Bisbee daily review., 1904-07-10

THE BIsE oppressed with misfortune and doubt ful of the future. Public credit had
 been lowered, the revenues were de clining'
 The outgoing administration was preparing to issue bonds. A govern ment deficit was confessed. The pan ic which devastated the world was re- lentlessly approaching our shores. A long saturnalia of extravaganza, public and priyate, and of reckless specula- tion had been already followed by de- pression. Corn was burned for fuel in Kansas and elsewhere in the west in 1890 and after. Cotton was at Of below the price of production. The acute reaction which We call panic was inevitably approaching. even be fore MT Cleveland was elected. Bus mess was sunk in the depression which preceded the panic of 1893. Labor was unemployed or poorly remunerated in factory and field. especially the latter. Indeed, business depression. especial iy in agriculture. and the lack of ade- uuate remuneration for labor. taken together with the high prices of man. ufactures under the Mckinley act. these constituted the chief industrial reason in the public for turning MT Harrison and the Republicans out and putting Mir. Cleveland and the Demo crats in. To go on with the para phrase. under Harrison's administra- tion for three years. hope was faint and confidence gone" The plight of the people was so desperate that. like drowning men, they were catching at straws." Agragrianism and socialism in the shape of sub-treasury and other schemes were rife from 1890 and thence on.
 Both Parties Blamed.
 The two old parties" as they were called. were blamed for it all, but the one in power was blamed most, hence the outer power got in. Men advo- eating these nostrums in the state of public desperation then existing. count cd their audiences throughout the sui fering west and depressed south TO longer by numbers but by area. Who will deny the truth. the historical truth of a single sentence of a para phrase? Why pretend to have for gotten all this? Why not be honest with the people as men ought to be? IL is true that after the election of MT Cleveland the chronic business depres- sion continued. IL is true that it be came acute: in a word, reached the banks, and then the fright or panic tf 1893 came. which was not a local or American condition, but one which had existed from where Vienna nestles on the banks of the Danube 10 where Buenos Ayres commands its bay; one whose foundations have been laid long before it. reached us, almost the last among the nations.
 Then. with the panic upon us once more. nostrrms of a national charac- ter were suggested to cure an evil of world character One of them. as you will all remember, was the repeal of the purchasing clause of the sherman act. The nostrun1 was suggested by wise men. and it was administered to the patient It did no good, of course. The panic went on. went on, until when? Until the boil upon the body having burst the poison of speculation. boom values and credit operations were released from the sys- tenn It went on until agriculture, -he basic industry. revived.
 Stealing Democratic Thunder.
 In the midst of the panic all the wise men. and chief among them the Repub- lican leaders. told us it was the lack he aT ha country that had brought on the pan ic.
 The Democratic administration, with Q sufficient number Of votes of both parties in the two houses behind it, took tha. view of the situation. and de handed and secured the passage of the act repeating the purchasing clause or the sherman act, thereby, for the first time. practically establishing the gold standard in the United States. Without either free or limited coinage of standard silver money the country was. Immediately after the passage of that act. necessarily and actually, as it has been now and as it is destined tc remain for length of time beyond my power of computation, on a gold basis. 1 was not one of those who thought the legislation demanded wise, but. wise or otherwise, the result is an accomplished fact, plain, palpable and obvious to all men who have common sense; and. like many another step in history. it is beyond recall.
 This accomplished fact was the ac- complisned fact of a gold basis then. not by the Republican party but by the dogged persistency and indomitable will Of Grover Cleveland, aided, it is