New-York tribune., 1896-08-27

a
tanning revenue which the pubic exisehc'es may
at any time dictate"
Animated by like sentiments. the people of the
country must now face the conditions which be-
set them THE public exigencies' demand
nromnt protective legislation. which will avoid
tho accumulation of further debt by providing
ADEQUATE revenues for the expenses of the Gov
ernment This is manifestly the requirement
of duty If elected President Of the United states
II will he my aim tc vigorously promote this OBJ
iect and give that ample encouragement TO the
occupations Of the American people which above
all else is so imperatively demanded at this
iuncture of our National affairs
ORR CONDITION IN DECEMBER 1892.
T, December 1892 President Harrison sent his
last message to Congress. 1t was an able ana eN-
haustiye review Of the condition and resources OF
the country 1t stated our situation so accurately
that am sure it will not be amiss to recite MS
official and valuable testimony
.rbore never has been a time in our history. =.
said he when work was so abundant OF Wien
wages were so high whether measured by the
currency in which they are paid or by ther power
to sunnlv the necessares and comforts of life
The general average of prices has Deei| such as ~
,,,e agriculture fair participation in the general
prOSDeTitN.
since october 6. 1890, and up to october -. 1S92'
number $40 and the extensions OF existing plah'A
1Os The new capital invested amounts to SID
4l6 OGO and the plumber Of additional employees 10
~ os5 During the first six months of the present
calendar wear 13J new factories were built, OF
(which forty were cotton mills rtyeight knitting
mills twenty-six woollen 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 condition of the
country in December. 1882. What has 1t been
since. and what is /; now?
OUR CONDITION EIGHT MONTHS LATER
The messages Of President Cleveland from the
berinnng Of his second Administration 10 the
,resent time abound with descriptions of the de-
nlorable Industrial 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
last three years ! venture TO quote from Presi-
dent Cleveland's first message August \. lS9}.
addressed to the Lid Congress, which he had
called together in extraordinary session:
The existence Of an alarming and extraordi-
nary business situation" said he, Involving the
welfare and prosperity Of all our people has con-
strained me to call together in extra session the
peoples representatives in Congress. to the end
that. through the wise and patriotic exercise OF
the legislative duties with which they solely are
charged the present evils may be mtigated and
dangers threatening the future may be averted.
our unfortunate financial plight is not the result
of untoward events. nor Of conditions related TO
our natural resources Nor is il traceable to any
of the Affections which frequently check National
growth and prosperity. with penteous crops,
with abundant promise of remuneratiye prOduc-
ton and manufacture, with unusual invitation to
safe investment. and with satisfactory assur-
ances to business enterprises suddenly financial
distrust and fear have sprung up every side.
Numerous moneyed institutions have suspended.
because abundant assets were not Immediately
available to meet the demands Of frightened de-
positors. Surviving corporations and individuals
are content to keep in hand the money they are
usually anxious to loan and those engaged in le-
gitimate business are surprised to find that the
securities they offer for loans, though heretofore
satisfactory, are no longer accepted. Values sup
posed to be fixed are fast becoming cOnjectural.
and loss and failure have invaded every branch of
business"
THE CAUSE OF THE CHANGE.
What startling and sudden change within
the short period of eight months. from Decem-
Der, 1892 to August. 1898. What had occurred
A change Of administration: all branches Of
the Government had beel intrusted to the Dem
ocratic party, which was committed against the
protective policy that had prevailed uninter-
ruptedly for more than thrty-two years ana
brought unexamped prosperity to the country.
and firmly pledged to its complete overthrow
and the substitution ot a tariff for revenue only.
The change having been decreed 10y the cleo
N her n
ticipated and felt
We cannot close our eyes to these altered
conditions, nor would IT be wise to exclude from
contemplation and investigation the causes
which produced them. They are facts which we
cannot as a people. disregard, and we can only
hope to improve our present condition by a
study of their causes In December, 1892 we
had the same currency, and practically the same
volume of currency. that we have now 1t ag-
grcgated in 1892, S2312, 800. .5O1; in 1893. 81
323 OCO: in 1894. 81 1923 1863. and in De-
cember 1880 81 194 0OO, go. The per capita OF
money too has been practically the same dur
Ing this whole period. The quality Of the money
has been identcal-all kept equal to gold.
There is nothing connected with our money,
therefore, to account for this sudden, aggravated
industrial change. Whatever is to be depre-
Gated in our financial system, it must every
where be admitted that our money has been
absolutely good and has brought neither loss
nor inconvenience to its holders. y deprecated
currency has not existed to further the
troubled business situation.
GOOD MONEY NEVER MADE TIMES HARD.
1t is mere pretence to attribute the hard
times to the fact that all our currency is on n
gold basis. Good money never made times hard.
Those who assert that our present Industrial
and financial depression Is the result of the gold
standard have not read American history Alright
or been careful students Of the events Of recent
years. We never had greater prosperity in this
country, in every field Of employment and in
dustry, than in the busy years from lSNO to
1892 during all Of which time this country was
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