The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-27

~ oNolAOg llAC II Ul2o VI lAOC4 ~
PROTECTION OF SUPREME I'M
PORTANCE.
Another issue of supreme Importance
is that of protection. The spirit of free
silver is a menace to be feared; we are
already experiencing the effect of par
tial free trade. The one must be avert
ed; the other corrected.
The Republican party is welded to
the doctrine Of protection and was
never more earnest in its support and
advocacy than now. If argument were
needed TO strengthen its devotion to the
American system, or increase the hold
OF the system on the party and the
people, it is found in (ae lesson and
experience of the last three years.
Men realize in their own daily lives
WHIST before was to many Of them only
report, history, or tradition. They have
had trial of both systems and know
what each has done for them.
DEMANDED BY THE PUBLIC EXI-
GENCIES.
Washington, in his farewell address,
Sept. II, 1896, a hundred years ago,
said:
LAS a very important source of
strength and security, cherish public
credit. One method of preserving it is
to use lit as sparingly as possible,
avoiding the accumulation of debt, not
only by stunning occasions of expense,
but by vigorous eXertionS in time of
peace to discharge the debts which
unavoidable wars may have occasioned,
not ungenerously throwing upon pos
terity the burden which we ourselves
ought TO bear"
To facilitate the enforcement of max
inns which he announced, he declared:
1t is essential that you should prac-
tically bear in mind that towards the
payment of debts there must be reve-
nue.; that to have revenue there must
be taxes; that no taxes can be devised
which are not more or less inconveni-
emit or unpleasant; that the intrinsic
embarrassment inseparable from the
selection of the proper objects (Which
is always a choice of difficulties) ought
to be a decisive motive for candid
construction of che conduct of the gov
eminent in making it; and for a spirit
of acquieScence in the measures for
obtaining revenue which the public
exigencies may at any time dictate"
Animated by like sentiments, the
people of the country must now face
the conditions which beset them. The
public exigencies" demand prompt
protective legislation which will avoid
the accumulation of further debt by
providing adequate revenues for the
expenses of the government. This is
manifesftly the requirement of duty.
If elected president of the United States
1t will be my aim to vigorously pro-
mote this object and give that ample
encoura cement of the occupations of
the American people, which above all
else, is so imperatively demanded at
this juncture of our national affairs!
OUR CONDITION IN DECEMBER,
1892
In December, 1892, President Harri-
son sent his last message to congress.
1t was an able and exhaustive review
of the condition and resources of the
country. 1t stated our situation so ac-
curately, that L am sure it will not be
amiss to recite his official and valuable
testimony. There never has been a
time in our history" said he, when
work was 50 abundant or when wages
were so high, whether measured by
the currency in which they are paid,
or by their power to supply the neces-
saries and comforts of life. The gen.
eTal average Of prices has been such as
to give agriculture a fair participation
in the general prosperity. The new
industrial plants established since Oc-
tober 6. 1890. and up to October %,
1892, number S45, and the extension of
existing plants 10S The new capital
invested amounts to $40, 446060, and the
number of additional employees 81, 1856.
During the first six months of the pres
!. emit calendar year, 1875 new factories
were built, of which forty were cotton
millsl forty-eight knitting mills,
twenty-six wooden mills. fifteen silk
mills, four plush mills and two linen
mills. OF the forty cotton mills TWEEN
ty-one have been built in the southern
states. This faithfully describes the
happy condition of the country in De-
cember, 1892.
What has it been since and what is
it now?
OUR CONDITION 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 de-
plorable industrial and financial Situa-
ton of the country While no resort
to history or official statement is re-
quired to advise us of the present con-
dition and that which has prevailed
during the past three years, I venture
to quote from President Cleveiands
first message, August g. 1898, addressed
to the Fifty-third congress, which he
had called together in extraordinary
session: 1.-The existence of an alarming
and extraordinary business situation, 3"
said he, involving the welfare and
prosperity of all our people, has con-
strained me to cali together, in extra
session, the peoples Representatives in
congress. to the end that through the
wise and patriotic exercise of the leg
islative duties with which they solely
are charged, the present evils may be
mitigated and dangers threatening the
, future may be averted. Our unfortu-
nate financial plight is not the result of
untoward events, nor of the conditions
related to our natural resources. Nor
IS it traceable to any of the Affections
which frequently check national growth
and prosperity. With plenteous crops
, with abundant promise Of remunerative
. production and manufacture, with I'M
usual invitation to safe investment,
and with satisfactory assurances to
these enterprises, suddenly financial
! distrust and fear has sprung up on
every side. Numerous monied institu-
tons have suspended because abund-
amt assets were not Immediately avail
able co meet the demands of frightened
, depositors. Surviving corporations and
individuals are content to keep in hand
the money they are usually anxious
: to loan, and those engaged in legitimate
business are surprised to find that the
securities they offer for loans, though
, heretofore satisfactory, are no longer
acceptable. Values supposed to be fixed
: are fast becoming conjectural and loss
: and failure have invaded every branch
of business"
: THE CAUSE OF THE CHANGE