The times. (Owosso, Mich.) 1882-1897, 1896-10-09
A BIT OF HISTORY.
WHAT HAPPENED AFTER CLEvE-
LANDS ELECTION IN 1892.

for Twenty Years Gave Way to One of
Depression = Some Reasons Why Me-
Kinley Should BE Elected.
No country in the world ever en-
joyed so high a degree of prosperity
for twenty years as this one. During
that period it was under Republican
rule, administered on the basis of
sound money and protection to Amer
lean industries. But in the fall of 1892
something happened which not only
stopped the wheels of prosperity, but
turned them the other way, and sent
the country on backward, down hill,
president was elected with a Demo-
cratic majority in congress pledged to
the enactment of a free trade tariff.
Industry and commerce took in sail to
prepare for the storm. Manufacturer
curtailed their operations. Imports
were largely diminished. The reve-
nues Of the government fell off alarm
ingly. There was large and growin 3
deficit in the treasury and the gold
reserve, for the first time since the re-
sumption of specie payments, fell be-
low the limit fixed by law. Meanwhile
the government, under the act of 1890,
was purchasing silver bullion at the
rate Of 100000 onces per month and
issuing treasury notes redeemable in
gold to pay for it, thus piling up the
gold obligations of the government
and adding to the already redundant
volume of our silver, while the gold
reserve, which supported the whole
fabric, was rapidly disappearing. The
country took the alarm and demanded
the immediate discontinuance of the
purchases of silver bullion. President
Cleveland called an extraordinary ses-
sion of congress. The purchase clause
of the Sherman act was repealed with
much difficulty. But with the increas-
ing deficit in the treasury and the OBJ
structive opposition of the free sill
yer senate to all measures for replen-
ishing the gold reserve, that redemp-
ton fund on which rested the whole
fabric OF the public credit kept dwin-
ding.
Then, in the face of this condition of
things, the Democratic congress pro-
cceded to feed the fires of distrust by
framing tariff bill which threatened
the industries of the country with new
embarrassments. Though much modi-
fed before its final passage, 1t greatly
aggravated the difficulties of the
treasury by diminishing the revenues
and increasing the deficit. To main
tain the constantly diminishing gold
reserve it became necessary, by Sue
cessive issues of bonds. to borrow
1852, 100000 of gold.
And in the midst of all these diff
culties of the financial situation re-
sulting from the tariff policy of the adj
ministration, the silver propaganda
raised more loudly than ever before
the clamor for opening the minis to
the unlimited coinage of silver, and
organized in every western and south
ern state the formidable crusade for
the capture of the Democratic organi-
cation, in which they finally succeeded.
No one exaggerates the disastrous eff
fects on the public credit of the forced
purchases of vast amounts of silver
bullion in excess of the monetary
needs of the country, or of the persist
ent agitation for free silver, backed by
the Democratic party in nearly all the
southern and western states, rein
forced by the Republicans from some
of the frontier and Rocky mountain
states.
But the serious part which the DEM
ocratic threat Of free trade played in
bringing about the financial difficult
ties of the treasury in 1893 and 1894
is often ignored. But although thus
incidentally contributing to the finan-
cial panic of 1893 and to the business
depression which has since followed,
it was nevertheless a minor factor in
those disturbances. The mischiefs
done by the threat of free trade. were
small compared to the tremendous de-
Of the whole machinery of
commerce and industries caused by the
threat of free silver.
Both these concurring causes of all
the calamities and the depression
which the country has been undergo
ing for the last three or four years
are represented in the person of w.
j. Bryan, the emocratic-Populist can
didate for president. The jealous
champion for free trade and the fanat-
ical devotee of free silver, he unites in
his candidacy all the evils which have
afflicted the country since the fall of
1892.
Opposed to him as sunlight is to
Ormuzd to Aremanes-
as is the genius of good to the princi-
pie of ,evil-stands William Mckinley,
in his record and in the
platform of his party the Republican
policies of sound money and protec-
ton, under which this country -four
ished from 1865 to 1892 as no other
country ever flourished under the can
opy of heaven. He is the embodiment
Of the spirit and the prophecy of good
times coming-as Bryan is the incar-
nation Of the spirit of bad times-St.
Paul Pioneer Press.
Where the Silver Mine Owner Come In.
The present standard limited coin
age dollar contains 371.25 grains of
pure silver.
1t is proposed to make an unlimited
free coinage silver dollar of the same
weight