The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-03

1911, Sz,zo4, 442,o62 and in December,
1895, 81, 194, 000,000. The per capita Of
money, too, has been practically the same
during the whole period. The quality of
the money had been idcntical-all kept
equal to gold. There is nothing connect
ed with our money, therefore, to account
for this sudden and aggravated indus
trial change. Whatever is to be depre-
Gated in our financial system, it must
everywhere be admitted that our money
has been absolutely good and had
brought neither loss nor inconvenience to
it's holders. a deprecated currency has
not existed to further vcX the troubled
business situation.
1t is Il mere pretcnce to attribute the
hard times to the fact that all currency is
| on n gold basis. Good money never
made times hard. Those who assert that
our present industrial and financial de-
preston is the result of the gold stand
ard 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 industry
thar in the busy years from 1850 to
| 1892, during all of which time this
country was on gold basis and employ
ed more money in its fiscal and business
operations than ever before. We had, too,
Il protective tariff. under which ample
revenues were collected for the govern
mcnt and accumulated surplus Which
was constantly increasing. 1t is not
more money we want; what we want is
to put money we already have ut work
| When money is employed men are en-
| ployed. Both have always steadily and
| remunerativcly been engaged during all
| the years of protective tariff legislation.
| When men have money and lack con
| tidence in the sta bilty of values they will
not part with the money. Business is
| stagnant: the life blood of trade is check
ed and congcsted. We can restore pub
| lie confidence by an act which would
revolutionizc all values or an act which
entails Il deficiency in the public rcven-
| ues. We can not inspire confidence by
| advocating reputation of practicing dis
honesty. We can not restore confidence
either to the treasury or to the people
without a change in our present tariff
legislation.
THE TARIFF OF 1894.
The only measure of n general nature
that affected the treasury and the en-
plOyment of our people, passed by the
Fifty-third congress, was the general
tariff act, which did not receive the APP
proval of the president. Whatever viz
tues may be claimed for that act, there
is confessedly one which it does not pos.
scss. 1t lacks the essential virtue of
it's creatOn-the raising Of revenue suf-
Rcient TO supply the needs of the govern
ment. 1t has at no time provided
enough revenue for such needs, but it has
caused a constant deficiency in the treas
ury and steady depletion in the earnings
of labor and land. 1t has contributed
to swell our national debt more than
S262 100000, a sum nearly as great as
the debt of the government from Wash
ngton to Lincoln, including our foreign
wars from the revolution to the rebel
lion. Since its passage, work at home
has diminished; prices of agricultural
products have fallen: confidence has been
arrested and general business demoral
cation is seen on every hand. The total
receipts under the tariff act of 1891 for
the first twenty-five months of its en-
forccmcnt. from September. 1894, to
June. 1896, were $557, 615.32S and the
ficicncy of $S2,S03,035. The decrease
in our exports of American products and
manufactures during the first fifteen
months of the present tariff, rs con-
trastcd with the exports of the first
fifteen months of the tariff of 1890, was
$500 353,320. The excess of exports
over imports during the first fifteen
months Of the tariff of 1890 was S213,-
972.96S. but only S56,5TS,62 under the
first fifteen months of the tariff of 1894,
II loss of 1851, ,345. The net loss in
the trade balances of the United States
has been S156, 9S3.601 during the first
fifteen months 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 $13. 10000 per month, or 100000
for every business day of the year.
LOSING IN BOTH DIRECTIONS.
We have either been sending too
much money out of the country or get
ting too little in, or both. We have
lost steadily in both directions. Our
foreign trade has been diminished and
our domestic trade has suffered meal
culablc loss. Does not this suggest the
cause of our present depression and indi-
enterprises has almost wholly disap-
pearcd. Our shops are closed or run
ming on half time at reduced wages and
small profit if not actual loss Our men
ut home are idle and while they are idle,
men abroad are occupied in supplying MS
with goods. Our unrivalled home mar
kct for the farmer has also greatly suf
fcred because those who constitute it
the great army of American wage earn
ers-are without the work and wages
they formerly had. If they can not
earn wages they can not buy products.
They can not earn if they have no EN-
pl0yment, and when they do not earn
the farmers home market is lesscncd
and impaired and the loss is felt by
both producer and consumer. The loss
of earning power alone in this country in
the past three years is sufficient to have
produced our unsettled business stla
ton. If our labor was well employed |
and employed at as remunerative wages |
as in 1892. in few months every far |
mcr in the land would feel the glad |
change in the increased demand for his |
products and in the better PRICES which |
he would receive.
OPEN MILLS, NOT MINIS.
1t is not an increase in the volume of |
money which is the need of the present |
time. but an increase of confidence Not |
more coinage, but more active use of |
the money coined; not open minis for the |
unlimited coinage of silver, but open |
mills for the full and unrestricted labor |
of American workingmen. The en-
ploymcnt of our minis for the coinage |
of the silver of the world would not |
bring the necessaries of life back to our |
people. This will only come with the |
employment of the masses, end such en-
plOyment is certain to follow the es-
adjustment Of wise protective policy. |
which shall encourage manufacturing at |