The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1896-09-12

1895. During the nrst six months Of the
present calendar year. 1sb new factories
were built. OF which 10 were cotton mills.
IS Knitting mills. 26 wooden mills. 10 ak
mills. : plush mills. and ? linen mills; Oh
the forty cotton mills. twenty-one have
been built In the Southern states. This
fairly describes the happy condition OF the
country In December. 1892 What has u
been since. and what II II nowf
Eight Months Later.
''The messages OF President Cleveland
from the beginning Of his second admin
istration to the present time abound with
descriptions Of the deplorable Industrial
and financial situation Of the country.
While no resort to history or oficial state
ment 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 Clevelands 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
business situation said he, Involving the
welfare and prosperity 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 patriotic exercise OF the legisla-
tive duties with which they solely are
charged, the present evils may De miti-
gated and dangers threatening the future
may be averted. Our unfortunate hnanciai
plight Is not the result Of untoward events,
nor OF conditions related to our natural re-
sources Nor is II traceable to any OF the
afiictions which frequently check nationai
growth and prosperity. With plenteous
crops. with abundant promise OF remun-
erative production and manufacture, with
unusual invitation to safe investment, ana
with satisfactory assurances to business
enterprises, suddenly financial distrust ana
fear have sprung up on every side. Numer-
Gus moneyed institutions have suspended
because abundant assets we're not imme-
diately available to meet the demands OF
frightened depositors. Surviving corpora
lions and individuals are content to Keep
In hand the money they are usually
anxious to loan, and those engaged IN
legitimate business are surprised to ma
that the securities they offer for loans.
though heretofore satisfactory, are no
longer accepted. Values supposed to De
fixed are fast becoming ccntecturai ana
loss and failure have invaded every orancn
CO business
Startling ana Sudden Change.
'What a startling and sudden change
within the short period of eigS. months.
from December, 1892. to Auscs:, 1898!
What had occurred? A change OF ad-
all branches Of the govern
ment had been entrusted to the Democratic
party which was committed against the
protective policy that had prevailed unin-
terruptedly for more than thirty-two years
and brought unexampled prosperity to the
country and firmly pledged to its complete
overthrow and the substitution OF tarin
for revenue only. The change having
been decreed by the elections in November.
Its effects were at once anticipated and felt.
We cannot close our eyes to these alter
exclude from contemplation and investiga-
ton the causes which produced them. They
are facts which We cannot, as people.
disregard. and we can only hope to i'm
prove our present condition by study
Of their causes In December, 1892, We
had the same currency aud practically the
same volume OF currency that We have
now. 1t aggregated in 1892 $2.372 $685. sol;
in 1898 So 1923 600 900; In 1894 81. 1923, 442, 1862,
and in December, 1895. s2.194, 00o. 23o The
per capita OF money has been practically
the same during this whole period The
quality OF the money has been Identical
al kept equal to gold. There is nothing
with our money. therefore, 10
account for this sudden and aggravated
Industrial change. Whatever Is to be
deprecated in our financial system. II
must everywhere be admitted that our
money has been absolutely sound and has
brought neithe. loss nor inconvenience TO
Its holders. A deprecated currency has
not existed to further vex the troubled
business situation.
Good Money Never Made Times Hard.
ut is a mere pretense to attribute the
hard times to the fact that all our cur
rency Is on a gold basis. Good money
never made times hard. Those who assert
that our present Industrial and financial
depression Is the result Of the gold stand
ard have not read American history Alright.
Dr. been careful students OF the events Of
recent years. We never had greater pros
perity In this country. In every field Of
employment and industry. than in the busy
years from 1850 TO 1892, during all Of which
time this country was on gold basis and
employed more gold money In its fiscal
md business operations tnan ever before.
We had. too. a protective tariff under
which ample revenues were collected for
he government and an accommodating sur
plus which was constantly applied to the
payment Of the public debt. Let us hold
last to that which We know is good. 1t
Is not more money We want; what we
want is to put the money we already
have at work. When money Is employed.
men are employed and both have always
been steadily and remuneratively engaged
Turing all the years Of protective tariff
legislation. When those who have money
ack confidence in the stability Of values
ind investments. they will not part with
beir money. Business Is stagnated-the life
blood of trade Is checked and congested
We cannot restore public confidence by
In act which would revolutionize all val
les. or an act which entails a deficit In
he public revenues. We cannot inspire
by advocating reputation or
,racticing dishonesty. We cannot restore
either to the treasury or to
he people Without a change in our present
ariff legislation.
EVIL oil ,nc Democratic Tariff.
THE only measure Of a general nature
that affected the treasury and the employ
ment OF our people passed by the Fifty
third congress was the General Tariff act.
which did not receive the approval Of the
president. Whatever virtues may be
claimed for that act, there is confessedly
one which 1t does not possess. 1t lacks
the essential virtue Of its creation-the
raising OF revenue sufficient to supply the
needs Of the government. 1t has at no
time provided enough revenue for such
needs, but 1t has caused a constant def
cheney In the treasury and q steady de-