The Globe-republican., 1896-09-03

be ayerted; the other correcosd- Ih3 Ropubli-
can party . weddel to the doctrine OF proiec-
ton, and was never moro earnest IN Its support
and advocacy than If argument wcro
n ,eded to strengthen its devotion to the Amor
lean system or irc-. IS, til, hold Oi that sys-
tenn upon tn, party an people. it /; fouaa In
the lesson and experience o. the past tnree
years. Mea realize in their own daily lives
what was to m of them only report. history
or tradition. They have had a trial o. both
systems, and know what each aas done FOG
tl em.
THE people of the country must now face
She conditions which, be-et thcm. The public
exigencies demand prompt protective legisia'
ton which will avoid tho accumulation OF
further debt by providing adequate revenues
for the expenses of the government. This -
manifcstlJ the r.quiremon: of duty. IL e!cc:ed
president Of the United State. it will DO my
aim vigorously to promote this object and
give that ample encouragemcnt 20 the .sccupa-
tiOns of the Ameri an people which, above all
ele is SO lmperatively demanded at this juno.
ture of oar national affairs.
In December, 1897, President Harrison s,ns
his last message to congress 1t was an able
and exhaustive review of tn, condition and re-
sources OF tbs country. It stated our situation
20 accurately that am sure it will not be amiss
to re: ite his official and valu aba testimony:
"There never has been a time in our history
said he, when work was SO abundant and wages
were so high. whether measured by tho cur
rency in which they are paid, or by their power
TO supply the necessaries and comforts OF lie.
The general average OF prices has been such n
to Rivs to agriculture a fair participation in
the general prosperity The new industrial
plants established since Octobe: s. 1850. and up
to October :, 1892, number 3i. and the extern.
sions of existing plants 1o& The now capital
invested amounts to sa),A'.OO0. and the mum.
ber of additional employees H,2Si. Durin: the
Gpet asy fh. ~ ttA Anvn
l35 new factories were built. nf which forty
were cotton mills forty-eight were knitting
mills, twenty six wooden mills. fifteen silk mills,
four plush mills and two linen mills VI the
forty cot on mills, twenty -ous have bc,n built
in the southern states
This fairly describes the happy condition OF
the country in December, lsy,. What has it
been since and what is it nowi
:'The messages of President Cleveland fso,n
the beginning of his second administration to
the present time, abound With descriptions oe
the deplorable industrial and financial sitoa-
ton of tho country. While resortto history
Officia! statement Is required TO advise vs. OF
the present condition. aud that which has pre-
vailed during the past turee years ! venture to
quote from Presid nj Clevelan DIS first message,
August 8. 1893. addrcs sed to tho Flfty-third
Congress, which he had called together in CT.
tIaordinary session The existence OF an ALARM
ing and extraordinary business situa ton. said
he, involving tho welfare aud prosperity of all
our people, has constrained me to call together
In extra session tho peoples representatives
in Congress, 20 tho I'D that through thu wise
and p itriOtic exercise Of the legislative duties
with which they solely are charged, the pres
ent evil 8 may be mitigated aud dangers threat
ening the future may DO avertcd Our untor-
tunate financial plight is not the result of un-
toward cv,nts, nor of conditions related to our
natural resources Nor is it traceable to any
~ tbo ,Ali vrl,i ly cho
tional growth and prosperity. With plentc-
Gus crops. with abundant promise OF remunes.
etive production and manufacturer. with
unusual invitation to Sd fe investment and with
satisfactory assurances to business ca.
terprises, suddenly. financial dis
trust and fears have sprung up on every side.
Numerous moneyed institutions have sus.
pendcd because abundant assets wore not i'm.
mediatcly available to meet the demands OF
frightened depoSitcrs Surviving cOrpOratlC:s
and individuals content to keep In hand
the money they arc usually aE6ious to loan.
and those engaged in legitimate business are
surprised to find that the securities they ottcr
for loans though heretofore satisfactory, arc
no longer accept ID. Values supposed to DO
fixed are fast becoming conjcctur j, and loss
and failure have invaded every branch of BUSH
ness
What startling AMI sudden change within
the short period of eight months from Decem.
Der, 1892, to August. 1895! What had Occurred3
A change of admin .tratiOn; all branches OF
the government had been entrus;e to the
Democratic party, which committed
against the protective poll y that had pre-.
vailed uninter uptedly for moro than thirty.
two years and brought une xam pei prosperity
to the country. and firmly pledg I'd to its COM
plete overthrow and the substitution of a tariff
for revenue only. The change havin. been de-
creed BY the Gle ctions in November. its effects
nj mt tod fell
close oureyes to these altered conditions. nor
would it be wise to exclude from contcmpla.
ton and investig ition the causes which pro.
duced them They are facts which we cannot
as a people disregard. and We can only hope to
improve our present condition by studJ OF
their causes
In December 1S9. We had the same cur
rency and practices ally the Same vo!ums Of cur
rency that we havo now. 1t aggregated in 1892
$2,s72599 Ol; in ls9. $23,3UW,O9); in 1884,
s23.a VI: So ami IN December 1s9. s. 19i,O0l-
2N The per capita of money has been practi.
cally the same during this Who'll, period The
quality Of tho monev has been tdentical-all
kept equal to gold. There is nothing connected
with our money. therefore. to account for this
sudden and aggravat industrial change.
Whatever is to be deprecated in our financial
system it must verywhere be admitted that
our money has been absolutely stable, and has
brought neither loss nor Inconvenience to it,
holders A Qepreclat0u currency mas NOT ex'
listed to further vex the troubled business situ-
alton.
Gold Basis and Hard Times
Tt is a mere pretens, to attribute the hard
times to the fact that all our currency is on q
gold basis. Good money never made times
hard. Those who assert that our present in
dustrial and financial depression is the result
of the gold standard have not read American
history Alright. or been careful students of tho
events of recent years We nsver had greater
prosperity in this country. IN every field Of en-
ploy ment and industry than in the busy years
from 1881 to 1897, during all of which time the
country was on a gold basis and employed
more gold money IN its fiscal and business OPP
erations than ever befOr,. We had, too, pro-
tective tariff under which ample revenues
wer, collected for the government aud an
accumulatlng surplus which was con-
stantly applied to the payment OF tn, pub.
lie debt Let Us hold fast to that which
We know is good 1t is not moro money VI
want; what va want is to put the money we
already have at work. Both have always been
steadily and remuneratively engaged during all
the year, of protective tariff legislation When
those who have money lack confidence in the
stability of volu,s and Investments they will
not part with their money. Business Is stag.
nated-the lifeblOod Of trade is checked and
congested We cannot restore public con
~ H. oy~~As<~ AoIv