The Dickinson press., 1896-09-12

O0A tAS u 0bA ~ VI ny
present calendar year. 1876 new factories
were built, Of which 40 were cotton mills.
4S knitting mills, 26 wooden mills. Is silk
mills, : plush mills, and 2 linen mills. OF
tie forty cotton mills. twenty-one have
been built in the Southern states This
fairly describes the happy condition of the
country in December, 1892. What has II
been since, and what is It now?
Eight Months Later.
1.-The messages Of President Cleveland
istration to the present time abound with
descriptions Of the %deplorable industrial
and financial situation Of the country.
While no resort to history or official state.
ment is required to advise us of the present
condition and that which has prevailed
during the past three years, l venture to
quote from President Cleveland's first
message. Aug. 8, 1898, addressed to the
Fffty-third congress. which he had called
together in extraordinary session.. The
existence of an alarming and extraordinary
business situation said he, involving the
welfare and prosperity Of all our people,
has constrained me to call together in
extra session the peoples representatives
In congress. to the end that through the
wise and patriotic exercise Of the legisla.
tive duties with which they solely are
NAoA 6SAs ~ pl06cuL evils may 10 WllIs
gated and dangers threatening the future
may be averted. Our unfortunate financial
plight is not the result of untoward events,
nor OF conditions related to our natural re.
sources. Nor is it traceable to any of the
Affections which frequently check national
growth and prosperity. With plenteous
crops. with abundant promise of remun.
erative production and manufacture, with
unusual invitation to safe investment, and
with EQfiSfqctOrv oSSrronoou tn hVcinoSs
enterprises. suddenly financial distrust an6
fear have sprung up on every side. Numer.
GUS moneyed institutions have suspended,
because abundant assets were not imme.
diately available to meet the demands OF
frightened depositors. Surviving corpora.
tions and individuals are content to keel
In hand the money they are usually
anxious to loan, and those engaged liz
legitimate business are surprised to ind
that the securities they offer for loans
though heretofore satisfactory, are nc
longer accepted. Values supposed to be
liked are fast becoming conjectural ans
loss and failure have invaded every branch
CT business
What a startling and sudden change
within the short period of eiga. months,
from December, 1892, to Ausce:, 1893!
What had occurred? A change of ad.
ministration; all branches of the govern.
ment had been entrusted to the Democratic
party which was committed against th~
protective policy that had prevailed min.
terruptedly for more than thirty-two yearl
and brought unexampled prosperity to the
country and firmly pledged to 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 to these alter.
ed conditions, nor would 1t be wise ia
exclude from contemplation and investiga.
ton the causes which produced them. They
are facts which we cannot, as a people,
disregard, and We can only hope to im-
prove our present condition by a study
Of their causes. In December, 1892, we
had the same currency and practically the
same volume Of currency that we have
now. 1t aggregated in 1892 $2,372, 500, SOL
in 1893 1928, 900, 900; in 1894 $2,323, 442, 1862,
and in December, 1895. 5 2,194. 900, 230. The
per capita Of money has been practically
the same during this whole period. The
quality Of the money has been identical
all kept equal to gold. There is nothing
connected with our money, therefore, tc
account for his sudden and aggravated
industrial change. Whatever is to be
deprecated in our financial system, II
must everywhere be admitted that oul
money has been absolutely sound and has
its holders. A deprecated currency ha.
not existed to further vex the troubled
business situation.