Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-04-02
LESSONS OF RECENT HISTORY.

LESSONS OF REGENT HISTORY.
Recent history of this country is so
full of lights and lessons that we need
little other instruction by which to guide
our political course.
There appeared in the birmingham Age
of ten years ago an editorial which con-
graduated the first democratic admins
tration since the war upon the manage
ment of the governments finances.
Here are some of the observations of
that editorial of 1886, when Mr.. Cleve-
land had been president a little more
than a year:
1.-THE national debt has been decreased
during the fiscal year by $44, 612, 2S6.
1.-The cash. in the treasury has increased
SOL, 4S5,479
1.-THE gold and gold bullion in the treas
ury have been increased during the year
$36 494 853
1.-The silver coinage act has been COM
piled with and over two and a half mill
lions of silver dollars have been coined
monthly during the year, and the silver
bullion increased $2S, 30S, 4S9.
so far from any restriction being
placed upon the circulation of the sill
Yer dollar, there are now $13,o00000 more
i'm circulation than there was at this time
twelve months ago. In other words there
has been no contraction of the currency,
but $13000,000 have been added to the
country's circulating medium.
This is an admirable showing for the
first year of Mr. Manning's administra-
ton of the affairs of the treasury. 1t
has been a year of great business de-
preston, a year that taxed the skill and
ability of the best financler, and Mr.
Manning and the democratic party are
to be congratulated upon the successful
manner in which these troubles have
been tided over"
The foregoing was written in July, 1886
While the financial condition of the
country was far from all that 1t was
hoped 1t would be, the situation was
distinctly hopeful and encouraging as 1t
had not been for many years. We We're
then under the operation of the Bland
Allison silver coinage act. Silver standard
dollars were being added to circulation
in greater volume than ever had been
known, and Secretary Manning, in faith
full pursuance of the democratic policy or
bimetalism, was exercising the option of
the treasury department to pay coin
obligations in silver. rs
But how is 1t now? 1t is enough to
sielxen one to contemplate the blunders
and shortcomings of those who have
been entrusted with the management of
the finances of the government. Dan
Manning died and was spared the pain
of seeing officers calling themselves
democrats trucking to the arrogance
and impudence of the bondholders and
vampire-syndicate of New York, pawn
ing posterity for gold and RELOCATING the
peoples money, silver. to the utmost
ignominy that may be cast upon 1t by
vlisuse and defamation.
Close upon the lamented end of Mr..
Manning's regime in the treasury, with
the augmented volume of currency COM
ing from the coinage of silver, we had
that great buoyancy in business and In
vestment to which Mr.. Richard H.
Clarke in one of his supplement speech
es recently referred for an entirely diff
ferent purpose than that of showing any
respect for the white metal. Then en-
sued the war upon silver; the Sherman
act, that miserable makeshift" for sill
yer coinage, followed. Then under the
pretense of remedy for the makeshft
democratic congress deferring to the
Judgment of the administration repealed
the makeshift and substituted for it
what? A debt running into hundreds of
millions of dollars and a policy that Is
constantly contracting the volume of
money in circulation. The country has
suffered for it almost beyond calcula-
ton. The loss in falling prices, in the
cereals in cotton and in live stock alone
has amounted to nearly $1,000, 900
since $780, when the Sherman act was
passed, and the depression was in no
wise arrested by the destruction of the
makeshift. The loss in this, jefferson,
county alone, during the period referred
to by Mr.. Clarke was $12,000,000 in five
years. Yet we had more furnaces. more
industries of every kind more popula.
ton. and the condition of property of all
kinds had been improved.
Why, we were even told and devoutly
hoped it would prove true, that the latest
bond issue would restore confidence. But
the very latest advices from the business
world as furnished by the most reliable
commercial agencies report condition
of general, widespread depression,
which is inexplicable by any hint that
comes from these agencies, such as Dun
& Co. and Bradstreet's.
What means this insistent abiding of
adversely when there Is in the natural
| drift of affairs not single obstacle to
the return of prosperity?
Gentle reader. 1t is nothing on Gods
earth but the blight and curse of the in
| fernal single gold standard