Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-27
THURSDAY, 1see-TwELvE PAGES


you should practically bear in mind that
toward the payment of debts there must
be revenue: that to-: have revenue there
must be taxes: that no taxes can be de-
nient or unpleasant; That the intrinsic em-
!barrassment inseparable from the selection
or the proper objects (which is always a
onoice OF difhcultiesl ought to be decisive
1notlVe Tor candid construction of the
conduct OF the government in making it,
and for spirit of i1acquiescence in the
measures for obtaining revenue which the
pupiic exlgenc1es may at any time dictate"
Animated by like sentiments, the people
OF the country must now face the condi-
lions which beset them. THE public ext
gencies demand prompt protective legisla-
tion which will avoid the accumulation of
1urther debt by providing adequate rev.
gmues lor the expenses of the government.
ms Is manifestly the requirement of duty.
II elected President of the United States 1t
will be my aim to vigorously promote this
OBJECT and give that ample encouragement
10 the occupations of the American people
winch ABOVE all else, is SO imperatively de-
nlaiueu at this Juncture of our national af-
fairs.
Our Condition in December, 1892.
In December, 1882, President Harrison
sent his last message to Congress 1t was
an able and exhaustive review of the con-
dition and resources of the country. It
stated our situation so accurately that
am sure 1t will not be amiss to recite his
oiiclal and valuable testimony. There
never mas been time in our history" said
ne When work was so abundant, or when
wages were SO high whether measured by
the currency in which they are paid or nv
thelr power to supply the necessaries and
comforts or life; and the general avera ge
vi prices mas been such as to give to agri-
culture a fair participation in the general
pi oSperity.
Inc new Industrial plants established
stno ocloper o. 1880, and up to October q,
go 80 NUMBER $40 and the extension of ex-
isting plants, 10S. The new capital invest
ed amounts to $40, 446, OGO, and the number
OF additional employees 37,2S5. During the
n1st six months of the present calendar
year l59 new factories were built. of
"nich ~ were cotton mills 4S knitting
Ll i' 20 wooden mills, 10 silk mills. 1 plush
mills and linen mills. OF the 40 cotton
mills, ~ have been built in the southern
states, rms fairly describes the happy
Ioholton OF the country in December 1892
what has it been since, and what is II
now?
our Condition Eight Months Later.
Inc messages of President Cleveland
from the beginning of his second admins
tfatlon to the present time abound with de-
scrlptlons OF the deplorable Industrial and
financial situation Of the country. While
no resort to history or official statement Is
required TO advise us Of the present condi-
tion and that which has prevailed during
tne past three years, l venture to quote
from President Cleveland's first message
August 8, 1S.l3 addressed to the Fifty-third
Congress. which he had called together in
extraordinary session. 1.-The existence of
an alarming and extraordinary business
SITUATION, said he, "involving the welfare
and prosperity of all our people has con-
strained me to call together in extra SEES
son the peoples representatives in Con-
siess, 10 the end that through the wise and
patriotic exercise Of the legislative duties
with which they solely are charged, the
present evils may be mitiga:ed and dam
gers threatening the future may be averted.
Our unfortunate financial plight is not
the result OF untoWard events, Lor of con-
ultions related to our natural resources
NOR Is 1t traceable To any of the Affections
winch frequently check national growth
ara prosperity. With plenteous crops, with
abundant promise of remuneraliye produc-
tlon and manufacture with unusual fryi-
tatlon TO safe investment and with salts
factory assurances to business ENTERPRISES
suddenly financial distrust and fear have
sprung up upon every. side. Numerous
moneyed institutions have SUSPENDED he
cause aDuEdant assets were not INN edilte-
~ available to meet the demands of fright
ehed depositors. Surviving corpora ions
aEd individuals are. content to keep in hand
the money they are usually anxious TO
loan and those engaged in legitimate D,,si-
ness are surprised to find that the securi-
les they oHer Tor foans, though heretofore
satisfactory. are no longer accepted Values
supposed TO be fixed are,fast becoming con-
)eeturaa, and loss and failure have Invaded
every branch of business"
The Cause OF the Change.
What startling and sudden change
within the short period of eight months.
from December, 1892, to August, 1893?
What had occurred? A change of admin
istration; all branches of the government
had been intrusted to the democratic party.
which was committed against the protec-
nnIirv hod ilaI,
tedly for more than thirty-two years. 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
enectS were at once anticipated and felt
we cannot close our eyes to these altered
conditions, nor would it be wise to exclude
from contemplation and investigation the
causes which produced them. They are
facts which we cannot as a people disre-
gard, and we can onl. 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, 54,501 in 1S93 81 1913, 600. 600:
in 1894, - 30. Az, 362, and in December
1885, s., 1914, 0Uo,23O
The per capita of money has been prac-
t1cally the same during this whole period
ne equality of the money has been fdenti-
cal-all kept equal to gold. There is MOTH
ing connected with our money therefore
to account for this sudden and aggravated
industrial change. Whatever is to he
deprecate ted in our financial system II must
everywhere be admitted that our money
has been absolutely good and brought
neither loss nor inconvenience to its hold
ers. A deprecated currency has not ex
listed to further vex the troubled business
situation.
Good Money Never Made Time. Hard
1t Is mere pretense to attribute the hard
times to the fact that all our currency Is
On gold basis. Good money never made
times hard. Those who assert that our
present industrial and financial depression
Is the result of the gold standard have not
read American history Alright or been care
ful students of the events of recent wears
We never had greater prosperity in This
county, in every field of employment and
industry, thar in the busy years from iseo
to 1882, during all Of which time this COM
try was on gold basis and EMPLOYED more
gold money in its fiscal and h,,s;noss
operations than ever before. We had TOO
a protective tariff, under which annie reW
enues were collected for the government
and an accumulating surplus. which n,as
constantly applied to the payment Of the
public debt. Let us hold fast to that ubinh
we know is good 1t is not more monev We
want; what we want is to put the rnona,,
We already have at work.
when money Is employed mon ara ON,
pioyed. Both have always been steadily o,a