The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-27

now face the conditions which beset them
The public exigences" demand prompt
protective legislation which will avoid me
accumulation Of further debt bv provid-
ing adequate revenues for the expenses Of
the government. This is manifestlv the
requirement OF duty II elected President
OF the United States il will be my aim 10
vigorously promote this object and give
that ample encOura cement TO the occu-
patiOns Of the American people which
above all else. is so imperatvely demand
ed a I this Juncture OF our national affairs
Our Condition in December. lSs2-In De
cember, 1892. President Harrison sent his
last message to congress. II was an able
and exhaustive review OF the condition
and resources of the country II stated
our situation so accurately that I am sure
il will not be amiss to recite his official
and valuable testimony. There never
has been a time in our history" said he.
when work was so abundant, or when
wages were so high, whether measured
by the currency in which they are paid
or by their power to supply the necessa-
ries and comforts of life. The general
average Of prices has been such as to give
agriculture a fair participation I'm the
general prosperity. The new industrial
plants established since Oct. 6. 1880. and
up to oct. p, 1892, number 3i5, and the
extensions Of existing plants los. The new
capital invested amounts to SO. AS 060. and
the number of additional employees 81 2s5.
During the first six months of the pres
ent calendar year. 135 new factories were
built, of which 40 We're cotton mills. As
knitting mills, 26 wooden mills Is silk
mills. plush mills, and linen mills OF
the 40 cotton mills p have been built in
the southern states" These extracts fair
ly describes the happy condition of the
country in December, 1892 What has it
been since, and what is It now?
NJ oTor
I from the beginning of his second admins
tration 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 past three years, l VEN
ture to quote from President Cleveland $
first message, Aug. s, 1893, addressed to tho
Fifty-third congress, which he had called
together in extraordinary session.
THE existence of an alarming and ex-
traOrdinary business situation" said he
Involving the welfare and prosperity Of
all our people, has constrained me to call
together in extra session the peoples rep
resentativss in congress, to the end THAI
through the wise and patriotic exercise of
the legislative duties with which they are
solely charged, the present evils may be
mitigated and dangers threatening the
future may be averted. Our unfortunate
financial plight is not the result of unto
ward events, nor of conditions related to
our natural resources. Nor is il tracea-
BILE to any of the afiictions which fire.
quently check national growth and pros
perity. With plenteOus crops, with abund-
ant promise of remunerative production
| and manufacture, with unusual invitation
to safe investment and with satisfactory
| assurances to business enterprise, sud
i. arzur f-fr nd f.11s hasTr.
! sprung up on every side. Numerous
/ monied institutions have suspended be
cause abundant assets were not imme-
/ diately available to meet the demand of
frightened depositors. Surviving corpor-
| atoms and individuals are content to keen
in hand money they are usually anxious
to loan, and those engaged in legitimate
| business are surprised to find that the Sc
/ curities they offer for loans, though here
/ tofore satisfactory, are no longer ac-
| cepted. Values supposed to be fixed are
fast becoming conjectural and loss and
failure have invaded every branch Of
! business"
The Cause of the Change-What a start
ling and sudden change within the short
/ period of eight months, from December,
! 1892, to August, 1898.
What had occurred? A change of ad-
ministration; all branches of the govern
ment had been entrusted to the democratic
| party which was committed against the
protective policy that had prevailed unin-
terruptedly for more than thirty-two
years and brought unexampled prosperity
| to the country and firmly pledged to its
complete overthrow and the substitution
of a tariff for revenue only. The change
! having been decreed by the elections in
| November, its effects were at once antici-
pated and felt.
! We cannot close our eyes to these alter
| ed conditions, nor would il be wise to ex-
| clude from contemplation and invesuga-
ton the causes which produced them. They
| are facts which we cannot as a people dis
regard, 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
aggregated in 1892, $2372, 500 SOL in 1898, 81,
323 900, 900; in 1894 81, S23 1882; and in De-
cember, 1895, 81 194, 900, go. The per capita
| of money, too, has been practically the
same during this whole period. The quail
| ity of the money has been identical, all
! kept equal TO gold There is nothing con-
! nected with our money, therefore, 10 ac-
| count for this sudden aggravated indus
| trial change. Whatever Is to be depreca-
! ted 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 A deprecated currency has not
existed to further vex the troubled bust
ness situation.
Good Money Never Made Times Hard-It
is a mere pretense to attribute the hard
| times to the fact that all our currency ia
| in a 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, nor
been careful students of the events of re-
| cent years. We never had greater pros
! perity 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 was on gold basis ana
! employed more gold money in its fiscal
! and business operations than ever before.
We had, too, a protective tariff, under
/ which ample revenues were collected for
/ the government and discriminating surplus
which was constantly applied to the pay
| ment of the public debt. Let us hold fast
| to that which we know is good. 1t is
! not more money we want; what we want
! is to put the money we already have at
work When money is employed men are
employed. Both have always been stead