Jasper County Democrat, Volume 15, Number 69, Rensselaer, Jasper County, 30 November 1912 — COMPARE ’92 AND NOW; NOT SAME [ARTICLE]

COMPARE ’92 AND NOW; NOT SAME

Present Situation Nothing Like So-Called “Democratic” Panic COUNTRY RICH AND STRONG Federal Treasury Well Supplied W*th Gold—Railroads and Industrials -Thriving, Says Chicago Record Herald. .

Because the panic of 1893 followed close on the election of Grover Cleveland as President on a free trade platform in 1892, many politicians, business men and bankers seem to have reached the conclusion that DecmOraric administrations always bring “hard times” in business.

To those who are in that frame of mind, for no better reason than their political prejudice, a comparison of present conditions with those of 18. 2 nicy be somewhat, reass • ing.

Crop* Show Difference.

Concerning the crops, which are counted as the basis of, most of the country's prosperity: The cotton crop of 1892 was the smallest in five or six years and about one-third less than that of 1891. The wheat crop was about 95,000,000 bushels less than that of 1891. and the corn yield was 430,000,000 bushels less, and the oat crop 77,000,000 bushels less. Gross and net earnings of the railroads were low and going lower, and many railroads were in the hands of receivers as the result of previous poor business.

The currency was inflated by the government's purchase of silver under the law of 1890 and gold was being exported as a consequence and to such an extent that the? 100.000,000 treasury reserve required fay the law was seriously impaired. The tariff law was not passed till two years aft r the election of 1892, and was no: then regarded as a lacier ir the panic of 1893.

Country Is Thriving. Conditions now are entirely'different. The country has just harvested tile largest crop it ever has grown. The treasury holdings in gold are more than a billion dolars. The railroads, have been virtually rebuilt since IS&2. and their earning capacity has been multiplied many times. Just at present they are handling a:! the business their equipment can accomodate, and there appears to

be a distinct Chance that they will be granted some of the freight rate increases they have ion sought. The industrial companies have beeli built up to a point of enormous strength, and the country as a whole instead of being poverby stricken as it was in 1.852, is now decidedly rich. The banks are larger and stronger than ever before, and just now. in spite of the Balkan war, they are drawing gold our of Europe.

Present conditions, outside of the effect of the change in administration, do not point to panic, even in its mildest form.—Chicago Record Herald-