Rensselaer Republican, Volume 25, Number 48, Rensselaer, Jasper County, 27 July 1893 — Ex-PRESIDENT HARRISON. [ARTICLE]

Ex-PRESIDENT HARRISON.

His Ideas On the Financial Situation. S»y« the Sherman Law i» Not Entirely the Cause of the Depression. The New York World, of Sunday, prints the foilowingviews on the financial situation as expressed by cx-President Harrison in an authorized interview: “The Sherman act is not aloric responsible for the prevailing want of confidence that everybody now experiences. The distrust Is not against silver only; it’s not -againsi the gwernment-issue -of -money; jteople are not holding gold throughout the country. Relatively, gold Is circulated as freely assflver; people are withdrawing money—gold, silver and paper alike—from the circulating banks or the savings institutions and are locking it in safety deposit vaults or hiding it away in old stockings. They do this not because they have not confidence in government money, but because they are fearful of business calamities. The distrust is fnerea ing. and the outlook is gloomy. "The Sherman act is not the sole cause of baj times. That measure has served its purpose, it is true, but it fe not responsible for the depression, which overhangs commerce, trade and agric.ultiitn-• “The political party in power came in on a statement of its principles formulated and promulgated At Chicago, where a gathering which represents a diversity of political beliefs and prejudices gave this statement to the country as th® platform of the Democratic party. It was announced to the country that tHe existing system of tariff should. be modified to the extent of a tariff? for revenue only. On this basis: the candidates of the party Bow in power were elected. The enormous manufacturing interests were of course duly impressed, and business has been compelled to suit itself to the condition to which the Chicago platform most logically leads. It Is Impossible to bridge over suddenly the wide chasm intervening between comparative free trade and tbe protective system under which the Nation grew rich without prolonged,convulsions iu trade. Great economic changes do not adjust themselves with celerity, hence, fearing changes, factories stop, workshops close andprices shrink. If the Chicago enunciation of principles is tb be maintained business must prepare for a change. According to its principles, the government is pledged to reduce the tariff to the standard of the Chicago convention. Business cannot prosper under these eirenmtances. Distrust Is widespread, every-thing languishes. “The heterogeneous political elements that will meet at Washington tn Angust will represent free trade and many theories contrary to business stability. The conservative people of the country stand aghast at the possibilities of legislation and are trimming their sails to suit the weather. The outlook is dark because it is difficult to see how relief is to come. The distrust might be dispelled, perhaps, but how? In one sense the situation is theatrical; excitement may be calmed by a stroke of inspiration. A panic is sometimes averted by a band striking up a popular air just as the frightened crowd is about to rush and trample over one another. “How can the present somewhat analogous condition be changed by suddenly inspired confidence? The leaders of the party in power will scarcely acknowledge that its principles are mistaken ones: that the Chicago platform was false ana should be repudiated. I can see no Moses at present who will lead the business world out of its Egyptian darkness.”