The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-27

loss and failure have invaded every branch
of business
CAUSE OF THE CHANGE.
What a startling and sudden change
within the short period of eight months
from December. 1892 TO August 1898? What
had occurred? A change OF administration;
all branches Of the government had been
intrusted TO the Democratic party, which
was committed against the protective
policy that had prevailed uninterruptedly
for more than thirty-two years and brought
unexampled prosperity to the country
and firmly pledged to its complete over
throw and the substitution OF a tarfn Tor
revenue only. The change having been de-
creed by the elections in November, us S.-
fects were at once anticipated and felt;
We cannot close our eyes TO these altered
conditions, nor would IL be wise TO eNciuae
fran contemplation and investigation the
cause Thich produced them Ihey are
facts which cannot as a people |ulsre-
garo and we can only hope 10 improve our
rresen. condition by a study OF tnsir
causes. In December, 1892, we had tne
same currency and practically the same
Volume of currency that We nave now, ,sa. IL
s. .as 100 ooo in 1894, S2S2S. 4i2,5o2 and In De-
cemner, 1895. 81 lsi. .0O0.25O The per capita OF
during this whole period. The quality OF
the money has been ideptical-ali kept equal
Our money therefore TO account Tor TINS
sudden and as sravated industrial change.
W ilatever is TO be deprecated in our flnan-
cisl system, it must everywhere be ad-
| mit.ed tnat our money has peen absolutely
gaod and has brought neither loss nor IN
conveiuence TO its holders, depreeiated
ourrCOcy has not existed 10 1urther NeN
/ the troubled business situation
II Is a mere pretense TO attribute the
hal times to the a fact that oS a., our oonnv Sur
never made times hard. Those who as
| sert that our present industrial and fnan-
/ ciai Oppression is the result of the gold
/ stantt rd. have not read American history
| ariSh. or been careful students OF the
events of recent years: We never had
| field of employment and industry than In
| the busy years from 1880 to 1892. during
all of which time this country wa Was on. on a
! in its fiscal and business operations than
/ ever before. We had too protective
tariff under which ample revenues were
collected for the government and
cumulating surplus which was constantly
| applied to the payment OF the public debt.
Let hold fast TO that which We know
WHAT WE WANT.
1T is not more money We want: what
we want is to put the money already
| have at work. When money is employed.
men are employed Both have always been
steadily and remuneratively engaged during
| all the years of protective tariff legisla-
ton. When those who have money lack
confidence in the stability of values and
money. Business is stagnated-the life
blood of trade is checked and congested.
We cannot restore public confidence by an
| act which would revolutionize all values
an act which entails deficiency IN the
| public revenues We cannot insure conii-
| dence by advocating reputation or prac-
| ticing dishonesty. we cannot restore con-
| fidence either TO the treasury or TO the
| people without a change I'm our present
| tariff legislation.
The only measure of a general nature
that affected the treasury and the employ
ment OF our people passed by the t1fty-
third Congress-the general tariff act.
did not receive the approval OF the
President Whatever virtues may be
claimed for that act, there Is confessen v
one which il does not possess. 1t lacks
the essential virtue of its creatTon-the
raising of revenue sufficient to supply the
needs of the government. 1t has at no
time provided enough revenue for such
needs, but 1t has caused a constant deii-
ton in the earnings of labor and land. 1t
has contributed to swell our national debt
more than 2620O0,0oO: sum nearly as
Oreat the debt of the government from
Washington to Lincoln, including all our
foreign wars from the revolutions 90 the
rebel hon. Since its passage work at home
has been diminished; prices of agricultural
products have fallen; confidence has been
arrested and general business demoraliZa-
ton is seen on every hand.
The total receipts under the tariff act of
enforcement, from September. 1884 to June.
1896. were s557. .32S. and the expenditures
S640, AIS, 363 a deficiency of So, s03 035 The
decrease in our exports OF American prod
ucts and manufactures during the first fiji
teen months OF the present tariff. as con-
trasted with the exports OF the first If
teen months of the tariff of 1890 was 500 =
$3.50. The excess of exports over imports
during the first fifteen months of the tariff
of 1890 was 963. but only s56, 7s5. .623
under the first fifteen months OF the tariff
OF 1894, a loss under the latter OF $l51,21i.
Se a3es ass In has the been @ coz u
ing the first fifteen months operation OF
the tariff of 1894, as compared with the first
fifteen months of the tariff of 1890 The
loss has been large constant and steady.
at the rate of sl3l30.c00 per month. or
s5Oo.ooO for every business day of the year.
LOSING BOTH WAYS.
1--WE have either been sending too much
money out of the country or getting toe
little in, or both. We have lost steadily
in both directions. our foreign trade has
been diminished and our domestic trade
has suffered incalculabe loss. Does ne,
this suggest the cause of our present de-
preston and indicate its remedy? Conf
dence in enterprises has almost wholly dis
| appeared Our shops are closed, or running
on half time at reduced wages and
small profit, il not actual loss. Our men
at home are idle. and while they
are Idle men abroad are occupied In
supplying us With goods. Our unrivaled
greatly su1ered because those who consti.
tute 1.-THE great army of American wage
earners-are without the work and wages
they formerly had. Ii they cannot carr
wages they cannot buy products. They
cannot earn if they have no employment
and when they do not earn the farmer
home market is lessened and impaired. an,
1.-The loss is felt by both producer and con
sumner. The loss of earning power alone II
this country In the past three years is suf.
ficient to have produced our unfortunatt q
business situation. IL our labor was vel
employed. and employed at as remunsrativs
wages in 1892. in few months every
farmer in the land would feel the glad
change In the increased demand for M.
products and in the better prices he would
receive.
1T is not an increase in the volume OF
money which is the need of the time. but
an increase in the volume OF business; nOi
fdence; not more coinage. but a more
active use of the money coined; not oper
mints for the unlimited coinage of the sill
of the world. but open mills for tn,
full and unrestricted labor OF American
workingmen. The employment of oCl
mints for the coinage of the silver of the
world would not bring the necessaries and
comforts of life back 10 our people Thl.
will only come with the employment oi
fhe masses. and such employment is Ger
tain TO follow the re-establishment of
age manufacturing at home. Projection
has lost none of its virtue and Importance
The first duty OF the Republican party, Il
restored to power in the country, Will bs
the enactment Of q tariff law which viii
raise all the money necessary 10 conduc
the government. economically and honestly
administered. and so adjusted as to Civ,