The commercial. (Union City, Tenn.) 190?-193?, 1904-07-15

having burst the poison Of speculation,
boom values and credit operations was
released from the system. II went on
until agriculture, the basic industry, re-
vived In the midst OF the panic all
the wise men, and chief among them the
republican leaders. told us that 1t was
lack Of confidence in the money Of the
country that had brought on the panic.
The democratic administration, with a
sufficient number Of votes Of both par
ties In the two houses behind 1t took
that view of the situation and demand
ed and secured. the passage Of the act
repeating the purchasing clause Of the
Sherman act. thereby, for the first time,
practically establishing the gold stand-
ard IN the United States. Without either
free or limited coinage Of standard sill.
yer money. the country was, immediate
" after the passage Of that act, neces-
sarily and actually as It has been since,
and as Il is now and as Il IS destined
to remain for length of time beyond
my power Of computation, on a gold
basis. was not one Of those who
thought the legislation adopted wise.
but, wise or unwise, the result Is an ac-
complished fact. plain. palpable and
obvious" to all men who have common
sense, and like many another step in
history it is beyond recall, or hope OF
recall This accomplished fact was the
fact OF a gold basis then, not By the re-
publican party, but by the logged per-
sistency and indomitable will of Grover
Cleveland, aided it is true by republican
legislators, who thought they saw in
1t the final disruption OF the democratic
party. That was in the main their mo
tive. Now they would steal his thun-
der" and this republican platform
boasts that it was the republican party
which established the gold basis. More-
over, they would now eat their words
and their votes OF 1893 and tell us that
the panic was not brought about, as
they then said, by lack of confidence In
our money and too much silver" but,
forsooth, by a tariff act which was not
passed until more than a year after, to-
wit: In 1894, when the panic, that Is the
acute and fright stage of depression, was
virtually over. Do not misunderstood
me. A panic, Of course, is not succeed
ed all at once by the golden hues of
prosperity. Industrial depression must
follow it for awhile, as depression must
precede 1t, So depression continued un-
til when?
AS have said, when the boil bursts
and the poison is eliminated from the
body commercial the flesh begins to
heal. 1t cannot begin to heal one min-
ute earlier. The process OF recovery
was aided by many, for us, fortuitous
circumstances. The first OF these was
famine in India-no Indian wheat to
compete in the European market with
observation-disclosures with an immense
American crop of wheat and small crops
elsewhere. Wheat rose from about As to
about 10 cents in few weeks during
the Bryan-McKinley campaign while
Cleveland was yet president There Is
not man within the sound Of my voice
that does not remember that. With
20 cent wheat farmers could pay the
retailers the debts due them and the
retailers could buy more goods; the
retailers, with empty shelves or shelves
becoming empty by sales. could order
from the jobbers; the jobbers, who had
been over-stoclyed, were enabled then
to order from the factories. When the |
got orders then they had .
reason for making goods and they pro-
ceeded to make them, and then the
wheels OF industry went round. The
farmer in the wheat country, with 20 |
cent wheat could pay the baker, the
butcher and candle-stick maker" and |
then they could pay others and they In
turn could buy more goods. This end
less chain of human relationship In the
world Of commerce Is no mysterious
hing to anybody except q platform
politician.
But wheat going up had another effect.
When wheat went UP during the CAM
oaign, while silver bullion went down,
there was therhy furnished seem
ng object lesson Of the inaccuracy OF
he contention Of Mr. Bryan and his
Of whom was one, that there
vas necessarily connection in price
between the two. Western and border
state farmers In the wheat belt, who had
originally been republicans anyhow,
ind who had gone or from the repub-
lean party because of their belief in
his very theory, began to leave the
3ryan column and join the Mckinley
column, first by the dozen, then by the
core, then by hundreds and then In
hoals. Thus 1t came about that Mr.
dcKinley was elected, because wheat
vent up and because the going up Of
Wheat and the consequent increased de-
nand for other things. leading to higher
Irices and q better volume Of trade.
Promised to. their minds prosperity,
Without free silver. A greater falsehood
vas never uttered than that wheat, or
nything else, went up because Mr..
EcKinley was elected" Things had
truck rock POTION and had begun to
evive before Mr.. Mckinley was elected
nd the first index Of that fact was the
ise in the price OF wheat. followed By
be rise In the price OF other agricultural
roducts sympathetlcally with II. Then
anne the immense increase OF gold out
ut that kept prices up here and else-
here. Not only Is the boast that MIR.
IcKinley's election was responsible for
igh prices not true, but 1t Is very
Il. So A. - 1ek