Crawford avalanche. (Grayling, Mich.) 1879-19??, 1896-09-03

pations of the American people which
above all else is so impcratively demanded
ut this Juncture of our national affairs.
aeu Conditions in 1902.
In December, 1892. President Harri-
son sent his last message to Congress. 1t
was an able and exhaustive review of the
condition and resources of the country,
1t stated our situation so accurately that
l am sure il will not be amiss to recite
his official and valuable testimony.
There has never been a time in our
history" said he, when work was so
abundant, or when wages were so highs
whether measured by the currency in
which they are paid or by their power to
'uppiy the necessaries and comforts OF
life. The general average of prices has
been such as to give 10 agriculture a fair
participation in the general prosperity.
The new industrial plants established
since Oct. q, 1890, and up to Oct. %. 1892,
number 345. and the extensions Of exist
ing plants. los. The new capital invest
Ell amounts to $40, 446, 060 and the num-
Der of additional employees 3I.2S5. Dur
ing the first six months of the present
calendar year 135 new factories were
built. of which 40 were cotton mills, AZ
knitting mills, B wooden mills, IL silk
mills. 4 plush mills and = linen mills. OF
the 40 cotton mills, 81 have been built in
The Southern States"
This fairly describes the happy condi-
ton of the country in December. 1892.
What has it been since and what is it
now!
Condition Eight Months Later.
The messages of President Cleveland
from the beginning of his second admins
iratiOn TO the present time abound with
descriptions of the deplorable industrial
and financial situation of the country.
While no resort to history or official state
ment is required to advise us of the pres.
ent condition and that which has pre-
vailed during the last three years, ] ven
ture to quote from President Cleveland's
first message. Aug. 3. 1895, addressed to
the Fifty-third Congress, which he had
called together in extraordinary session:
The existence of an alarming and extra
ordinary business situation said he. ill
yolving the welfare and prosperity of our
people, has constrained me TO call to.
gether in extra session the peoples repre-
s.'ntdtives in Congress, to the end that
through the wise and patriotic exercise
81 the legislative duties with which they
solely are charged the present evils may
be mitigated and dangers threatening the
future may be averted. Our unfortunate
financial plight is not the result of un-
toward events. nor of conditions related
able to any Of the affections which fire.
lucntly check national growth and pros
prrity. With plenteous crops. with abun-
liant promise of remunerativc production
and manufacture, with unusual invitation
TO safe investment and with satisfactory
assurances to business cnterp Uses, sud
denly financial distrust and fear have
sprung up on every side. Numerous.
lnoneyed institutions have SUSPENDED be-
cause abundant assets were not availa
BILE to meet the demands of fl ightened
depositors. Surviving corporations and
individuals are content To keep in hand
the money they are usually anxious to
oan and those engaged in legitimate busi-
ness are surprised to find that the So 'uri-
Ties they offer for loans, though hereto
fore satisfactory, are no longer accepted.
Values supposed TO be fixed are fast be-
coming conjectural and loss and failure
nave invaded every branch Of business"
Cause of the Change.
What startling and sudden change within
the short period Of eight months. from De-
cembe. 1872, to August, 1893! What had
occurredY A change OF administration; ali
branches OF the Government had been in
trusted to the Democratic party. which was
committed against the protective policy that
had prevailed uninterruptcdly for more than
thirty-two years and had brought unexam-
pied prosperity to the country, and firmly
pledged to its complete overthrow and the
"
The change having been decrced by the cleo
tions In November, Its effects were at once
nnticipated and felt. We cannot close our
eyes to those altered conditions. nor would
Il be wise to exclude from contemplation and
investigation the causes which produced
them. They are facts which we cannot as
people disregard, and we can only hope to
improve our present condition by n study OF
their causes, In December. 1892. we had
the same volume of currency that we have
now. 1t aggregated in lso2, s2,372. 500. sol |;
362: and I'm December. 1898. 50, 1Di OOO. 30
The per capita Of money has been practically
the same during this whole period. The quail
lty OF the money has been identicai--all kept
equal to gold, There is nothing connected
. with our money. therefore. 20 account for
this sudden and aggravated industrial
change. Whatever Ia 10 be deprecated IN our
financial system. II must everywhere be adj
mitted that our money has been absolutely
venience TO its holders. lk.depEeciated eur
rency has not existed to further yea the trou-
bed' business situation.
Good Money and Hard Times.
II l. mere pretensc to attribute thE hard
times to the fact that all our currency ~ on
a gold basis. Good money never made, times
hard. Those who assert that our present In
suit of the gold standard have not read
American history Alright or been cnrcful stu
dents Of the events OF recent years. We
never had. greater prosperity In this country
In every field Of employment aud industry
than in the busy years from 1880 to 1891
during all OF which time this country was on
gold basis and employed more gold money
In Its fiscal and business operations than
ever before. We had. too. a protective tarifr
under which ample revenues were collected
plus which was constantly applied to the