Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-09-15

81 $50. During the first six months OF the
present calendar year. 1876 new factories
were built. of which 40 were cotton mills,
4S knitting mills, 20 wooden mills, Is silk
mills. plush mills, and linen mills. OF
the forty cotton mills, twenty-one have
been built in the Southern states This
fairly describes the happy condition of the
country in December, 1899. What has II
been since. and what is it now?
Eight Months Later.
THE messages of President Cleveland
from the beginning of his second admin
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, i venture to
quote from President Cleveland's frs.
message. Aug. s, 1893, addressed to the
Fifty-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-
charged, the present evils may be miti-
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
&x~x.s md
with satisfactory assurances to business
enterprises, suddenly financial distrust and
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
lions and individuals are content to keep
in hand the money they are usually
anxious to loan, and those engaged In
legitimate business are surprised to find
that the securities they offer for loans
though heretofore satisfactory, are no
longer accepted. Values supposed to be
fixed are fast becoming conjectural and
loss and failure have invaded every branch
CT business
Startling ana Sudden Change.
what startling and sudden change
within the short period of eigat months,
from December, 1892, to Augcc:, 1899
What had occurred? A change of adj
ministration; all branches of the govern
ment had been entrusted to the Democratic
party which was committed against the
protective policy that had prevailed unin-
terruptedly 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 effects were at once anticipated and felt.
We cannot close our eyes to these alter
ed conditions, nor would II be wise Ia
exclude from contemplation and investiga-
ton the causes which produced them. They
are facts which we cannot, as people
disregard, and We can only hope to i'm
prove our present condition by a study
of their causes. In December, 1892, We
had the same currency aud practically the
same volume of currency that we have
now. 1t aggregated in 1892 $2,372, sos, sol
in 1893 $2,323, 00O 900; in 1894 81, 1928 442, 1862
and in December, 1895, 81, 1874 .000, 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, &c
account for this sudden and aggravated
industrial change. Whatever is to be
deprecated in our financial system, II
must everywhere be admitted that oui
money has been absolutely sound and has
brought neither loss nor Inconvenience tc
it's holders. A deprecated currency has
not existed to further vex the troubled
business situation.
Good Money Never Made Times Hard
at 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 assert
that our present industrial and financial
depression is the result of the gold stand
ard have not read American history Alright
or been careful students of the events o.
recent years. We never had greater pros
perity in this country, in every field O
employment and industry. than in the bus,
years from 1880 TO 1892, during all OF which
time this country was on gold basis ant
employed more gold money in its fisca
and business operations than ever before
We had, too, a protective tariff unde
which ample revenues were collected TO
the government and an accommodating sur
plus which was constantly applied to thu
payment of the public debt. Let US holt
fast to that which we know is good. ]
is not more money we want; what w
want Is 10 put the money we dlTedu.
have at work. When money is employed
men are employed and both have Away
been steadily and remuneratively engages
during all the years of protective tariff
legislation. When those who have none,
lack confidence in the stability OF value
and Investments, they will not part witt
their money. Business is stagnated-the lif
blood of trade is checked and congested
We cannot restore public confidence b.
an act which would revolutionize all val
ues, or an act which entails a deficit Il
the public revenues. We cannot inspir
confidence by advocating reputation o
practicing dishonesty. We cannot restor
confidence, either to the treasury or I,
the people without change in our presen
tariff legislation.
EVIL OF the Democratic Tariff.
"The only measure of a general natur
that affected the treasury and the employ
ment OF our people passed by the Fifty
third congress was the General Tariff act
which did not receive the approval OF tn
president. Whatever virtues may b.
claimed for that act. there is confessedl.
one which 1t does not possess. 1t lack
the essential virtue of its creation-th
raising of revenue sufficient to supply tn
needs of tho government. 1t has at N
time provided enough revenue for sucl
needs, but IL has caused a constant def
cheney in the treasury and a steady de
pletion in the earnings OF labor and land
IL has contributed to swell our nationa
debt more than 1862, 900 900, a sum nearl.
as great as the debt Of the government
from Washington to Lincoln, including al
our foreign wars from the revolution I,
the rebellion. Since it's passage, work a