The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-27

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the burden which we ourselves ought
to BEAR
To facilitate the enforcement of the
maxims which he announced, he de-
clared: 1t is essential that you should
! practically bear in mind that toward
the payment of debts there must be
revenues; that to have revenue there
must be taxes; that no taxes can be de-
Vlsed which are not more or less incon-
Ven1ent; the intrinsic embarrassment
1nseparable from the selection of proper
opJectS, which is always a choice of diff
nculteS, ought to be decisive motive
Tor candid construction of the con-
duct of the government in making it.
ana Tor acquiesence in the measures for
obtaining revenue which the public ex-
1genc1eS may at any time dictate
Animated by like sentiments, the peo-
pie OF the country must now face the
conditions which beset them. 1.-The
public exigencies'' demand prompt pro-
tective legislation which avoids the ac-
cumulation Of further debt by provid-
ing adequate revenue for the expenses
of the government. This is manifestly
the requirement of duty.
If elected president of the United
States it will be my aim to vigorously
promote this object and give ample
encouragement to the occupations of
the American people which above all
else is SO imperatively demanded at
this juncture of our national affairs.
In December, 1892, President Harrison
sent his last message to congress. 1t
the condition and resources of the coun-
try 1t stated our situation so accu-
rately that am sure it will not be
afniss to recite his official and valuable
testimony:
There never has been a time in our
history said he, when work was SO
abundant or when wages were so high,
whether measured by the currency in
which they are paid, or by their power
to supply the necessaries and comforts
of life. The general average of prices
has been such as to give to agriculture
a fair participation in the general pros
perity. The new industrial plants es-
tablished since October g. 1890, and up
to October %, 1892, number 345 and the
extensions of existing plants 108- The
new capital invested amounts to $4O,-
446 900, and the number of additional
employees 81 ,2S5. During the first six
months of the present calendar year,
135 new factories were built, of which
forty were cotton mills, fOrty-eight
knitting mills, twenty-siX wooden mills,
fifteen silk mills, four plush mills and
two linen mills. OF the forty cotton
mills, twenty-one have been built in
the southern states"
This fairly describes the happy con-
ditiOn of the country in December. 1892.
What has it been since? And what is
it now?
The messages of President Cleveland
from the beginning of his second ad-
ninistratiOn to the present time abound
with descriptions of the deplOrable in
dustrial 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, I venture to quote from
President Cleveland's first message, Au-
gust g. 1893, addressed to the Fifty third
congress, which he had called together
in extraordinary session:
THE existence of an alarming and
extraordinary business Situati ton" said
q stinVOlVin5 welfare
ity 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 pat
riotic exercise of the legislative duties
with which they solely are charged, the
present evils may be mitigated and
dangers threatening the future may be
aVerte0. Our unfortunate financial
plight is not the result of untOWard
events, nor of conditions related to our
natural resources. Nor is it traceable
to any of the Affections which frequent
~ check national growth and prosper
ity. With plenteous crops, with abund-
ant promise of remunerative prOduc-
ton and manufacture, with unusual in
vitation to safe investment, with sat
iSfactOry assurances to business enter
prises, suddenly financial distrust and
fears have sprung up on every side.
Numerous nOneyed institutions have
because abundant assets were
not Immediately available to meet the
demands of frightened depOsitors. Sur
Viving corporations and individuals are
content to keep in hand the money they
are usually anxious to loan and those
engag ed in legitimate business are sur
prised to find that the securities they
offer for loans, though heretofore sat
isfactOry, are no longer accepted. Val
ues supposed to be fixed are fast be-
coming conjectura1 and loss and failure
have invaded every branch of busi-
ness
What a startling and sudden change
to- - afrrfa+
months, from December, 1892, to Au-
gust 1893 What has occurred? a
change of administration. All branch
es Of the government had been entrust-
ed to the Democratic party, which was
committed against the protective poll
cy that had prevailed uninterruptedly
for more than thirty-two years and
brought unexampled prosperity to the
and firmly pledged to its COM
plete overthrow and the substitution OF
a tariff for revenue only. The change
having been decreed by the election IN
its effects were at once an
ticipated and felt We cannot close
our eyes to these altered conditions nor
would it be wise to exclude from con-
temptation and investigation the caus-
es which produced them. They, are
facts which We cannot as a people dis
regard and we can only hope to i'm
prove our present condition by a study
In December, 1892 we had the same
currency and practically the same vol
ume OF currency UnaJ we nave now II
in 1892 s2,372 599, sol; in 1893.
81 1913 900, coo; in 1894, 81, 1923, AZ. 1862; and
in December, 1895 50. 1914. 600 230. The !
per capita of money has been practic- |
ally the same during the whole period. |
The quality of the money has been |
identical-all kept equal to gold.
There is nothing connected with our
money therefore, to account for this |
sudden and aggravated Industrial |
change Whatever is to be deprecat- |
ed in our finances. it must be every |
where admitted that our money has |
been absolutely good and has brought |
neither loss nor inconvenience to its /
holders. A deprecated currency has |
not existed to further vex the troubled |
business situation.