The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-09-03

OF remuneratlve production ana manu-
facture, with unusual invitation to in
vestment and with satisfactory assur-
ances to business enterprises, suddenly
financial distrust and fears have sprung
up on every side. Numerous moneyed
institutions have suspended because
abundant assets were not Immediately
available to meet the demands fright
ened depositors. Surviving corpora
tions and individuals are content to
keep in hand the money they are usu
ally 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 accepted. Values supposed
to be fixed are fast becoming conjectur-
al and loss and failure have invaded
every branch Of business"
THE CAUSE OF THE CHANGE.
What q startling and sudden change
within the short rerfod OF EIGHT months,
from December, 1899, to August, 1893.
What had oceurredf A change Of adj
ninistration. All branches Of the Gov
ernment had been Entrusted to the
Democratic party, which was commit
had prevailed uninterruptedly for more
than thirty-two years and brought un-
exampled prosperity to the country, and
firmly pledged to its complete over
throw and the substitution Of q tariff
for revenue only. The change having
been decreed by the elections Of Mo-
vember, Its effects were at once antici-
pated and felt. We cannot close our
eyes to these altered conditions, nor
would 1t be wise to exclude from con-
temptation and investigation the causes
which produced them. They are facts
xr,l,t a q ,~7
and we can only hope to improve our
present condition by study Of their
causes.
In December. 1892, we had the same
currency and practically the same VOL
ume Of currency that We have now. It
81. 2.323 000. .000 in 1894, 81. 323. Az 1862 and in
Dece enber, 1895, 81, 1874, ,000, ,030. 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 aggravat-
ed Industrial change. Whatever is to be
deprecated in our finances, 1t must be
everywhere admitted that our money
brought neither loss nor inconvenience
to its holders. A deprecated currency
has not existed to further vex the trou-
bled business situation.
GOOD MONEY NEVER MADE THE
TIMES HARD.
It is pretense to attribute the hard
times to the fact that all our currency
is on q gold basis. Good money never
made times hard. Those who assert
that our present industrial and financial
depression n the result Of a gold stand
ard have not read American history
Alright or been careful students of the
events Of recent years. We never had
greater prosprity In this country in
every field Of employment and industry
than in the busy years from 1880 to 1892,
41fsnk ali Of which time this country
was on a gold basis and employed more
gold In its fiscal and business opera
tions than ever before We had too. a
protective tariff, under which ample
revenues were collected for the Govern
ment and accumulating a surplus,
which was constantly applied to the
payment OF the public debt.
Let us hold fast to that which we
know 10 good. It IL not more money we
want. What we want Is to put The
money we already have at work. When
Both have always been steadily and re-
munerative1y engaged during all the
years OF protective tariff legislation.
When those who have money lack con-
fdence In the stability Of values and
investments they win not part with
VI.
life blood Of trade Is checked and con-
gested. We cannot restore public con-
fidence by an act which would revolu-
tionize an statutes. or an act which en-
tails deficiency in the public revenues.
We cannot inspire confidence by advo-
eating reputation or practicing dis
honesty. We cannot restore confidence
ethef to the Treasury or to the people
without q change in our present tariff
legislation.
THE TARIFF OF 1894.
The only measure Of q 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 ap-
proval Of the President. Whatever vir-
tues may be claimed for that act there
II confessedly one which It does not
possess; 1t lacks the essential virtue OF
its creation. the raising OF revenues suf-
dc4ent to supply the needs of the Gov
ernment. It has at no time provided
enough revenue for such needs, but it
has caused a constant deficiency in the
Treasury and q steady depletion in the
earnings Of labor and lands. 1t has con-
tributed to swell our national debt more
than $262, ,000, 900, q sum nearly as great
as the debt OF the Government from
Washington to Lincoln, including all
our wars from the Revolution to the
Rebellion. Since Its passage work at
home has been diminished, prices of
agricultural productions have fallen,
confidence has been arrested and want
IL seen on every hand.
THE TARIFF OF 1890 AND 1894 CON-
TRASTED.
The total receipts under the tarfn act
Of 1894 Of the frst twenty-five months Of
its endorsement, from September, 1894.
to Tune. 1896, were $557. gil, 1928 and the
expenditures $e4o. .41s. 1863. or . deficiency
Of $82. 500, ,036. The decrease in our cx-
ports Of agricultural products and man
ufactures during the first fifteen months
Of the present tariff, as contrasted with
the exports Of the first fifteen months
Of the tariff Of 1890. was $220, ,353, 800. The
excess OF exports over imports during
the first fifteen months Of the tarfn Of
1890 was $213, ,s72, ,s6s. but only $6s. .75s. .423
under the first fifteen months Of 1894, q