, 1896-08-31
invitations to safe investment, and with

satisfactory assurances to business en-
terpri5es, suddenly financial dis-rust
and fear have sprung up on every side.
Numerous m%oneyed Institutions have
suspended, because abundant assets
wsre not Immediately available to meet
the demands of frightened depositors.
Surviving corporations and individuals
are content to keep in hand the money
they are usually an..CI3 20 loan. and
chose engage n legitimate business
are surprised 10 md tina the securities
they Offer for 'oans, though heretofore
satisfactory, @e no longer accepted.
Valu S supposed to be fixed are fast be-
com ng conieclurLl, and loss and fail
IRE nav invaded every branch of bust
TC.s.'
CAUSE OF THE CHANGE.
What : startling and student change
vii lin the short period of eight months
frOn December, 1892, to August, 1898!
What Ind occurred? A change of ad-
eminent had been intrusted to the DEM
ocra n party. which was committed
aG4ils. the protective policy that had
prev Ned uninterruptedly for more
chan 81 years and brought unexampled
pros. Gritty TO the country, and firmly
! piCig Z o its complete overthrow and
the Substitution of a tariff for revenue
only. The change having been decreed
! Nv .rn aIrptinr. ;r NTrry,,,1 10, t.. 81
fuats wers at once anticipated and felt.
We can not close our eyes to these al
tered co editions, nor would it be wise
10 excl lie from contemplation and in
Vest!ga ion the causes which produced
Them. They are facts which we can
not as 4 people disregard, and we can
only ! pc TO Improve our present con-
dftiCa y a study of their causes. In
Dectmi ar. 1892, we had the same cur
rcncy a ! practically the same colume
81 currel that we have now. II ag-
created in 500 $2.372, 599, sol; in 1898.
S2.323. 00O, 900; n 1894, S2,323, 442. 1862;
md in Decemb,. 1895, 81, 19i, coo, 23O.
The per capita of mon : Nas been prac-
IDEALLY the same during this m-.JIc per
iod. The quality of the money has been
identical-all kept equal to gold. There
is nothing connected with our money,
therefore, 20 ccount for this sudden
AMI aggravated industrial change.
Whatever is 70 be deprecated in our
fln2Icial system, it must everywhere
La, ,I,,saE.l ,L,k . h.
brought neither loss nor inconvenience
to lis holders. A deprecated currency
has not existed TO further veX the trou-
bed business situation.
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 as
sert that our present industrial and
financial depression is the result 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, 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 han ever be-
fore. We had, too. a protective tariff,
under which ample revenue were col
lected for the government, and al ac-
cumulating surplus, which was con-
SANITY 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 n 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
during all the years of protective tariff
legislation. When those who have mon
ey lack confidence in the stability of
values and investments, they will not
part with their money. Business is
stagnated-the ~life-blood of trade is
checked and congested, We can not re-
store public confidence by an act which
would revolutionize all values, or an
act which entails deficiency in the
public revenues. We can not inspire
confidence by advocating reputation
or practicing dishonesty. We can not
restore confidence, either to the treas
ury or to the people, without a change
in our present tariff legislation.
THE TARIFF OF 1894.
The only measure of a general nature
that affected the treasury and the en-
pioyment of our people passed by the
Fifty-thiR@ongress was the general
tariff act, which did lot receive the ap-
proval of the president. Whatever vir-
tues may be claimed for that act there
IS confessedly one which it does not
possess. II lacks the essential virtue
Of its creation-the raising of revenue
sufficient to supply the needs of the
government. 1t has at no time provid-
ed enough revenue for such needs, but
it has caused a constant deficiency in
the treasury and a steady depletion in
Che earnings Of labor and land. 1t has
contributed to swell Il national debt
more than 1852, 900, 900, a sum nearly as
great as the debt OF the government
from Washington to Lincoln, including
all our foreign wars from the revolu-
tion to the rebellion. Since its passage
work at home has been diminished,
prices OF agricultural products have
| foI1ap. oorRdorno 1o, Loor r,octad