The herald., 1896-08-27

.
tions which now beset them. 1.-The pub
lie exiSencies demand prompt protective
legislation which will avoid the accu-
mutation of further debt by providing
adequate revenues for the expenses of
the government. This is manifestly
the requirement of duty. If elected pres
ident of the United States it will be my
aim to vigorously promote this object
and give that ample encouragement to
the occupations of the American people,
which, above all else, is imperatively
demanded at this juncture of our ma
tional affairs.
CONDITIONS IN 1892.
Our condition in December, 1892 was
set forth by President Harrison in his
last message to congress. 1t was an
able and exhaustive review of the con-
dition and resources of the country
1t stated our situation SO accurately
that I am sure that it will not be amiss
to recite his official and valuable testi-
mony:
There has never been a time in our
history" he said when work was so
abundant, nor when wages were so
high. whether measured by the currency
in which they are paid, or by their power
to supply the necessaries and comforts
of life. The general average of prices
has been such as to give to agriculture
fair participation in the general pros
perity. The new industrial plants es-
tablished since October 6, 1890, and up
to October 22 1892 number 345 and the
extension Of existing plants los. The
capital invested amounts to S4O,446. .O70.
and the number of additional employees
S7,2S5. During the first six months of the
present calendar year 1876 new factories
were built, of which 40 were cotton mills
and 4S knitting mills, 26 were woolen
mills, Is silk mills, plush mills and 2
linen mills; of the 40 cotton mills 21
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?
EIGHT MONTHS LATER.
The messages of President Cleveland
from the beginning of his second ad-
ministration to the present time abound
with descriptions of the deplorable in
dustrial and financial situation of the
country. While no resort to history or
official statement is required to advise
us of the present condition and that
which has prevailed during the past
three years, I venture to quote from
President Clereland's first message, Au-
gust 8, 1898, addressed to the Fifty-thirl
congress, which he called together in
extraordinary session:
THE existence of an alarming and
extraordinary business situation" said
be, involving the welfare and prosper
ity of all of our people has constrained
me to call together in extra session the
peoples representatives in congress.
to the end that through wise and patri-
otlc exercise of legislative duties with
winch they are solely charged, the
present evils may be mitigated and dan
gers threatening the future may be
averted.
Our unfortunate financial plight is not
the result of untoward events. nor of
conditions related to our natural re-
sources, nor is it traceable to any of the
Affections which frequently check nat
ural growth and prosperity. With plen-
teous crops, with abundance. promise
OF remunerative production and man.
ufacture, with unusual invitation to in
vestment and with satisfactory assur-
ances to business enterprises, suddenly
financial fears and distrust have sprung
up on every side. Numerous moneyed in
stitutions have suspended because
abundant assets We're not Immediately
available to meet the demands of fright
ened depositors. Surviving corpora tions
md individuals are content to keep in
hand the money they are usually anx-
1ous to loan, and those engaged in legi-
innate business are surprised to find the
securities they offer for loans. though
heretofore satisfactory, are no longer
accepted. Values supposed to be fixed
are fast becoming conjectural, and 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 has occurred? A change of ad-
ministration. All branches of govern
ernment had been instrusted to the
Democratic party. which was commit