The Caucasian. (Clinton, N.C.) 188?-1913, 1910-06-30


parentiy the largest ever made In any
month. exceeding last years By more
than 10 per cent For the year the
volume Ii also about 10 per cent
larger than last year, and the largest
ever known Railroad earnings in
December show an increase of about
3 per cent over last year, and for the
year an increase OF about SIS per
cent. For the year the excess of
merchandise exports has not far from
$40. 200. 700. with the largest i'm
ports and the largest total of exports
and imports ever known In any year,
etc"
This tells what protection under
the Mckinley law did for this coun-
try. 1t tells US that when the Re
publicans went out of power In 1898
they left the country under a pro-
tective law in the most prosperous
| condition 1t has ever known.
The Democrats again had the pow
er to write their ideas on the tariff
into law in 1894 under the second
| administration of Mr.. Cleveland, and
the result was exactly the same as
under Mr.. Buchanan. The very an
ticipation of this law brought such
suffering and so desperate were the
needs OF the Government that Mr..
Cleveland called an extra session of
Congress to try and avert the storm
that was breaking over the country,
the condition of which he describes
in his first message as follows:
Executive Mansion,
| August s. 1893.
ITO the Congress Of United States:
"The existence of an alarming and
extraordinary business situation, in
volving the welfare and prosperity
Of all our people, has constrained
me to call together in extra session
the peoples representatives in Con-
gress to the end that through a wise
and patriotic exercise of the legisla-
tive duty with which they are sole
ly charged present evils may be miti-
gated and damages threatening the
future may be averted.
Our unfortunate financial plight
is not the result Of untoward events
nor of conditions relative to our nat.
ural resources, nor is it traceable
to any of the Affections which fire.
quently check national growth and
prosperity. With plenteous crops
with abundant promise of remuner
!, ative, and with satisfactory assur
ance to business enterprise, sudden
ly financial distrust and fear have
sprung up on every side. Numerous
moneyed institutions have suspended
because abundant assets were moi
Immediately available to meet the de-
mands of frightened depositors. Sur
viving corporations and individual!
are content to keep in hand the mon
, ey they are usually anxious to loan
and those engaged offer for loans
though heretofore satisfactory, are
no longer accepted. Values supposed
to be fixed the fast becoming conjec
tural, and loss and failure have in
vaded every branch of business"
The condition is also fully de
scribed in Dun's Agency of Deem
, | UCl OO, 90, "hlSA SoJ
Starting with the largest trade
ever known, mills crowded with worl
and all business stimulated by higl
hopes, the year 1898 has proved, il
sudden shrinkage of trade, in com
mercial disasters, and depression O
. industries, the worst for fifty years
Whether the financial results of the
panic of 1887 were relatively more
severe, the scanty records of tina
, time do not clearly show. The yea
closes with prices of many product
the lowest ever known, with millions
of workers seeking in vain for work
, and with charity laboring to keel
back suffering and starvation in al
s our cities All hope the new yea
!, may bring brighter days, but the dy
4 ing year leaves only dismal record.
Q In subsequent message Mr.. Cleve
land tells the same story as Mr.. Buch
anan of the sale of bonds in time o
: peace to protect the credit of tn
e Government, until $262,0O0,000 il
e bonds had been sold and that mucl
e added to the National debt. So mucl
n for the results of Democratic policie
f and legislation on the National Gov
e eminent The country prosperou
d and happy under protection, bank
y rupt and penalties for its wage-earn
r ers, who became beggars, under fire
b trade.
e Let us examine the effect of Dem
d ocratic legislation on the State Gov
d ernments, and in order that the stor
l. may not be too long, I will only a.
J. Jude to the effect on my own State
IS and will content myself by a fe'
" extracts from the reports of the va
d rious State Departments
: 1t may seem startling statemen
J. but it is, nevertheless, true that tn
> taxable property of my State san
70 more than s12,OO0,0o0 from 1891 t
= 1897. To be exact I will quote froI
ArIifnr,S ronnrf fl