Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1898-06-03
PREPARED FOR WAR,
TIA. covNTRv.s FINANCES m
EXCELLENT SHAPE
Present Sound Condition. contrasted
with the Distrust, Depression and
Industrial Paralysis Which Pre-
vailed During Free Trade.

Industrial Paralysis Which Pre-.
vailed During Free Trade.
What Might Have Been.
1t will be interesting to take q retro
spective view of the situation and to
consider what might have been the re-
suits had such a crisis as the present
occurred ut any time during the Demo-
cratic free trade administration of Gro
yer Cleveland, and especially when the
steadily increasing deficiency in reven-
ues, caused by the operation Of the
Wilson free trade tariff, was keeping
the endless chain" in constant mo-
ton, draining the treasury of gold as
Water runs through a sieve. The adj
m~inistratfon Of Mr.. Cleveland vas bar
rem Of beneficial, political or revenue,
results. There was an entire absence
of confidence on the part of the people
in the ability of the President success
fully to meet the most ordinary emer-
gency, and during the minor crises,
which were Of frequent occurrence,
values of securities violently fell and
capital constantly sought retirement.
Suppose that ut any time during the
Cleveland administration, when the
financial conditions of the country
were in a state OF feverish5 unrest.
there had been such a disturbance of
L. international relations as those
which have led up to the outbreak of
the war with Spain. With the country
wholly unprepared, either financially
or physically, for such a crisis, with our
navy but little better than that Of a
flfth-rate power, with the government
of Great Britain none too friendly,
though her manufacturers We're pros
pcring through the destruction of one
Of II principal Industries, by reason
of the free trade tariff, and with an en-
tire absence Of harmony between the
Executive and the Legislative branches
of the Government, any effort which
we might have made to bring about
even the slightest amelioration of the
condition Of the Cubans OF an abandon
ment Of the barbarous treatment of
the reconcentrados would doubtless
have been Indignantly resented and
probably forcibly resisted by Spain.
Unquestionably there would have fol-
lowed most destructive panicky condi-
tions intensified by the absence of conf
dence by the people in the ability of the
administration successfully to meet the
emergency. 1t is quite conceivable that
this disturbance would have caused n
most humillating back-down on the
part Of our Government, or at least an
abandonment by us Of further efforts
to interfere with Spain in her conduct
of military operations in Cuba.
President Mckinley had a well-de-
fined financial, event and Internal
tional policy Mt the outset Of his adj
mi%nistration. His election at nee re-
stored confidence. The directness with
which he carried out his plan for the
Inauguration of a protective tariff slim
ulated business and industrial enter
prises. The Congress and the people
actively seconded his efforts and har-
moniOus relations were established be-
tween the executive and the legislative
branches of the government. His treat
ment Of the Cuban question was
marked by firmness and moderation,
and his insistance, from time to time,
that Spain should more humanely con-
duct the contest in Cuba resulted in a
material modification of the rigors of
the conflict.
When the MAINE" was blown up re-
sulting panicky feeling was quickly al-
layed by the assurance which the coun-
try had that the administration was
/ N,,1l,, 1o,,,,D<or< oy.1 <1,nk a. oo,.Vl L..
implicitly trusted to meet any emer-
| gency, however grave, that might arise.
| Confidence was felt in the efficacy of
| the measures which were taken by the
President to prepare for any possible
| crisis, and when the time came for Wig
orous action the Presidents request for
an extraordinary appropriation for war
purposes was promptly and unani-
mously acceded to. Congress placing
S5O,OOO,OOO under the absolute control
Of the executive.
When preparations for wal actively
began and when each step distinctly
foreshadowed the outcome of war un
less Spain yielded to u demand, there
was no panic, not the least expression
Of apprehension, no retirement Of cap
ital into the boards, no material dis
turbance Of the market for money, and,
with the exception Of snarls by free
trade advocates, no u%nfavorablc criti-
cisms OF the administration.
To the results of the protective tariff
we are largely indebted for this splen-
did exhibition Of confidence. Though
encountering almost insurmountable
obstacles, the Dingley tariff demon
stratcd its efficiency rs a revenue pro-
Queer. 1t stimulated business and in
dustrial enterprises. It aided in the
restoration of the gold reserve of the
treasury by s%ilencing the disturbing
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