The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1896-09-03

december, 1852, President Harrison,
ns ''sL message to congress. II was
M "pie ana exhaustive review of the con.
ui'ion ana resources of the country It
sta'eu our situation so accurately that !
am sure II will not be amiss IN racito bns
official and valuable testimony "'
"lhere never has been a time +, opr
history SAID ne. WHEN work was more
auunu'ht OF when wages were SO high
Nhetnef measured by the currency in
which they are paid or by their power 10
nmuupp's ,ne hec"SSarics and comforts of
- general average Of prices has
beeh such as to give agriculture a fair mar
tlcipation in the general prosnoritv 'rbo
new Industrial plants established since
octoDer u, 1870. and mp to October ~
iS32' number 3i5. and the extensions Of
existing plants los. The new capital in
'csteu amounts TO $40, fi6, O6O. and the
number of additional employees ~ os5
During the first six months of the prescnt
calendar year 80 new factories were bujIt.
or which forty were cotton mills. forty.
eight Knitting mills, twenty-six wooden
mills, fifteen silk mills. four plush mills
ana two linen mills. OF the forty cotton
mills twenty-one have been built in the
Southern states"
This fairly describes the happy condi-
ton or the country in December, 1892,
what has 1t been since and what Is il
now?
our Condition Eight Months Later
Inc messages of President Cleveland
from the beginning of his second admins
tration TO the present time abound with
descriptions of the deplorable Industrial
and financial situation Of the country.
while no report or official statement Is re-
CURED to advise us of the present condi-
ton and that which has prevailed durny
the past three years. | venture to quote
from President Cleveland's first message,
An0 g 1902 n1lrnSSnl 81, sLz "a 4.
congress, which he called together in ex-
traordinary session.
The existence OF an alarming and ex-
traordinary business situation" said he,
''involving the welfare and prosperity of
all our people, has 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 mitigatcd and
dangers threatening the future may be
averted. Our unfortunate financial plight
Is not the result of untoward events nor
or conditions related to our natural re-
sources. Nor is II traceable to any of the
Affections which frequently check national
growth and prosperity. With plenteous
crops, with abundant promise Of remunera-
tive production and manufacture, with UNI
usual invitations TO safe Investments, and
with satisfactory assurances to business
enterprises, suddenly financial distrust and
fear have sprung up Oh every side. Nu-
merous monied institutions have suspended
because abundant assets were not immedi-
ately available to meet the demands of
frightened depositors. Surviving corpora
tions and individuals are content TO keep
in hand the money they are usually anx-
ious to loan, and those engaged in legiti-
mate business are surprised to find that
the securities they offer for loans, though
heretofore SnfisflrtnpC T. No tnnunr nn.
cepted. Values supposed 10 be fixed are
fast becoming conjectural, and loss and
failure have invaded every branch Of bust
ness"
The Cause of the Change.
What a startling and sudden change with
In the short period of eight months. from
December, 1892, to August, 1893. What had
occurred? A change Of Administrations; all
branches Of the government had been en-
trusted to the Democratic party, which was
committed against the protective policy that
had prevailed uninterruptedly for more
than thirty-two years and brought uneX-
ampled prosperity to the country and firm
ly pledged to It's 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 to 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 S2,372, 500, 501; in 1893, 1898, OOO.-
900; in 1894, So, 323,4 42, 1862, and in Decem-
Der, 1895, s., 194,O0O go, The per capita of
,nna hna Jn,n nnnat;.n1I. xI1 l,-
ing this whole period. The quality of the
money has been identlcal-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 fnan-
clal system, 1t must everywhere be admitted
that our money has been absolutely good
and has brought neither loss nor conven-
fence to its holders. A deprecated cur
rency has not existed to further vex the
troubled business situation.
Good Money Never Made Times Hard
1t Is a mere pretense 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
our present Industrial and financial depres-
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, I'm every field of employ.
ment and industry. than in the busy years
from 1880 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, anu 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 not more money we want; what
we want Is to put the money we already
h,,, ~ unrL. Whnu mnuay iG pmnlovpd