Daily independent. [volume] (Elko, Nev.) 188?-1915, 1899-12-22


INTO power upon the promise of pro-
tectlve tariff measure and of an in.
creased volume of money to be Sc.
cured by free coinage of silver
through international agreement.
AS soon as Republican victor,
was announced it was declared that
confidence was restored and that the
wheels OF industry would Immediate
ly move. The whistles OF the factor
les throughout the country heralded
the coming of renewed prosperity and
activity, but Congress met in the fol-
lowing March without the realization
OF this confident prediction. 1t was
then insisted that as soon as the pro-
tective tariff bill was passed the
wheels would move, and so the Ding
ley bill was framed and allowed to
take its course unobstructed by the
opposition and aided by the friends
OF silver in the Senate. The bill
passed, and again the whistles we're
sounded, but the wheels did not
move and Congress- adjourned in July
1887 without any change in the con.
dltlon OF the country.
SHORT CROPS ABROAD.
1t was not until after Congress ad-
Jourued that che change took place.
The cause of it was the great demand
for our agricultural products, caused
by trade elsewhere, The result being
favorable balance, which brought
within few months many million
dollars of gold to us. This was fol-
lowed by large exports of manufac-
tured goods, mainly produced by the
very trusts now complained Of, and
which constitute so serious menace
to individual enterprise as well as to
the compensation of labor. The gold
trusts produced the industrial trusts.
The cause for their organization was
falling prices and the necessity of
cheaper production, and 80 the vari-
GUS industries we're combined; i'm
proved machinery was secured;
middlemen we're dispensed with;
clerks, statesmen and officials we're
consolidated and the result was
cheapened production which sought
tie markets of foreign countries.
Thus the great demand for our agri-
cultural as we'll as our manufactured
products brought to this country
within three years very nearly $780,
100000 in gold, and the increase in
prosperity can be directly traced, not
to the repeal Of the Sherman act, not
to the passage Of the Dingley act,
though the latter was factor by
doing away with deficit of revenue,
but to the increased volume OF money
caused by favorable trade balance
which restored the per capita circu-
lation in this country which prevailed
prior to 1893, viz, S25 per head
the per capita during intermediate
years having fallen as low as S23 per
head.
BANK CREDITS INCREASED.
The effect OF this increase of
money was to increase the gold in
the treasury and to increase the cash
reserves in the banks. Each dollar
OF additional cash reserve gave an
opportunity of the extension Of So OF
credit by the banks, and thus q
hundred millions additional cash in
the banks meant a possible extension
OF credit to the extent Of five hun
dred millions, which thus increased
the check transactions OF the country
The panic had been caused by with
drawal of cash from the banks,
which i'll turn, compelled the banks
to call III their loans. Tho loans
made by national banks had been di-
minished from over two billion
dollars in 1892 to ono billion eight
hundred and seventy-one million in
1892 and in 1893 these loans we're in.
creased to two billion two hundred