The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-05


1t has struck down by hundreds the cap
tains of our industry who nave been wont
to organize profitable enterprises borrow
capital and lead the great army of labor
The past savings of our skilled workmen
are drawn down. They think themselves
lucky 20 get half-time employment in these
dark days and less skilled laborers by the
hundred thousands are suffering hunger,
willing but to earn tnelr daily bread. 1t is
ION the It'll of July 1896, Senator Daniel,
as chairman of the Democratic national
the foIIowing Sentences: In the meantim 1s
gentlemen, commercial failures have pro-
crossed with devastating effect North.
dividends on bank stocks have shrunken,
three-fourths of the railway mileage of the
United States Is now in the hands of the
shock from which it will take many years
to recover
MR.. HANLEYS FURTHER PROPHECY.
1.-THE testimony of these gentlemen was
more than warranted by the existing facts
In 1893 our exports had fallen to $S47, $50 1874;
our imports were $500, 400 1922 leaving a ball
ance of trade against US of nearly $40 900, 600
Our exports did not reach $500, 900 dur
ing any year of the Cleveland administra-
ton. They exceeded the imports of mer-
chandisc by only 1896, S6O,716 for the entire
period of his administration. There was
little or no change in the condition of the
country al the time of the presidential cleo
ton in 1896 On the eve of that election
in the city of Evansville, L ventured this
further prophecy:
" L see already the result of this election:
Out of the ark of the covenant-the Amer
lean ballot box-will come hope and victory
for those who love the Republic; Mr. Nc
Kinley will be elected on the morrow and
naugurated on the 4th of March then the
fires will be rekindled in the darKened fur
naces of the land; then dead industries Will
be revived; then labor will find employ
ment at remuneratve wages; then the
willing hand and hope be born again and
once more take up her habitation in the
hearts of the people; then the doors of COM
merce shall again fly open and the markets
of Latin America be given anew to the
farmers of the Republic; then confidence
shall be restored; then business integrity
shall resume her seat in office and in count
ing room: then financial honor shall again
stand guard over the credit of the Nation;
then reputation shall hang her head in
shame and anarchy shall lose her power in
the land of the free.
My countrymen l submit that that proph-
esy is fast heco,tliEg istory Mr. ..cklnlly
has been President scarcely a year and a
half, yet the change for the better has been
almost as sudden and radical as the change
1898, says Dun's Commercial Agency, is
the month Of all Others when trsEIe IL rat
urally light; new engagements are ordinar-
lily deferred and men wait for the outcome
and movement of crops. hut more business
was done this year than any previous July
of which there are records; the payments
through clearing houses have be en- $50 per
cent larger than in 1892. the year of greatest
prosperity heretofore. Speaking of the
| agency announces. The iargos. business at
fairs ever recor led III any month for live
years were those of August. The elearanCe5
are the largest ever known III August ard
% per cent, larger than in 1892. This enor-
nous volume of business in a month usually
the most inactive in the year demands at
tention. 1t is strictly true that business is
larger than in the very best of all past
years and, yet there is every prospect of
a11nIl fEnr
THE fiscal year ending June so, $685. has
been the greatest year in the history of the
country in the magnitude of our foreign
valued at 81. 2s1. 329 $50; our imports were
$685. 159. leaving an excess of exports in
the unprecedented sum of $6l5324,7 S1, being
almost twice the aggregate excess of ex-
ports for the entire period OF Mr.: Cleve-
lands administration We exported ~ $50,
1885, 10500O00 more animals than In 1895;
$219, 2920 coo more of breadstuffs; $17.l2OOO
more of copper and its manufactures l " "a.
$3S, 900 more of iron and steel and their
manufactures; $4,000 more of the manu-
features of leather S21, 2O4s0O0 more of hog
products than in 1885,
GAINING FOREIGN TRADE.
1.-THE policy of this administration has not
only saved the American market to the
American producer, but it has sought out
new markets in foreign fields, and is rapidly
gaining for the American producer en-
larged share of the markets of the world.
This great change is not limited alone to
commerce; it has touched every avenue of
industry and is especially noticeable in
finance. To-day, Notwithstanding the fact
that the country has been engaged in for
eign war, and that drain of nearly half
billion OF dollars has been, made upon the
national treasury, the gold reserve in the
treasury remains intact and is now more
than 1920, .O00 Seventy-f1ve per cent of the
customs duties collected paid in gold.
The restoration of public confidence has in
creased the volume of money in circulation
from $21.15 per capita in June 1896, to $24. "A
in June, 1S9s-an increase of $3.59 per capita.
Eight dollars now in circulation, where
in 1896 there were but seven dollars.
During MI Cleveland's administration
but a small per cent. of the customs duties
were paid in gold. and we sent abroad each
year more gold than we received. The drain
upon the gold reserve was c9n ST ana ~. ser
gold than we received; in 1894, 81, ,942: in
1895, $50, OS3, 721: in 1885, SIS, $3.50. In four
years we had sent abroad $20l 100000 in gold
more than we had received In 1897 we re-
ceived from abroad 1853 200 more than we
sent away; in the fiscal year 1898. S104 9S5 2SS,
ports of SAG 63S, 4SS. Returning confidence,
increased balances of trade in our favor,
payment of customs duties in gold, together
with the attitude of the administration upon
the financial question, has solved for the
problem.' about which we heard so much
during the late administration. and If the
American people could be assured that an
administration like the present one could
always be continued at Washington there
would be little need of further financial
legislation. The will of the present admin
stration is a sufficient guarantee of safe
and stable financial conditions but L IS not
safe to depend upon the will or whim Of he
man who chances to be President. The
policy of the present administration must be
given the vitality of public law. SO thar III
man who happens to be President in the
future will find it impossible by the mere e&-
ercise of his own will or whim to impair or
dishonor the money of the country.
THE WAR WITH SPAIN.
1--WE have been engaged in war which
we could not have avoided with honor 1t
was imposed upon us by the duty we owed
to civilization and to humanity. No nobler
purpose ever inspired the action of a great
nation than the one which impelled the gov
ernment to go to war with Spain. We acted
only after the utmost consideration. We
deprecated war, and would have averted it
could we have done so with honor. But
there are some things worse than war
Slavery and secession We're worse than war
That we should have remained longer the
passive ally of SPAIN while she plundered
womanhood murdered innocent children and
compelled American citizens to languish and
die in lOathSOme prisons without the SEM
bance of a trial. would have been infinitely
worse than war. Freedom is the man-child
of war. 1t was born amid the tumult and
red front of valor: and confirmed by the
sacred baptism of brave mems blood and
fair womens tears. Earth'S greatest souls
have been its advocates. The real nobility