Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1896-09-03

don OF he cqSntry in December. 1892
what NAs n been since. and what II II
n0wf
Cur Cs~A,stee Eight Month. Later.
The messages OF President Cleveland
fesm tas bsgiaH1na OF his second al
ministratIon 20 the present time abound
with descriptions OF the deplorable In
dustriai and financial situation OF the
eountry. White TO resort to history or
Official statement Il required to advise
Us OF the present condition. and that
h.ch has prevailed during the past
three years. l venture to quote from
President Cleveland'e first message.
Aus. S. 1898. addressed to tho Fifty-third
congress. which he had called together
In extraordinary session: The existence
Of an alarming and extraordinary bus'-
ness situation" said he. involving the
welfare and the prosperity of all our
people has constrained me to call to-
gether. in extra session. the peo-
pies 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
-nt evils may be mitigated and that
dangers In the future may be avoided.
Our unfortunate ananeiai plight Is not
the rsaalt OF untoward events. nor OF
conditions related to our natural re-
sources, Nor /. { traceable to any OF
the Affections which frequently check
natural growth and prosperity. With
plent-ous crops. with abundant promis"
OF remunerauve production and manu-
faeturs. with unusual invitation to safe
investment. and with satisfactory as
surancee ~ business enterprises sud
denly faanciai d!struet and fear have
sprung up on every side. Numerous
Dlonied institutions have suspended be-
cause abundant assets we're not i'm
mediately svaila Die to meet the demands
OF frightened depostsora Surviving
corporation. and individuals are content
to keep in hand the money they are
usually ANXIOUS to loan, and those en-
Ssged In legitimate business are sur
prised TO Ar the securities the,
offer for los Ugh heretofore salts
factory. are ger accepted. Values
supposed to be liked are fast becoming
conjectural. and lose and failures have
Invaded every branch OF business
The Caa.s 81 tie Chasee
What startling and sudden change
within the short period OF eight months
from December, 1892 to August 1893
min!suauon. all branches Of the govern
ment had been entrusted to the Dem
ocrattc party. which MAS committed
against the protective policy that had
prevailed unintsrruptsdlyf for more than
81 years. and brought une1ampled pros
y.
TO Its complete overthrow, and the sub
stitution OF tariff for revenue only. The
change having been decreso by the cleo
Gons in November. Its effects were at
once anticipated and fell, We canno,
close our eyes TO these altered condi-
tons. nor would II be wise to exclude
from contemplation and investigation
the causes which produce them. They
are facts which We cannot rs a people
disregard. and We can only hope to i'm
prove our present condition by study
Of tI~r Nuser- In December. 1879 We
had the eame currency. and practically
the same volume Of currency. that We
have now II aggregated III 1892 $50
iss. col; In iss:. ,:.3-3 coz. 600 IN 1894
T. S12. 40se2 and In December. iss3.
s.. 1874 ooo.:3o. The per capita OF money.
too. has been prac t!eAlly tn. same dur
ing thi. whole period The quality OF
the money has been identiCal-all kept
equal 10 S.id There is nothing con
nected with our money. therefore, to ac-
count for this sudden and aggravated
industrial change. Whatever IS TO be
deprecated IN our financial system It
must everyvher be admitted that our
money has been absolutely good. and
has brought, neither loss nor incon-
venisucs TO It's holders. -
Good Money Never Made Hard T1Mee
1t is a mere pretence to attribute the
rency is on cola basis. Good money
aever made hard times Those who assert
that our present industrial and nnan-
cial depression II the result OF the gold
standard have not read American his
tory arieht or been careful students of
events of recent years. We never had
greater prosperity IN this country. in
every field Of employment and industry.
than in the busy years from 1880 TO 1892.
during all OF which time this country
WIS on gold basis and employed more
gold Ia is kssal and business operations.
than ever before We had too 4 pro-
tectivs tAr1N, under which ample reve-
nues were collected for the government
and an accommodating surplus which WAS
constantly applied to the payment Of the
public debt. Let US hold fast To that
which We know IL good II Is not more
nancy we want: what we want Is to put
the money we already have at work
When money Is employed men are EN-
ployed Both have always been stead
lily and remuneratively engaged during
all the years OF protective tariff legisI2-
ton When those no have money lack
confidence IN the sta bliity of values and
Investments they will not part with their
money. Business is staEnated-the life
blood OF trade Is checked and congested.
We cannot restore public confidence by
an act which would reyolutionize all
values, or an act which entails a de-
flciency In the public revenues. We can
not inspire confidence by advocating or
p-acccing dishonesty. We cannot ~
ttore con.idenss either to the treasury or
TIE people without a change in our pres-
ent tariff legislation.
The Tariff of 1904
The only measure Of general nature
that affected the treasury and the en-
Payments Of our people. passed by the
F1f'y-tb!rd congress. was the general
tjTih act. winch did not receive the ap-
prevail or the President. Whatever viz
tue may b. c!.-!ned for that act. there
is eonfessedly one which 1t does not
possess. II lacks the essential virtue. OF
Its creAtion-the raising OF revenue sufti-
Gent to supply the needs of the govern
ment. II has At no time provided revenue
FOR such needs, but II has caused con-
slant deficiency in the treasury and .
steady depletion In the earnings OF
labor and land. 1t has contributed TO