The Indianapolis journal., 1897-02-01
Has Information that Congress WIZ
Be Called Together to Deal
with the Emergency.
THREE IMPORTANT QUESTIONS
FIRST TARIFF. THEN CURRENCY
AND LAST FOREIGN POLICY.
Foreign Inv estOrs Waiting for Amer
lean Assurance Before Sending
Money to This Country.

pew was asked yesterday by a Journal re-
porter if he thought that better times We're
coming. He replied in the affirmative. but
said he thought the times would become
worse before they became better, and that
an extra session of Congress is imperative
ly demanded to meet the emergency. Fur
ther he stated that he knew" an extra
session would be called.
THAT there is a good time coming l am
confident" he said, but the existing bad
times will not change for the better until
the country has received from the govern
ment the assurances of settled policies i'm
regard to the tariff, the currency and for
eign affairs. This assurance must neces-
sarily come from the administration that
is about to take up the reins OF office.
am convinced that IT will be given.
'The first and most important matter
with which the incoming government will
be called upon to deal will be the tariff.
We have had three years of financial
panic. The result is loss of credit and i'm
paired confidence. We find too, that there
is no foreign money coming into the coun-
try. Neither are foreigners interested in
any of our new enterprises.
The enormous amount of money depos-
tied in our own banks and trust companies
is locked up and remains idle. Manufac-
turers fear to accumulate stocks, and work
only on the hand-to-mouth principle. Mer-
chants fear to burden themselves. and buy
merely for their immediate needs.
THE outputs from iron and coal mines
are reduced to a minimum. Blast and coke
furnaces are doing but little. The tonnage
of railroads-the most significant OF all
figures-proves how abnormaily light is the
nf int
Now prosperity depends on the purchas-
ing power OF the people. When the times
are good, the vast army of wage earners,
as well as others who are paid by
the day or the hour. receive liberal wages,
and spend freely they earn readily,
all departments of industry benefit. The
wholesome impulse is passed along the line.
as the wage earners' money circulates.
HOW PEOPLE LIVE.
But in times like these the thousands
who are out of employment draw either on
the resources of those who are lucky
enough To have work or live on those
friends of theirs who. while not employed,
have yet put little aside for the rainy
day
This condition of affairs is bad for every
body. There are unheard of shifts 10 the
end of economizing. The barest and the
cheapest of the necessities of life are pur-
chased, and these in the smallest possible
quantities. Stint is the order of the day.
All this reacts again and >again on the
wage worker. With a slackening demand
his opportunities for work grow less and
less.
"Privation cannot be confined to one class
alone. Hard times among the workingmen
are invariably the symptoms of hard times
among everybody. And so the country at
lQT nf har flt.lNf
and depression. Unfortunately, this kind of
thing is not only bad for us nation,
but 1t Injuries our reputation abroad. have
in my possession letter recently received
by me, its author being one of the most en-
inent of European statesmen. He writes 10
ask if it is true that a socialstic revolt is
raging in this country and whether il is
likely that the revolt will eliminate i'm at
tacks on property and vested interests.
Absurd? Yes, il may seem so. But il
goes TO show the tendency for i'll which is
born of these evil times with which we are
now wrestling. Rumors like these. when
they reach Europe, destroy our prestige
ruin our credit and keep untold millions
from being invested in our mines irrigation
canals, factories and other of our enter
prises There is no arguing with foreign
capitalists in the face of the fact that the
United States governments expenditures
are now in excess of its revenue. which. by
the way, is another reason of the general
distress
What the country requires is an extra
session of Congress TO meet the emergency
We ought to look upon the situation as we
should look upon a sudden outbreak of hos
| tilties with another power.
THAT which we are called upon TO face
| is scarcely less grave than actual war
Congress must not shirk its liabilities
or it's responsibilities, 1t must have the
| courage and il should find the means 10
| fight the danger that threatens us as
TIMES TO GROW WORSE.
"Times will grow worse from now on,
| until Congress meets. 1t if meets in extra
session Immediately after President McKin-
ley is inaugurated, and moderate tariff
bill is framed and passed, the industries
paralyzed by the Wilson bill will be re-
| vived, the profits on the products of the
farm returned to the farmer, ard there will
| be chance for the better all round.
The country will then not only realize
| that Dill for the adequate protection of
| American industries is an essential TO the
| prosperity of those industries but it will
| in addition have the satisfaction of feeling
| that such a measure once passed by the
next adninistra tion-and il certainly will
| be-will remain good for four years. Manu-
| facturers, merchants and producers will
| then know exactly where they are.
BY next fall there will be unprece-
| dented revival in all branches of business.
| make this prophecy on the supposition
| that the extra session OF Congress VIII be
''Suppositon, did I say? / am wrong
| there. 1t is supposition on my part. 1
KNOW tHdl the extra ScSSlOl Will surely
| be called.
THE question of the tariff being settled
| there should be next some legislative action
| in regard to currency. This action
! should be to the end of protecting us
| against certain possibilities thai came to
the surface during the late campaign.
1t should also seek to mitigate the evils
which prevail in large sections of the coun-
try. and which arise from the nonelasticity
| of currency. 1t was this quality OF the
| currency that led so many honest men to
| vote last November for any change which
| promised them better monetary conditions
! This legislation will supplement the tariff
/ measures by giving confidence TO investors.
money lenders and capitalists. Presuming
| that the legislation TO which / allude is ON
! the right lines the next four years should
easily obiiterate the memory of the past
disastrous three.
LAS far as a foreign policy Is concerned
| | can only say that II Is impossible to lay
| down a hard and fast method of treating
] other nations. But IL government is de-
| termined TO protect its flag. its prestige and
| it's citizens. IL cannot 20 far wrong. And
! l am assured that this determination is TO
I .rTs III -