The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-09-04

esinv0sv1nS tas wslfals and pto1psrity oe
al our people, kaS constrained me TO ell
togethsr n Sxtfa session the psopls's repre-
az. :s9 a. t. e.: ed nscs
duaes with which they solely are charged.
the present evils may be mltigated and
dangers threatening the future may be
averted. Our unfortunate financial plight
10 not the result Of untoward events nor
& ssadas re !, e CUR natural a r. =,
afliotions which frequently check 1 national
growth and prosperity. With plenteous
crops, with abundant promise Of remunera-
tive production and manufacture, with I'M.
usual invitations to safe Investments. and
with satisfactory assurances to business
enterprises, suddenly financial distrust and
merous monied Institutions have suspended
because abundant assets were not immedi-
ately available to meet the demands Of
frightened deposltors. Surviving corpora
lions and individuals are content to keep
In hand the money they are usually anx-
ious to loan. and those engaged In legiti-
mate business are surprised to find that
the securities they offer for loans. though
heretofore satisfactory, are no longer &C.
cepted. Values supposed to be fixed are
fast becoming conjectural. and loss and
failure have Invaded every branch Of busi-
What startling ana sudden change with.
In the short period Of eight months, from
December. 1892, to August, 1893. What had
occurred1 A change of administration; all
branches Of the government had been en-
trusted to the Democratic party, which was
committed against the protective policy that
had prevailed uninterruptedly for more
ampled prosperity to the country and firm
ly pledged to its complete overthrow and
the substitution Of 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 altered conditions.
nor would 1t be wise to exclude from con-
temptation and investigation the causes
which produced them. They are facts
which we cannot as people disregard, and
we can only hope to improve our present
condition by 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 $2.372, 59.5 sol; in 1903. $685.. OOO,-
900; in 1894, $2,323. 442 800, and in Decem-
Der, 1895, 800, O00, 23O. The per capita Of
money has been practically the same dur
Ing this whole period. The quality Of the
money has been identical-all kept equal to
gold. There is nothing connected with
our money, therefore. to account for this
sudden and aggravated Industrial change.
Whatever Is to be deprecated In our finan-
cial system, 1t must everywhere be admitted
that our money has been absolutely good
and has brought neither loss nor conven-
fence to Its holders. A deprecated cur
rency has not existed to further vex the
troubled business situation.
Good Money Never Made Times Hard
1t Is a mere pretense to attribute the
hard times to the fact that all our cur
rency is on gold basis. Good money never
made times hard. Those who assert that
our present Industrial and financial depres-
sion is the result Of gold standard have
not read American history Alright, or been
years. We never had greater prosperity
in this country, in every field Of employ.
ment and industry, than In the busy years
from 1880 to 1892, during all of which
time this country was on gold basis and
employed more gold money In Its fiscal and
business operations than ever before. We
had, too. protective tariff. under which
ample revenues were collected for the gov
eminent, anu an accommodating surplus
which was constantly applied to the pay
sment 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
men are employed. Both have always been
steadily and remuncratively engaged dur
ing ali the years Of protective tariff legis-
lation. When those who have money lack
confidence in the stability of values and In
vestments they will not part with their
money. Business is stagnated-the life.
| blood Of trade Is checked and congested.
act which would re7SlIf;o1,ze ali values.
or an act which entails deficiency in the
public revenues. We cannot inspire conf.
dence by advocating reputation or prac.
ticing dishonesty. We cannot restore con-
fdence, either to the treasury or to the
people, without change In our present
tariff legislation.
The Tariff of 1904.
The only measure Of a general nature that
affected the treasury and the employment
of our people passed by the Fifty-third con.
gress was the general tariff act, which did
not receive the approval of the president.
Whatever virtues may be claimed for that
not possess. 1t lacks the essential virtue Of
its cseation-the raising Of revenue sufficient
to supply the needs of the government. 1t
has at no time provided enough revenue for
such needs, but 1t has caused constant de-
ficiency In the treasury and steady deple-
tion in the earnings Of labor and land. 1t
has contributed to swell our national debt
more than $262, 00O, 600, a sum nearly MS
great as the debt Of the government from
Washington to Lincoln, including all our
foreign wars, from the Revolution to the
Rebellion. Since Its passage work Mt home
has been diminished; prices Of agricultural
products have fallen; confidence has been
arrested. and general business demoraliza.
tion Is seen on every hand.
The Tariff OF 1900 and 1894 Con-
trasted.
The total receipts under the tariff Of 1891
for the first twenty-five months Of its en-.
forcement. from September, 1894, to June,
1906, we're 1857 ,615 1928, and the expendi.
lures S640,41s.3G4, or deficiency Of $s2..
6O3O45. The decrease In our exports Of
American products and manufactures during
the first fifteen months of the present tariff,
as contrasted with the exports Of the first
fifteen months Of the tariff Of 1890, was
$40. 1853, 800. The excess Of exports over
imports during the first fifteen months Of
the tariff of 1890 was S213, 972, 966, but only
$56, 758, 623 under the first fifteen months Of
the tariff Of 1894, n loss under the latter Of
$157 ,214,345. The net loss In the trade bal.
ance Of the United States has been $780,
0s3,GO7 during the first fifteen months oper-
alton Of the tariff Of 1894, as compared