The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-27

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source OF strength and security, cherish
public credit One method of preserv.
ing IL IL TO use IL as sparingly as possi-
bly,: avoiding the accumulation OF debt,
not only by stunning occasions OF ex-
pense. but by vigorous exertions I'm time
of peace to discharge the debts which
unavoidable wars may have occasioned,
not ungenerously throwing upon pos
terity the burden which we ourselves
ought to bear" To facilitate the en-.
forcement Of the maxims which he an
announced. he declared: 1T Is essential
that you should practically bear In mind
that toward the payment OF debts there
must be revenue; that TO provide reve-
nue. there must be taxes; that no taxes
can be devised which are not more or
less inconvenient or unpleasant: that
the intrinsic embarrassment insepara-
BILE from the selection OF the proper OBJ
jects (Which is always a choice of diff
culties) ought To be decisive motive
for candid construction of the conduct
OF the government In making IL; and for
a spirit OF acquiescence I'm the measures
for obtaining revenue which the public
exigencies may at any time dictate"
Animated by like sentiments. the peo-
pie OF the country must now face the
conditions which beset them. THE pub
lie exigencies" demand prompt protec-
tive legislation. which will avoid the ac-
cumulation OF further debt by providing
adequate revenues for the expenses OF
the government This is manifestly the
requirement Of the duty. II elected
President OF the United States. II will
In my aim to vigorously promote this
object. and give that ample encourage
ment to the occupations of the Amer
lean people which. above all else, is SO
inperatively demanded at this juncture
OF our national affairs.
Our Condition In December. 1909.
In December. 1892. President Harrison
sent his last message to congress. II
was an able and exhaustive review Of
the condition and resources of the coun-
try. II stated our situation so accurately
that i am sure II Will not be amsS to
recite his official and valuable testimony.
There never has been time in our
history" he said, when work was so
abundant or when wages were so high,
whether measured by the currency I'm
which they are paid or by their power to
supply the necessaries and comforts CT
life. The general average OF prices has
been such as TO give TO agriculture a fair
participation In the general prosperity.
The new Industrial plants established
since Oct. 6. 1890. and up to Oct. %. 1892,
number 345 and the extensions Of exist
fng plants los. The new capital invested
amounts to sac. .6i6 060. and the number OF
additional employees 1886. During the
first six months OF the present calendar
year, 135 new factories were built, of
which 40 were cotton mills, 4S knitting
mills. 26 wooden mills, 10 silk mills.
plush mills and linen mills. OF the 20
cotton mills, 2l have been built in the
southern states"
This fairly describes the happy condi-
uon OF the country in December. 1892.
What has IL been since, and what Is II
now?
Our Condition Eight Months Later.
The messages of President Cleveland
from the beginning of his second ad-
ministration TO the present time abound
with descriptions of the deplorable in
-dustFial and financial situation OF the
country. While no resort to history or
Official statement is required to advise
US OF the present condition, and that
which has prevailed during the past
three years, 1 venture to quote from
President Cleveland's first message,
Aug. 8, 1898, addressed to the Fifty-third
congress, which he had called together
In extraordinary session.: The existence
OF an alarming and extraordinary busi-
ness situation" said he, involving the
welfare and the prosperity OF all our
people has constrained me to call to-
gether, I'm extra session. the peo-
ple's representatives in congress, TO
the end that through the wise and pa
t,!otic exercise of the Legislative, duties
with which they are charged. the pres
ent evils may be mitigated and that
dangers in the future Hay be avoided.
Our unfortunate financial plight is not
the result or untoward events, nor OF
conditions related to our natural re-
sources. Nor is IL traceable TO any OF
the Affections which frequently check
natural growth and prosperity. With
plenteous crops. with abundant promise
of remunerative production and manu-
facture, with unusual invitation to safe
a G.
surances to business enterprises. sud-
denly financial distrust and fear have
sprung up on every side. Numerous
monied institutions have suspended be-
cause abundant assets were not i'm
mediately available to meet the demands
OF frightened depositors. Surviving
corporations and individuals are content
TO keep in hand the money they are
usually anxious to loan, and those en-
gagged in legitimate business are sur
prised TO find that the securities they
offer for loans, though heretofore salts
factory, are no longer accepted. Values
supposed to be fixed are fast becoming
conjectural, and loss and failures have
invaded every branch OF business"
The Cause of the Change
What a startling and sudden change
within the short period of eight months,
from December, 1892. to August, 1893.
What had occurred? change of ad-
minlStratlOn; all branches or the govern
ment had been entrusted to the DEM
ocratic party, which was committed
against the protective policy that had
prevailed uninterruptedly for more than
30 years, and brought unexampled pros
perity TO the country, and firmly pledged
TO It's complete overthrow. and the sub
stitution of tarin for revenue only. The
change having been decreed by the elec-
tions in November, its effects were at
once anticipated and felt. We cannot
close our eyes to these altered condi-
tions, nor would IL be wise to exclude
from contemplation and investigation
the causes which produce them. They
are facts which we cannot as a people
disregard and we can only hope 10 Inn
prove our present condition by study
OF their causes. In December 1892, We
had the same currency, and practically
the same volume of currency, that we
have now. 1t aggregated in 1892, R52.-
500, SOL In 1898, S2,3230 O0O in 1894,
S2,323. .442 1862. and in December. 1895.
s., 1874 900 230. The per capita OF money,
too. has been practically the same dur
ing this whole period. The quality OF
the money has been identical-all kept