The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-22

ouss pfosperops and happy country
The nrst thing that Alr. Bryan's party
did when Il GOT into power was 20 rob
onl people 81 the advantages thus. ae-
auirsd Tor Americans aud 10 hand them
over Ia tho wage workers and producers
81 loreign countries. ia consequence Of
thaa4ct AlerIcan interests are suffering
and European trade centres are pros
permg and they 70 not afraid to say 80.
The party which has thus demonstrated
that ( 3 "inpotent 10 legislate for. 1.-The !
people BIAS now substituted a new pol
ic, lor its old one. "a policy that ~
capable Of breeding ten times az much
distress az their old one; but their party
will not again te trusted. The causes OF
our depression in business are TOO APP
parent. They capnot be- attributed TO
Republicans, for Republicans have not
been in control. Let Us briefly review
the causes and phases OF business de
preston during these disastrous years.
The panic OF 1898 differed from all the
Others in that il was due 90 none oil the
causes OF them. There was some lnid
tion OF values OF uncertain stocks ana
uuhealthiul oyer-capitalization, but not
enough 70 occasion violent financial dis
turbances. This panic was distinctly
currency panic IL was not due to
lack OF currency but rather, to the qnall-
ty. The coinage of APO, 0OO,0 900 OF silver
dollars oi the sixteen 60 one standard,
during the period from 1879 TO 1898, re-
suited III depreciation OF their bullion
value OF S175, 900, 900, or about forty
per cent. To this already overweiehted
currency there was added the monthly
coinage Of deprecated metal provided
for by the sherman law, which caused a
steady and persistent imitation. During
the early part Of 1898 an extensive on
fIow 81 gold on foreign balances increased
The general apprehension The redemp-
tive gold reserve was depleted, and SCI =
ous doubts prevailed both IN Europe
and America as 10 the ability OF the gov
eminent TO maintain the parity oil gold
and silver. From the nominal ratio oil
sixteen to one, the bullion value had
changed 10 thirty.two TO one. This lead
to general boarding OF gold, which
caused sudden contraction and further
loss OF confidence. Runs on the banks
began and the great panic was in iol
force.
, Tie repeal Of the silver purchasing
clause OF the Sherman act restored con
Gdcnce in the commercial world, and The
panic itself was at an end, but at sea
son when business was usually dulleI
than at any other period OF the year
consequently, the resumption OF com
I mercial activity was slow.
Then congress began the DISCUSSION o
4 changes in the tariff which promised TO
and did, result quite n disastrousiy t.
!. the commercial world, and far more dis
+ astrously Co industrial interest thar
g the panic had done. Prior 90 the VII
son-Gorman act the financial world wa
{ in excellent condition, and had the Nc
Il KInley tariff remained undisturbed Their
!, would have been inaugurated an era q
prosperity unprecedented in the ANIMAL
n OF this country.
d On the other hand how heavy TO Tia
y heart is the picture OF the past tire
! years. The New York Sun, n Democrat
!. ic newspaper, estimates that the cost Z
e the people OF the Cleveland adminlstra
T. ton, in shrinkage OF values, strikes an
failures have amounted to more tina
An - 1,.llura A La roo
than the original war debt. Everyon
will remember the promises made b
{, Democratic stump orators and new
I papers four years ago. They would III
: the "robbcr tariff then they woul
+ raise the price Of wheat and give wages
:. mighty boost They kept their wore
- they killed the tarifi-kilied the Coos
= that was laying the golden egg. III
wheat representative OF all farm proc
= ucts went down, and the wages wei
down, aud out
in their platform in 1892 they saio
= I'VE denounce policy protection
!, which fosters no industry so much AZ
does that Of the sheriff Has anyor
nollctN HiUihdl htHhHN"N''h ~ ~
Democratic platform Of 1892 Probabl
not. The memories Of these miserab
:, years OF Democratic misrule is too iresl
Three months ago no one thought tina
= the Democrats would carry ten state
v next November Nobody wanted theI
= to-the with was father to the though
The phrase "robbcr tariff bad becon
obsolete in the Democratic paper
There was ON their side the sullen az
!, mission. and on the Republican side Il
rounded assertion that the chief cause
:, depression resulted from the repeal I
!, the Mckinley law. The prosperity
the masses depends upon their hayn
~ employment Under the Gorman-Wi
!, son tariff The money TINT should ha,