earnings of labor and land. 1t
has contributed TO swell our national debt
more than $2G2, 100000, a sum nearly as
| great ms the debt of the government from
| Washington to Lincoln, including all our
| foreign wars, from the Revolution TO the
Rebellion. Since its passage work MT Nome
1 hiS Dtth tlII1IiSiith. pIitts Vi usElCHllutdl
| products have fallen: confidence has been
| arrested. and general business demoraliza-
tion is seen on every hand.
The Tariff % 1870 and 1894 Con-
trnsted.
The total receipts under the tariff of 1894
for the first twenty-five months of its en-
forcement, from September, 1884. to June,
1896, were 1857 Gl5.32S, and the expendi-
| lures S640,AlS. 1914, or a deficiency of $751;
sos. 0i5. The decrease in our exports Of
| American products and manufactures during
the first fifteen months of the present tariff,
as contrasted with the exports of the first
fifteen months of the tariff Of 1890, was
S22O,353,3 $40. The excess of exports over
imports during the first fifteen months OF
the tariff of 1890 was S213, 912. 9f6, but only
Sc, T5S,623 under the first fifteen months Of
the tariff of 1904, a loss under the latter Of
Sl57 .2l4.3i5. The net loss In the trade bal.
ance of the United States has been $780,
9S3, 607 during the first fifteen months oper-
alton Of the tariff of 1894, as compared
with the first fifteen months of the tariff
of 1890. The loss has been large, constant
and steady. at the rate of S13. 130, 900 per
month, or 100000 for every business day
of the year.
Losing I'm Both Directions
We have either been tending too much
money out OF the country or getting too
1 lttfla In or both Wa haya Last ctaa1iIv