The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-27

Inc new GApital invested amounts 70 $4us 49,
Uov ana tne number of additional employees
! $3.50 During the first six months Of tire
present calendar year, 1856 new factoraes were
eEh 1 1I m dGn s0sfe rooIs s s
| fifteen silk mills. four oplush mills and two
linen mills. or thetforty cotton mills TWEEN
| ty One have been II built in the Southern
/ states.
HThis7 fairly describes Il the happy condition
| Of the country In December, 1892. What has
sages Of President cleveland from the begin
1 ming of his second administration ito the
| present time, abound with descriptions OF the
| deplorable industrial and financial situation
of the country. Whiledno appeal to history
/ or official statement is required to advise us
of the present condition and that which has
/ prevailed during the past three yearss l. ven
! ture to quote from President Cleveland's first
message Aug. 8, 1855 addressed ptos theq Fifty
i third congress- which he called together in
extraordinary session: rps -s-ef ts,ve srt ~
/ 1.-The existence OF an alarming and extra
| ordinary business situation said he, ~invo3y-
ing the welfare and prosperity of all our peo-
pie, has sconstrained me to call together sin
| extra session the people's representatives in
congress toa thea endg that, through the7 wise
| and patriotic exercise of legislative duties,
with which they solely are charged, the press
| ent evils may be mitigated and dangers
1 threatening the future may be sayerteds. Our
unfortunate financial plight Is not the result
Of untoward eventsp norr Of conditions related
| to our natural resources. Nor Is it trace
able to any. ofathes Affections which, frequently
check national growth and prosperity. With
1
remunerative production, and manufacture,
with unusual Invitation to safeI Investment
and with satisfactory assurances to business
| enterprises, suddenly fnancHl = distrnst and
! fear have sprung up on every side. Numerous
| monied institutions have suspended. because
| abundant assets were not Immediately avail
1 able to meet the demands of frightened de-
positors. Surviving corporations and indiyid-
uals are content to keep In hand. the money
] they are usually anxious to loan, and those
i engaged in legitimate business are surprised
to find that the securities they offer for loans,
4 though heretofore satisfactory, are no longer
accepted Values supposed to be fixed, are
/ fast becoming oonjectural, and loss and fall
ure have invaded every branch of business Z
THE CAUSE EOF oTHEU CHANGE.
| What startling and sudden change within
| the short period of eight months froIne De-
cember, 1892. to August, 1893 What had
I Cured A. ehange of administration; a~alf
branches OF the government had been en-
| trusted tofsthe Democratic party, which was
committed against the protective policy that
had prevailed uninterrupted fora more gthaIs
thirty years and brought unexampled pros
perity to the country, and firmly pledged tor
4 its complete overthrow and the substitution
ofya tariff for revenue only. The change havN
| ing been decreed by the elections in Novem-
Der; it's effects were at once anticipated and
| felt. We cannot close our eyes to these al
| tered conditions. would 1t be wise 5toeex-i
| clude from contemplation and investigation
the causes which produced them. They, are
| facts which we cam not as people disre-
/ gard, 9and I'VE canoonly hope Eto improve our,
present condition by study OF their
causes. aaauna
| In December, 1892 we had the same cur
rency and practically the same volume, Of.
sae ss zos 81 have 1s9 % L 3 q
1894 $2,323, 442, 1862, and in December, 1895,
81, 1914, 900 23o. 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, there
| FORE to account for this sudden and aggra-
! o+al ;pIr c4ria al oh u "a q
! deprecated in our financial system, 1T must
everywhere be admitted that our money has
been absolutely good and has brought neither
/ loss nor inconvenience to its holders. A
/ deprecated currency has not existed to FUR
Their vex the troubled business situation.
GOOD MONEY NEVER MADE TIMES
HARD.
/ 1t is a mere pretence to attribute the hard
] times to the fact that all our currency is on
/ a gold basis. Good money never made times
| hard Those who assert that our present IN
dustrial and financial depression is the re-
| suit Of the 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 employment and industry,
than in the busy t from Su to 7Ss
/ gold basis and employed more gold money
/ in its fiscal and business operations than ever
before. We had, too, protective tarln IN
/ der which ample revenues were collected for
/ the government, and an accumulatlng sur
| plus which was constantly applied to- the
payment 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 nave
at work When money sis. employed men ntad are
and remuneratively engaged during all the
| years of protective tariff legislation When
those who have money lack commence IN IN. me
| will not part with their money. Business
is stagnated--the lfe-bloed Of trade is check
ed and congested. We cannot restore pubic
coincidence BY an act which would revolution
| ize all values, or an act which entails oe-
! fciency IN the public revenues. We cannot
inspire confidence by advocating rrepuolatlon a
mr. t,racticirg dishenesty.a We cannot restore
] confidence, either to the treasury or to the
| people without change in our present. TAR
/ iff legislation.
/ THE TARIFF OF 1894.
/ The only measure of general nature that
/ affected the treasury and the employment OF
/ onr people passed by the Fifty-third congress
was the general tariff act, which did not re-
! ceive the approval of the president: WhaI-
ever virtues may be claimed 1or tnat act,
there is confessedly one which IT does not
possess. 1t lacks the esseis-al virtue OF It's
| creation-the raising of, revenue sufnc1ent 70
supply the needs of the government. IL mas
/ at no time provided enough revenue Tor such
needs but 1t has caused constant den-
cheney in the treasury and steady. deple-
ton in the earnings OF labor and land 1t has
/ contributed to swell our national dept more
/ than 1882 600, co., sum nearly as great as
the debt Of the government from. Washington
/ to Lincoln including aH our foreign wars
| from the Revolution to the Rebellion. Since
| its passage work at home has been dimin-
ished prices of agricultural products have
| fallen; confidence has been arrested, and
| general business Decentralization Is seen on
every hand.
TARIFFS OF 1890 sAND41894 sCONTRASTED
| The total receipts sunder the tariff of 1894
ifora the, first TWENTY-FIVE months of it's en-
forcement from September, 1894, to June, 1886
were 4$557s 1928. yand the expenditures $500
! 1854, or deficiency OF $s2, 8O3O4 The
decrease in the exports Of American products
and manufactures during the first fifteen
months of the present starin, as contrasted
| with the exports of the first fifteen months of
| the tariff of 1890, 1920 353, $40 The excess
of exports over imports during the first ff-
teen months Of the tariff of 1890, was $2139
1858, but only $50, 1853, 623 under the h,rst if
teen months OF the tariff of 1894, loss under
the latter Of $157, ia, 345 The net loss in the
/ trade balance of the United States has been
1 1886, 9S3 ,607, during the first fifteen months OF
the operation of the tariff of 1894 as compared
1 with the first fifteen months OF the tariff Of
1890. The loss has been large, constant and
I steady at the rate OF $13, 10000 per month,
or $500, 600 for every business day of the year.
We have either been sending too much mon
i ey out OF the country or getting too little In,
or both. We have lost steadily Id both d.
rections. Our foreign trade has been di-
n1inished and our domestic trade has suffered
| incalculable loss. Does not this suggest the
cause of our spresent depression. and Indicate
/ its remedy? Confidence In home enterprises
4 has almost wholly disappeared Our shops
] are closed, or running on half-time at reduced
wages ana small profit II not, actual loss
! Our men at home are idle, and while they
are idfes men abroad are oecupfedin supply-
] ing US with goods Our unrivaled home mar
ketefer the farmer has also greatly suffered
because those who constitute 1.-THE great
j army of American wage earners-sare- without
/ the work and wages they formerly had. II
1 they cannot. earn wages they cannot buy
employment and when they DO mot earn the