The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-09-29


SSsSA. During the frat six months OF tho
present calendar year, 1855 new factories
we're built. OF which 40 were cotton mills,
a. Knitting mills. 20 woolen mills, 10 Allk
mills, I plush mills, and = linen mills, OF
the forty cotton mile, twenty.one have
been built IN the southern states This
fairly Describes the happy condition OF tho
country In December, 1899, What has u
been since. and what Is Il now
Elght Moaths Later,
The messages Of President Cleveland
from the beginning OF His second admin
l~stratlon to tho present timo abound with
descriptions Of the dcplorahlc Industrial
and financial situation Of the country,
While no resort to history or oflclal state
ment Is required TO advise us OF tho present
condition aud that which has prevailed
during tho past three years, | venture to
quote from President Cleveland's htst
message, Aug 5, 1898, addressed TO the
Eifty-thlrd congress. which he had called
together In extraordinary session, The
existence OF an alarming aud extraordinary
business situation, said he, lnvolving tho
welfare and prosperity OF all our people.
has constrained me to call together IN
extra ecssi0n tho peoples representatives
In congress, 10 the end that through the
wise aud patriotic exercise OF the legialas
tive duties with which they solely are
charged, the present evils may DO until
gated and dangers threatening the future
may be averted, Our unfortunate financial
plight ID not the result ot untoward events,
nor OF conditions related 90 our natural ~
sources, Nor Is II traccshlc to any q ,he
aiiietlops which frequently check national
growth and prosperity, With plcntrous
crops, with abundant promise OF rcmun.
eratiVc production and manufacture, Win
unusual Invitation 10 safe investment, aud
with satisfactory assurances 60 business
enterprises. suddenly financial dlstrust and
fear have sprung up On every side Numer-
Gus moneyed Institutions have suspended,
because abundant asscta were not imme.
dlatcly available 60 meet the demands OF
frightened depositors. surviving corpora
tons aud Individuals arc content to keep
In hand The money they are usually
anxious 10 loan. and those engaged IN
legitimate business are surprised TO hhd
that the securities they otter for loane,
though heretofore satisfactory, are no
longer accepted, Values supposed TO he
nSed are fast becoming conleetural an
loss and failure have invaded every branch
G, business
startling aud Suddrn Chnasc
"wha, a startling and sudden change
within the short period OF eigN: months.
from December tS9a. 10 AuScs;, 1898
What had occurreds A chang OF al.
mlnistration; all branches Of the govern
mcnt had been entrusted 10 the Democratic
party which was committed against the
protective policy that had prevailed uu!n'
terruptedly Tor morc than thirty.tNo year.
and brought uncNampled prosperity TO TIE
country and hrmly pledged 60 It's complct,
overthrow aud the substitution OF a taril
for revenue only. The change having
been decreed by the elections In Novcmbtr
Us effects were AZ once anticipated anl iclt
We cannot close our eyes 10 these alter
ell conditions, nor would q be Wise u
exclude from contemplation aud lnyrstlsa.
tlon the causes which produced thrm' They
are facts which We canuot. a. a people
disregard. and We can only hope 70 I'm
prove our present condition BY a study
OF their causes In December, lNNs, w'
had the same currency aud practically th'
same volume OF currency that We haN'
now. Il aggregated IN 1892 S.3is. Q ,'Ol
in 1898 s.. ssS. 900. O00. In 1884 $e,ae3 az S6s
, and In December. 1895. Ss.l9t.0O0. $40. rh'
: per capita ot money has been practically
the same during this whole period. 1h'
quality Of the money has been Identical
all kept equal TO gold There is nnthin'
connected with our money. therefore. q
account for this sudden and aggrayate'
|. Industrial change. Whatever IL TO b'
deprecated In cur financial system, d
must everywhere he admitted that oul
money has been absolutely sound and Ia
[, brought neither loss nor Inconvenience 4
: It's holders. A deprecated currency ma
, not existed to further vcx tho TROUBLED
: business situation,
Good Money Never Made Times lard
1T is a mere p~rctenso 10 attribute IN
= hard times TO the fact that all our eur
o rency is on q gold basis. Good monvl
0 never made times hard Those Who assrr
that our present Industrial and npancia
depression Is the result Of the gold staud
ard have not read American history arigh'
Q or been careful studrats Of the events o
2 recent years. We never had greater pros
e peri,y In this country. In every hc,d 0
! employment and Industry than In the buf!
e years from 1850 10 1892. during all VI whlcl
; time this country was on a glld basis am
! employed more gold money IN It's hsca
! and business operations inau ever before
? We had. too. a protective taTlH uudc
Z which ample revenues we're collected 10
I the government and an accommodating SUR
! plus which was constantly applied q 70
! payment of the public debt. Let Va hol
7 fast 10 that which we know Is good. !
il not more money we want; what "
want Is to put the money We alrrid.
> have at work. When money IN employed
men are employed and both have alway
. been steadily and rcmuneratlyely engage
. during all the years ~ protective tarli
7, legislation. When th1ge who have none.
: lack confidence IN the stability OF value
: and investments. they will noe part viii
= tlelr money. Business Is staBnatel-the w
, blood OF trade 10 checked and congcsiej
! We cannot restore public confidence b.
/. an act which would revplut'OniLe all val
ues. or an act which entails a deficit II
= the public revenues. We cann0t insplr
. confidence by advocating population o
= practlclng dishonesty. We cannot restor
= confidence. either to the treasury or 4
q the people without a change In our prescn
p tarln legislation.
Evil OF the Democratic Tnrin.
The only measure Of a general natur
D that affected the treasury and the employ
4 mcnt Of our people passed by the tiity
E third congress was the General Tarlh a,'
: which ana not receive the approval Of IN
. presldent. whatever virtues may b
g claimed for that act, there IL confesscii
g one which II does not possefs. It lack
. the essential virtue ~ It's crcat!on--th
raising OF revenue sufficient 10 supply IN
needs Of the government. II has at n
time provided enough revenue for sue
g needs. but Il hsH caused a constant trh
j. cheney In the treasury and a steady DE
l. pletItn in the earnings Of labor ana lanf
l. Il has contributed to swell our natlons