Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-27

There never has been a time in our
history" he said, 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 necessaries and comforts
of lifs The general average of prices
has been such as to give agriculture a
fair participation in the general pros
perity. The new Industrial plants es-
tablished since October 6, 1890. and up
TO October 20, 1892. number 345, and the
extensions of existing plants 10S. The
new capital invested amounts to $4O,-
446, S06, and the number of additional
employees 372S5. During the first six
months of the present calendar year 1856
new factories were built, of which forty
were cotton mills. forty eight knitting
mills, twenty-six woolen mills, hfteen
silk mills, four plush mills and two linen
mills. OF the forty cotton mills twenty
one have been built in the southern
states"
These extracts fairly describe the hap
py condition of the country in Decem7
ber. 1892. What has it been since anP
what is 1t now?
The messages of President Cleveland
from the beginning of his second admin
istration to the present time abound with
descriptions of the deplorable inoustrlai
and financial situation OF the country;
While no resort to history or ofncial
statement is required to advise us OF the
present condition and that which has pre-
vailed during the past three years, ven
ture to quote from President Cleveland's
first message, August 8, 1893, addressed TO
the Fifty-third congress. which he had
called together in an extraordinary ses-
sion:
And Then From Cleveland.
"The existence of an alarming and ex-
traordinary business situation, said ne,
"involving the welfare and prosperity OF
all our people, has constrained me 10 can
representatives in congress, to the END
that through the wise and patriotic ex-
ercise of the legislative duties with when
they are solely charged the present evils
may be mitigated and dangers threaten
ing the future may be averted. Our un-
fortunate financial plight is not the re
suit of untoward events, nor of conditions
related to our natural resources. NOR Is
1t traceable to any of the af1nations
which frequently check national growth
and prosperity. With plenteous crops,
with abundant promise of remuneratlVe
production and manufacture, with unu-
sual invitation to safe Investment, ana
with satisfactory assurances TO business
enterprise. suddenly financial distruse
and fear have sprung up on every slde'
Numerous monied institutions have sus-
pended because abundant assets were
not Immediately available to meet the
demand of frightened depositors. Sur
yiving corporations and individuals are
are usually anxious to loan, and those
engaged in legitimate business are sur
prised to find that the securities they Of
fer for loans, though heretofore salts
factory are no longer accepted: Values
supposed to be fixed are fast becoming
conjectural, and losses and failure have
invaded every branch of business
Nothing About That Billion Dollar Congress
What startling and sudden change
within the short period of eight months,
from December, 1892, to August, 1898.
What had occurred? change OIL ao-
ministration; and all branches of the gov
ernment had been entrusted to the demo-
cratic party, which was committed
against the protective policy that pre-
vented interruptedly for more than thir--
ty-two years and brought unexampled
prosperity to the country, and hrmiy
pledged to its complete overthrow and
the substitution of a tariff for revenue
only. The change having been decreed
by the elections in November, It's efects
were at once anticipated and felt.
We cannot close our eyes TO these al
tered conditions nor would 1T be wise
to exclude from contemplation and IN
vestigation the causes which produced
them They are facts which we cannot
as a people disregard, 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 prac-
tically the same volume of currency that
we have now. 1t aggregated in 1872
s2 372, ,599, sol; in 1898, $2323 900; In 1894
80 1923 442 1862, and In December, $780, W.
194 900 230 The per capita of money, TOO,
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 sud-
den aggravated industrial change.
What, then, is to be deprecated in our
financial system? 1t must be every
where 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 business situa-
| ton.
Foreets to Mention Pensions.
| IT is a mere pretense to attribute the
hard times to the fact that all our cur
rency Is ON a gold basis. Good money
never made times hard. Those who as
sert that our present Industrial ana
financial depression is the result of the
gold standard 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,
than in the busy years from 1880 to 1882,
during all of which time this country was
on a gold basis and employed more gold
money in Its fiscal and business opera
tions-than ever before. We had, too,
DI OIecllNe ldIllI uJutI Which, dlhpiC lCN-
enues were collected for the government,
and an accommodating surplus which was
constantly applied to the payment 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 to work
When money is employed men are en-
ployed. Both have always been steadl-
ly 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
investments they will not part with their
money. Business Is stagnant-the life
blood of trade is chs cked and congested.
We cannot restore the public confidence
by an act which would revolutionlZe all
values, or an act which entails deficien-
cy in the public revenues. We cannot
inspire confidence by advocating repu-
diation or practicing dishonesty. We
cannot restore confidence either to the
treasury or to the people without
change in our present tariff legisla tion.
The only measure of general nature