The Maryville times. (Maryville, Tenn.) 1884-1944, 1899-05-27


modify, to 2S5 per cent, and our cur
rency was enormously expanded. The
situation grew dangerous, and con-
servative men felt that the country
must get back to specie payments, no
matter how great the sacrifice.
The crisis of 1878 naturally followed
the unavoidable shrinkage which must
occur whenever expanded currency and
credits return to or are resuming d nor
NAL basis. There was not the slightest
connection between the panic and the
tariff; on the contrary, the protective
tariff unquestionably greatly assisted
in mitigating individual distress. The
movement for the resumption of specie
payments progressed uninterruptedly,
and, though it entailed much suffering
and losses, principally, however, to
spectators, the end was accomplished
and prosperous conditions were estab-
lished.
The effects of the panic of 1873 were
noticeable to a create or less extent
for the ensuing five years, while cur
rency rehabilitation was in progress.
The number of failures in 1873 was To-
AS, with $234,3S3,132 of liabilities and
en- average of 500 800. In that year the
liabilities per firm in business We're
$S59.49. Under the helpful influence
of protection the untoward effects of
the panic of 1878 seem to have entirely
disappeared by 1880, in which year the
number of failures was Abs, with $685.
$4,000 of liabilities and an average of
$13,SS6, and the liabilities per firm in
business were $93.63, while the per-
centage of failures to concerns in bust
ness was 0.63, smaller, indeed. than
for any year of which we have records.
There was a period of comparative
financial repose until 1884, when there
came unrest, due in part to expected
political changes and to the ill-adyised
amendments which formed a part of
the tariff legislation of 1888. Grover
Cleveland was nominated and elected in
that year. The failures numbered 49,
96S, with 1926, 343,427 of liabilities, and
an average of $20,632; the liabilities per
firm in business were $261.07 and the
percentage of failures to concerns in
business was 1.21. The effects of this
crisis soon disappeared.
Mr.. Harrison succeeded Mr.. Cleve-
land in 1889 and the Mckinley tariff
bill was enacted. Commercial casual
ties were comparatively normal until
1885, the Mckinley tariff bringing ex-
ceptionally prosperous conditions. The
failures in 1890, the year of the panic
produced by the Barring failure in Lon
don, were 1O,907, and the liabilities,
largely of banking houses, were $780,
S56,964, but the percentage of failures
to concerns in business was only 0.9S.
In 1891, while the number of failures
was 1928, or larger than in the pre-
vious year, due to the aftermath of the
financial disturbance in 1890, the
amount of liabilities was about the
same, $3.50, ,638, and the percentage
| of failures to concerns in business was
| 1.07, only nine-tenths of one per cent.
| greater.
In 1892 prosperous conditions, due to
the protective tariff, were more clearly
marked in the reduction of the number
of failures to 1894, the smallest since
| 1887. while the liabilities were $114.-
| 044, 167, the least since 1885, The per-
centage of failures to concerns in bust
ness was O.SS, the smallest since 1882.
| The failures in the panic year of 1893,
| when free trade tariff was clearly
foreshadowed, were 1922 in number,
with $346, $50 of liabilities, the larg-
est number and the greatest amount
| on record. The average liabilities were
| $22,7j1 and the liabilities per firm in
| business were $290.G5, while the per-
| centage of failures to concerns in bust
ness was 1.2S.
The effects of the panic of 1893 We're
observable during the whole of Mr..
| Cleveland's administration. In 1896
the failures were 15,0SS, with $226,096,-
S34 of liabilities, and an average of
$14,992, and the liabilities per firm in
business were $19O.57, while the per-
centage of failures to concerns in bust
ness was 1.31. Last year the number
of failures was 12,1S6, the smallest
since 1892, under the Mckinley tariff;
the amount of liabilities was $130662,-
| 500, also the least since 1892; the aver
age liabilities was $10,722, the smallest
on record, and the liabilities per firm in
business were $115.19. The percentage
of failures to concerns in business was
| Ito. Could the aftermath of the panic
of 1898 be entirely eliminated from the
results of 1898 doubtless the exhibit for
last year would be still more striking
than it is.
Considerations of failures by branches
of business for the past five years, COM
piled by Dun, show that in 1896 the
number of manufacturing casualties
was 3,41S, with liabilities of sos, 463,-
S51. In 1895 the number was 1885, and
the liabilities were $73,920,073. These
were typical free trade years. In 1897
and 1898, protective years, the number
of manufacturing failures was 2,776 and
2,415. and the liabilities were SGT 1885,
Oss and $57,544,361 for each year. re-
spectively.
These statistics seem to sustain the
contention that manufacturers are