The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-03


of protection and was never more ear
nest in its support and advocacy than
now. If argument was needed to
strengthen its devotion of the american
system" or increase the hold of that
system on the party and people it is
found in the lesson and experience of the
past few years. Men realize in their
own daily lives what before was to
many of them only report, history or ira
dition. They have had trial of both
systems and know what each has done
for them.
DEMANDS OF PUBLIC ENIGEN-
CIES.
Washington, in his farewell address.
September II, 1876. hundred years
ago. said:
las very important source of
strength and security, cherish public
credit. One method of preserving it is
to use 1t as sparingly as possible: avoid
ing the accumulation of debt, not only
by stunning occasions of expense, but by
| vigorous eXertiOns in time of peace TO
discharge the debts which unavoidable
wars may have occasioned; not throwing
upon posterity the burden which we
ourselves ought to bear"
10 facilitate the enforcement of the
maXims which he announced he de-
clared 1T is essential that you should
practically bear i'll mind that towards
the payment of debts there must be
revenue and to have revenue there must
| be taxes; tnat no tax can he devised
which is not more or less inconvcnient
or unpleasant; that the intrinsic en-
barrassment inseparable from the selec-
ton of the proper objects. which is only
Il choice of difficulties. ought to he n de-
cisive motive for a candid spirit of ac-
! quiescence in measures for obtaining
revenues which public eXigcncies may at
any time dictate"
Animated by like sentiments. the peo-
pie of the country must now face the con
ditions which beset them.
The public eXigencies'' demand
prompt legislation which will avoid he
accumulation of further debt by provid-
ing adequate revenues for the expenses
| of the government. This is manifestly
the sentiment of duty. If elected presi-
| dent of the United States it will be nv
aim to promote this object and give that
ample encouragement to occupations of
American people which. above all else
| is so imperatively demanded at this
| juncture of national affairs.
OUR CONDITION IN 1892.
In December, 1892. President Harrison
sent his last message to congress. 1t
the resources of the country 1t stated
our situation so accurately that ! am
sure It will not be amiss to recite his
official and valuable testimony.
There never has been time in our
history" said he, when work was so
abundant or when wages were so high,
whether measured by the currency in
whlch they are paid or their power to
supply the necessities and comforts of
life. The general average of prices
mas been such as to give to agriculture
II fair participation in the general pros
perlty. The industrial plants cstab-
llshed since October 6. 1890. and I'M to
October %. 1892, number $40. and the
extensions of existing plants, los. The
new capital invested amounts to $40
446,06O and the number of additional
employees 37.2S5. During the first six
months of the present calendar year 1885
new factories were built of which forty
were cotton mills, fOrty-eight knitting
mills. twenty-siX WOODEN mills. fifteen
silk mills. four plush mills and two
linen mills. OF the forty cotton mills
twenty-one have been built in the south
ern states"
This fairly describes the happy conJ
ton of the country in December. 1892.
what has 1t been since, and what is it
now?
ElGHl MON1IIS LATER.
The messages of President Cleveland
from the beginning of his administration
TO the present time abound with dcscrip-
tons of the dcplorablc Industrial and
financial situation of the country. While
no resort to history or official statemcnt
is required TO advise us of the present
condition and that which has prevailed
during the past three years, | venture to
quote from President Clcypland's first
message of 1893, addressed to the Fifty
third congress. which he called together
i'll extraordinary session:
The existence of an alarming and en-
tfaortlnary business stagnation," said
he, Involving the welfare and prosperity
of all our people. has constrained me to
call together i'll extra session the people $
representatives in congress to the end
that through the wise and patriotic eycr-
else of the legislative duties with which
they solely are charged the present evils
may he mitigatcd and dangers threaten
ing the future may be avoided. Our un-
fortunate financial plight is not the re-
suit OF untoward events nor of conditions
related to our natural resources Nor is |
it traceabc to any Affections which fire.
qucntIy check national growth and pros
perlty. with plenteouS crops. with album |
dant promise of rcnumcrativc production |
and manufacture, with unusual invita- |
ton to safe investment and with satsfac-
tory assurances to business enterprise. |
suddenly financial distrust and fear lave |
sprung on every side. Numerous monicd |
institutions have suspended because |
abundant assets wore not Immediately |
available to meet the demands of fright |
encd depositors. Surviving corporations |
and individuals are content to keep in |
hand the money they are usually anxious |
to loan and those engaged in legitimate |
business are surprised to find that the |
securities they offer for loans. though |
heretofore satisfactory, are no longer |
accepted. Values supposed to be fixed |
are fast becoming conjcctural and loss |
and failure. have invaded every branch
of business.
THE CAUSE OF THE CHANGE.
What II startling and sudden change
within the short period of eight months
from December, 1892, to August, 1893.
What had occurred! A change of ad-
ADMINISTRATION. All branches of the govern
mcnt had been entrusted TO the demo-
cratic party which was against the pro-
tcctive policy that had prevailed unin-
terruptedly for more than thirty-twO
years and brought unexampled pros
perity to the country. and firmly pledged
Vlt. l..