The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1900-11-03
HANNAITE GALL.
why such Prosperity ms There IL Can
not Be Credited to the Mckfn-
ley Administration.

measure of prosperity enjoyed by the
country at large is due to the admins
tration of President Mckinley and pro-
eeeds from republican policies is
groundless and absurd. The Dingley
tariff bill is the only law enacted dur
ing the present administration that l n
any wise changed the status quo in
herited from it's predecessor. There
fore. if the improved industrial condi-
,tions, the existence of which is not de-
MED, result from any act OF the admin
istration, the Dingley bill alone must
be credited Herewith.
The absurdity of the Hannaite claim
Is so palpable that only the most cred
ulous and unthinking can be deceived
thereby. The improved industrial con-
ditions became noticeable in the Unit
ed States in the spring of 1898. An i'm
movement in industrial conditions was
noticeable generally throughout Eu-
rope a year earlier, and during the last
two years a decided improvement in in
dustrial conditions has been general
throughout all civilized countries. Mr..
Hanauer, American vice consul at
ETdHkIuTl. btIniduN ItBOito W 'HN
state department that "the wave OF in
-dustrial prosperity in Europe which
has steadily risen since 1895 has be-
gun to recede." This is official testi-
-monv TO the universally of a rising
tide Of prosperity covering all Europe.
Yes, Senator Hanna and the army OF
republican spellbinders who are trav-
sersing the country seek to convey the
impression that America alone has a
monopoly of improved conditions, and
that the credit belongs to the Mckinley
administration.
The facts are that for a number OF
wears prior to 1896 a condition border
ing on Industrial ~stagnation prevailed
not only in the United States, but
throughout all Europe, and the i'm
provement. when it came, was as uni
versal as was the stagnation that pre-
coded it. That the ebb and flow OF
prosperity would be simultaneous
throughout all civilized nations is not
a mere coincidence, but the result of a
cause %coequal and coextensive with the
result.
Mr.. Hanna surely will not claim that
the Dingley tariff bill, the object and
effect of which was to close the mar
kets of America against foreign manu-
features. caused prices to advance and
industrial conditions to improve in the
countries of Europe whose markets
were thus curtailed. Yet the fact re-
mains that. notwithstanding the in
jury to England. Germany and France
in having their products so largely ex-
ecluded from this, their best market, in
sdustrial conditions improved in those
countries and the improvement was
visible fully a year before an improve
ment became visible in the United
States. And it can be easily shown
that the cause which produced the
prosperity in Europe was the same
that has produced the measure of pros
perity hat has come to us, and thai
the Dingley bill, instead of promoting
prosperity. retarded the same. 1t car
be further shown that the Dingley bill
has been the means of enabling Amer
lean manufacturers to combine int
giant ~monopolies and deprive TIL
American people generally of wha'
would be their just share of the ma
tons prosperity, if that monopol.
breeding bill had not passed.
In order to understand the causes re
sponsible for the universal depression
that prevailed prior 10 1896, and til
universal improvement in industria
conditions that has since taken place
it becomes necessary to determin
what is the controlling condition c
prosperity.
The controlling condition Of pro
perity is not found in the health
the people, or the bountifulness
harvests. important and valuable
these conditions are, because goc
health and good crops have been I'm
versal through periods of inteni
business depression. The controllir
condition of prosperity is found in II
movement of price levels. When II
universal price level is falling ban
ruptcy becomes the inevitable and u
avoidable reward of enterprise. SUI
condition Don paralyzes industry al
limits production to the imperati
demands of daily life, and, if loi
continued, cuts off employment a.
wages from labor, confiscates L
property of debtors, increases t
burdens of taxation and ultimate
transfers the property of a commu
fly to the money lenders, the one ella
that is benefited at the expense
all others by n protracted period
falling prices.
On the other hand, when the u
'versal price level is rising all hum
activities are stimulated through I
hope and realization of gain. VIII
prices are rising money cannot
boarded at a profit, and money e
ployed in the production and dist
button of wealth yields a cert
profit, while money that is idle is /
sng its power to command oil
things in exchange. A condition
rising prices, extending through
long period, brings production q
consumption to a maximum, and
demand for labor always exceeds