Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1912-11-15
FINANCIAL
CONDITIONS
FAVORABLE
UNLIKE CLtVELAND'S TINE
New Administration Will Not
Face Monetary Troubles

New York, Nov. 14-Those who have
memories and who in sincerity hope
that the new administration will be so
directed as to encourage and wisely
Emulate business have been often say
ing since election day that Gov. Wilson
when he enters the presidency will
find a very different condition from
the one that existed when Grover
Cleveland was inaugurated in March.
1893.
Among the excuses of statement and
indefensible campaign utterances OF
the campaign just closed were some
which were made by the regular re-
publican campaigners and some which
were made by the democratic cam
tpaigners relating to the situation in
which the country found itself after
President Cleveland's Inauguration, in
March, 1893. Republican campaigners
asserted that the disasters with which
Grover Cleveland's second administra-
ton was encompassed from the be-
ginning were due to the tariff agitation
and could be traced to the effects OF
the so-called Wilson tariff bill On
the other hand, democratic campaign
ers asserted that the conditions were
due first, to the Mckinley tariff bill,
passed in 1890, but chiefly to the pas
sage of the Sherman silver law
Both of these statements were I'M
justified by the facts. And the older
citizens were well aware of it. The
conditions which prevailed during the
year before Cleveland's inaugural
were due to worldwide causes. The
failure of the great bankers, Barring
Bros. in London in 1891, had shriVeled
credit the world over The United
States was heavily in debt to Europe,
largely on account of advances made
to aid this country in extending its
railway system. The so-called Sher-
/ man silver law was a mistake for
which both democrats and republicans
were responsible. 1t was a compro-
mise effected to prevent the passage
authorizing the free coinage of silver.
Many members of both parties at that
time warmly favored an enlarged use
/ of silver in our currency system.
Fortunately Gov Wilson when he be-
comes president, will find entirely diff
ferent conditions. The country has
/ been since 1907 engaged in paying lis
/ debts Business has been very care
fully conducted recently. Our railway
systems are obligated now to Europe
! only in comparatively small amounts,
| The gold standard is established. And
what Will probably prove to be the
worlds greatest agricultural harvest
has been gaInered this year. We have
become great exporting nation OF
manufactured products. How great
may be judged by brief comparison
between the exports in the last year
OF President Hayes administration and
The exports in the last year of Presi-
dent Tafts administration. In 1880
the United States sold to other nations
manufactured commodities of the mon
ey value of $12,000,000. In 1912, esti-
mating for the last two months, our
/ sale of manufactured products to 9th
er nations will be almost exactly 81,
0OO, 100000 more in money value than
/ it was in 1880 There is no record
in the history of manufacturing nations
which equals this growth.
/ President Wilson will find hardly a
weak spot anywhere. His secretary oil
/ the treasury will not be compelled to
visit New York three or four times and
ask bankers to lend him $50,000,000 i'll
gold at time with which to replenisll
/ the federal treasury.
! For these reasons the new admins
tration will not be compelled to face
embarrassments as President Cleve-
land was forced to do at the beginning
of his second administration. This eX-
plains in part not only the attitude OF
business toward the result of the cleo
ton, but also the conditions in the Sc
curities market which have made il
possible fer the spectators on large
scale to appear in that market.