The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-07-07

were declining. Tho outgoing ndminlstra-
ton was preparing and had prepared to Issue
bonds government deficit was confessed.
The panic. which had devastated the world.
was reientlcssly approaching our shores. a
long saturnalin " extravagance, public and
private and OF reckless speculation had been
burned for fuel In Kansas and elsewhere In
the West In 1890. and after Cotton was at
M prize q I'd. the
approaching. oven before Mr.. Cleveland was
elected .Business was sink In the dcpres-
Labor was unemployed, or poorly rernune-
ated IN factory or field, especially In the
depre 81 espesay
Enumeration for labor. taken together with the
h!gh prices q under the Mo
luats si 70 public realzaton by tho contrast.
ing starvation prices Of horticultural products.
which had begun to prevail In 1890 and had
these constituted the chief Industrial reasons
in the public mind for turning Mr. III. Harrl :;
Cleveland and the Democrats In. d IN
To. go. on with the paraphrase: Under
Harrison's administration for three years
,'piIght Of the Speopie',.was 20 desperate that.
like drowning men. they were atching at
aa1 ana s,sss ssnf
We're s' rlte from 1880 and thence on. '.rhs
blamed for it.. all but the one in power wus
blamed most, hence the out Of power got In.
Men advocating these nostrums IN the state
their audiences throughout the suffering
West and depressed South, no longer by NUM-
bers, but by the acre taT
The Truth of 1t.
Who Will deny the historical truth Of
single sentence Of the paraphrasc? Why pre-
tend to have forgotten all this Why not be
It is true that after the eiection Of Mr.
Cleveland the chronic business depression
continued. .
reached the banks-and then tho fright or
panic OF 1898 came. which was not local
here now lies ne On the psnuS
to where Beunos Ayres commands It's bay,
one whose foundations haa been laid long
nations. Then with the panic upon lis moro
nostr1ims OF a national character were sus-
g. an Yo e
repeal OF The purchasing clause OF the sher-
man act. This nostr,,m was suggested by
patient. It did no /, good. Of course. The
panic went on, went on until when II
until bo the
boom values and credit operations was re-
Leased from the system. # went on until
tho midst OF tho panic all the wise mon. and
chief among them. the Republican Leaders
told us that Ut was lack OF confluence IN the
money OF the country that had brought on
the panic. The Democratic administration,
with a sufficient number Of votes OF both
parties In the two houses behind 1t took that
View OF the situation and demanded and So
cured the passage OF the act repeating tlle
purchasing clause OF the Sherman act, thereby
FOR the first time practically establishing the
gold standard in the United States Without
other free or limited coinage OF standard
silver money. the country was Immediately
after tho passage Of that act actually as Vt
has been since, and rs 1t Is now, and as it$1s
destined to remain for length OF time beyond
my power of computation on gold basis
j was not one OF those who thought the
Legislation adopted wise. but wise or upwiso
the result Is an accomplished fact. plain.
palpahle and obvious" to all men who have
common sense. and like many another stepain
hstory&it is beyond recall or hope of recall.
This accomplished fact was the fact OF "a
gold basis accomplished then not by the Re-
publican party. but by the dogged persist
ency and indomitable x!l Of Grover Cleveland,
aided. 1t Is true, BY Republican legislators,
who thought they saw In 1t the final iisrup-
tlon Of the Democratic party. Thn. was IN
steal his thunder and this Republican
party which established the gold basis. More
over. they would now cat their words aud
their votes OF 1898. and tell lis that the pan
was not brought; about, ms they then said,
by Tack OF confidence In our money and
too much silver" but, forsooth, by a tariff
act which was not pa ssed until more than "a
year after to-wit: In 1891, when the panic
that is the acute and fright stage OF depres.
sion was virtually ovcr &c..