The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-09-12

az ss5. During the first six months OF the
| present calendar year. 1856 new factories
| we're built. OF which 40 we're cotton mills,
as knitting mills. 20 woolen mills. IL silk
mills 4 plush mills and linen mills. Ot
the forty cotton mills, twenty-one nave
been built in the Southern states. rms
fairly describes the happy condition OF the
country in December, 1892. What mas u
been since. and what is II now
| Eight Months Later.
"rhe messages OF President Cleveland
| from the beginning OF his second admin
| Istratlon 70 the present time abound win
| descriptions Of the deplorable Industrial
| and financial situation OF the country
| While no resort 10 history or ohciai state
ment Is required 10 advise us OF the present
condition aud that which has prevailed
| during the past three years | venture 10
quote from President Cleveland's FIRST
message. Aug. s, 1898. addressed TO the
Fifty-thlrd congress which he had called
together in extraordinary session. The
existence Of an alarming and extraordinary
business situation, said he, Involving the
welfare and prosperity Of all our people,
| has constrained me 10 call together IN
extra session the peoples representatives
1
| wise and patriotic exercise Of the legisla-
| tive duties with which they solely are
charged the present evils may be miti-
| gated and dangers 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 il traceable 10 any OF the
/ Affections which frequently check national
/ growth and prosperity. With plenteous
crops, with abundant promise of remun-
erative production and manufacture, with
unusual invitation 10 safe investment, and
| with satisfactory assurances TO business
| enterprises, suddenly financial distrust ana
! fear have sprung up on every side. Numer-
Gus moneyed institutions have suspended.
| because abundant assets were not imme-
| diately available to meet the demands OF
| frightened depostors. Surviving corpora
| lions and individuals are content TO keep
| ia hand the money they are usually
anxious to loan, and those engaged In
| Legitimate business are surprised TO ma
| that the securities they oner for loans
| though heretofore satisfactory, are no
| longer accepted. Values supposed TO be
| fixed are fast becoming conjectural ana
loss and failure have invaded every branch
| C: business
Startling ana sudden Change.
What startling and sudden change
within the short period Of elgS. months.
| from December, 1892, TO Ausc.-, 1898!
What had occurred? chang OF adj
| 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 tarin
for revenue only. The change having
been decreed by the elections In November
its effects were at once anticipated and felt.
We cannot close cur eyes to these alter
ed conditions, nor would IL be wise TO
exclude from contemplation and investiga-
ton the causes which produced them. They
are facts which we cannot. as a people,
disregard, and We can only hope to inn
prove our present condition by a study
of their causes. In December. 1892. we
had the same currency aud practically the
same volume Of currency that we have
now. IL aggregated in 1892 s2,372 sos, sol;
In 1893 $2,323 900, 900; in 1894 s2323, 442 1862,
and in December, 1895, 81. 1874, 900. 230. The
per capita OF money has been practically
the same during this whole period. The
quality Of the money has been Identical
all kept equal TO gold. There is nothing
connected with our money, therefore, to
account for this sudden and aggravated
industrial change. Whatever is to be
deprecated in our financial system, IL
must everywhere be admitted that our
money has been absolutely sound and has
brought neither loss nor inconvenience TO
its holders. A deprecated currency has
not existed TO further vex the troubled
business situation.
Good Money Viewer Made Times Hard.
at is mere pretense TO attribute the
.anA NftxaAa h. tLAe Ill
rency is on 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 stand
ard have not read American history Alright,
or been careful students OF the events OF
recent years We never had greater pros
perity In this country, in every field of
employment and industry, than in the busy
years from 1850 10 1892, during all of which
time this country was on a gold basis and
employed more gold money in its fscal
and business operations tnau ever before.
We had, too, protective tariff under
which ample revenues were collected for
the government and an accumulatng sur
plus which was cons family applied TO the
payment Of the public debt. Let us hold
fast TO that which we know is good II
is not more money we want: what we
want Is TO put the money we already
have at work When money il employed |
men are employed and both have always
been steadily and remuneratively engaged |
during all the years of protective tariff |
legislation. When those who have money |
lack confidence in the stability Of values |
and investments, they will not part with |
their money. business is stagnated-the life |
blood OF trade Is checked and congested. |
We cannot restore public confidence by |
an act which would revolutionlze all val |
ues. or an act which entails a deficit in |
the public revenues We cannot inspire /
confidence by advocating reputation or
practicing dishonesty We cannot restore |
confidence either to the treasury or to |
the people without change in our present |
tariff legislation.
EVIL of the Democratic Tariff.
THE only measure of a general nature
that affected the treasury and the employ
ment Of our people passed by the Fifty
third congress was the General Tariff act
which did not receive the approval of the
president. Whatever virtues may be
claimed for that act, there is confessedlv
one which it does not possess. IL lacks
the essential virtue of its creation-the
raising of revenue sufficient TO supply the
needs OF the government. 1t has az no
time provided enough revenue for such
needs. but II has caused constant def 1
cheney In the treasury and steady do.
To-. IL.