Where Are We At?

Brlgibt and early the demócrata in ■ oBsembted, 111 inin bo try to nnsv, i ullarly demoeratlc ■iiiidruiii. In the alang ol the il.iy. thte queai may wcii be denotnlnáted ''a sticker." The tatture of bamka and bustoeee tarases in all parts ' the country emly dini'y Indícate the extent t f financia] disaster that feil upon the nat on when the democratie part; came Intw powjerr. The etI if B tariif admirably adapted to Mimniatc all manutacturing enterprisea bod been I wwloM : 1. It had inircasi'ii the demand for labor imtii despite tfoe fact (lint our labor market ie abnormally engorged by forei.irn Immlgratton ïot a generai. .'inil 1 li.-ri' tras Miit'icicnt i ] n fSiinity tof cvitv one dwlrlng to obtaia remuueratlve employment. l'rom the vcry nionii-nt when the pomngT OÍ the McKinley taiiff a ve a--urnace of n reliable niarkn. Uw grand army of rampa began to gTQw leae and lees. Only tbe moei hardened ui tbe "oid atagers" conld resial the tempt. -it nu if good wagea and the oomtaglon i prooperoue times. Few people peallie what a mtrecle it i- that there abotüid be renraneratlve employmemt wialttng for all in a iiry ooe-alxth ot whose white poputatioo fot moré tban a generaUod hae been .' forelgn birth, howan inilux ot laborera sufficient to dteocgaBdze prlcea and iHhíoráUze ployer in any other l.in.l. Dorlng Bhe twelve yeara precedlag r.i'1 eteetlon i is;u. these acto our popula.1 Ion h&á been ïniK'.i greater tlian ever be whlle dnrtng a lew ; the more re oportion ol I illy öependeni npon their labor or bhe chariiy ol the eommunltlea Mi wiiich t'.if.v ïni-ut eettle Uad very ccin-iiit'raiiiy Increased, yel hhe actual uumber ol mere laborera bad nol in leasi '.limiiiishril. In no other country was sucti a straln ever put npon pro.luctivi' economles. l'8upplv tin' demand," that Moloch ot (ools oh whn-c inlalllbtllty the insellare of the jioov ta go feebly Btaked by '( to iini govemment and busli are tnerely games to be played by ruli', Without takinir note of inilividnal coodlUODB, wt'i-r as always, utterly Inufflclen1 gnides, becaua tii ■ aand can never known uut il alter öhe supply bas been provided. The iacl that tlio arca of the nnemployed wua reduced to a mininmin- probably below that ol any period Bimee 1857-8- in (gitq ol thiw i Min inni'ii congestión, sbows wh-it a ! rciin-iiiiiu .-iitiiulus ti production tbe tarüï oi 1890 was. Vet, because of i ir - overaupply ol Imported laborero, I apon labor, con.sidered ae a coanntodity, waa appai-mi vather in the r.cihu-c'd number of uncniiiliiyod tlian in any tiii-al increas oí wag 1'. As a natural result of tli .■iiiíazii1 activiiy, thi'ri' waa overproiliirii'in ah'im' Une lin' oí almost all ibllübed gtaple commodities, ad capttal and eaterprtaB were eagerly Beekkng new (chis. Becausa ni tiiis more mew buetoesaea were establiabed and more oíd unes cnlarfíed during the years L891 an.l 1892 than ever lieíore tal a. like period in the world. rarely tliat the tiih ,,. i'.ent prosperlty la ebecked in ïull caree:-, ln (natacee, however, botb daseea oí manufacturing iroducers were :n a condltlon to feel aculely tli.' effect ol cliantted eonilitiona. A.long t he line oí establlshed Btaple producUon there waa already an oYcrpruducUon whicli coulil only ie proíitaiiiy dtepaaed oí by a commeinsnrate lncreaee oí ci'iiuni])t ion. 'ihi :is looked for bhrough the antlclpated emlargemenf oí tbe Meld of proUtable labor ttorough the new inilutries añil bhe n ida vvhteh the pollcy of reciproclty opened. These new Induartctea were In the maln auch as depended foc aucceaa apon the advantage derlved trom a protected inarket, and reciproclty merely tihe adramtage derivable from a preler ■ whtoh most depend on dlacrimlnatíos in Import dut le. It wiii lic easily geen fahen ti..t the mere tlircat. w ih apparent pnu it. ol a repeaJ oí th ■ tarü or a recasting of t protective tires, natnrally iii;linel all branebee of bnalnesa i reat rlchan expansión. Tbe oíd eetabHBbmeote reetricted purchaaea .:inl output ; tihe newer mes round pe oí eecnrhig a markel for ilieir naree suddenly cut ofl and were mayed .-u the prospect. A natural can: ■ ii p the BOUrCl denmand and the fount&lna oí fuiply became Btagnant. By tinta meana the power to meet obllgatlona based on the ezpectaney oi such demand was paralyzed and Fallares naturally folio wed. We are told that what the couiitiy neede la "conlidence." Truc enongtaj ímt canUdence ln what ? The ornment ? No one has o doubt of ita stabUlty Or ec momk suffldeacy. li conld ftaai b bflllon dollar1 worth ,,, i„ nde to-d ty ail 2 nsr 8 per een1 Interest. Comfidehce In ba.1 '.' 1" currenry ? A governmeni so thorouglily Miivfiu sUould nol have a bad eurreocy. But a sBver dollar we are tokl. Is i'iily wnr: h 50 eenta or thereIWtper dollar o; the gorcrmiKT.i's iBsne is wortö aa :mu-h ;ib ,i gold dollar. Wha1 Ia the m - !i" 'i--''!''1! ancy? Nol a lack oí cooftóence, but knowi.Miuc. The goverajnent'fi J ire promjae makes tbe paper dollar wunh a muob as .milii. luit the Bilver ol whkh the siivcr dollar is made itoo a commodlty, and La bo plenty by reamo ot receñí dtecoverlei and Impro-ped procésate bh1 one paper dollar ivül iray eaaagb bütct to mako two Bitvec dolían. There la ao doubt a lack o! "comfldence" b silver. l'robably no me beUevBe bnat, as a commodity. it will ever a.uaiii come near present coln valué. Pree coinage simply rneam fchai the governmeni sinmid oitinT gtre all the sllver in the wo-ld a niiiit-iuark oí a valué doublé ils iiiarki't valui'. Ot a paper dollar, with iis pledge to make it a.s good as gold, ïor rvcry lialldollar'a vrort ■■'i Bllver in the wrorld, I "t it is '-heer (XXmtnOD scusr 1 hal 110in.,iy wouid bc fooi enougta 10 hold v.mniiitt'd siivcr whcn bfi coild have its doulilcd liy getttog it minted tree ot oot. Th:-, it tasald, would keep Bitver tor ever at iis odd ratio of sixtTii to ome with fioid, and make silwr-mlning proílteble. H lí ]"■'- siliic i hai some cc momic comblnatlon mi.ülit r.'.-ull liirli nul 1 foc : time liavc thal effeci : bul the '!■ ''-'■'■' - wihether it is worth whlle to ivduee tlae valué oí everythJmg els the country by one-hali in order to iloni ilue ol ttoe wor-ld'a sil ver. And i'.iis woald unujueationably -it!t . "V!i;'üirr t is better to try t(o ii-i I ttue price oí sllvr at 1 00 ]"■.■ c above markei vahie fojf the sake of the ])i-oiü to be niadi' by the p ■in boldqra ■■,:[ tature producers of siivcr is a questlOD whlcih constitutes a puzzllmg part o EKe democratie conundruni, and 0e % ii ; .- i can mu be an-wcred by lilani'n the republleins tor repealliag tree colnaga ; tor iii'ithcr tins repeal ji ■!■ the actlon oí ,:,i. party or govemaneni is responsiblc for the auiaz'.m; inorea in the BUpply of silver whioh tlic list cpiarter of a century hae wltneased. nc ïni.nht as well -in pla "ui o; the rcpublloan party because the people '■,1 bucJi enormous cropa of wheal (lurijlg it asrrllilclK-y. Now, it happeaa that ( ïcvdand is a tree trader and coosequently a monoinelali-i ; but, curiously enougll lic ;- suppoeed to bc in favor oí state banks. _ For bhtB BuppoBltlon there Beenie to be reosonably fair grounds, but the man who lays over tae democratie party with mich niarked abandon, li.is so niarked a contempí for hiis on iiileramcs that he doee mu lieiiate to ignore bhem whenever occasion aarveS. Il is not bi'lieved, howt'ver, that he would surrcndir his aatagonlsm 10 siivcr and gign a iiili provldkog tor Ite free coinage esCepi in con-iderat ion 01 the cnactincnl of a tarifí strictly tor revenue. It is nol certain that even tliis wonld ;irc his approval. Uniese the alUance bei ween tbe tree silver and state bank elemcnts shouid be B0 sirotm as to coinmand a two-tliirds majorlty in tinei .te, a remili hardly coiiceivable, il i not probable, thereíore. that this -oinbined solulion oí Uw preaeni dUftoulty can be i arried toto elfect . Bu1 ii there is 110 lack of confiilcnee in the country Oí t lic currency what BOri oí coníidcnrc i i!, tlic lack of whix-h bas had so iioteut an iiiflucnce 011 onr iiiiancial conilit ions ? In une word. it is a ];ick oí coníidcnrc in ire anil reasonable pro.it.s. The c.ipil,ili-t does nut conduct iiu-incss merely tor fun nor golely to glve o:-eii]i;ii i, :i lo tlic labore:-, l'roiit iiN liiií motive, and be would muoh rather hls capita] Bhould be bdle than employ it Without a reaBonable prospeci of galn. lic knowe vcry wcll thal there ; no guch ]iroiicci f be is lo manufacture at tariíí prlces mul pay the high rafea oí w.i-es whicii protection has egtabïisiicd for the Amc:ir;i!i taborer, and 1 be compelled to s n it [ree II ade ratea in competition with tlic perized lab r produ -t ■ ..( ot her latida. WhUe there is ,-i probability' thal .-u '1 will bc tlic case, bc will do as uttle as he can, merely lllling orders aa bhey come ia or close his worka etntlrely. This takee hlm and his w:.:kin,'n oui ol the ranks of con.-unicrs. excepi of mere food producte and otiier nccc-it eB Oj lifc. Becauae of this same reasou, too, the Beller and consumer of manufaetured wiins iii naturally kee] their ks aa low as the barest exígemeles of bucJneee will admit. Thoy know that tlic poll ])ar-ot. wlio .shricked with BlUy pridc. as ii idea and Uy li-Ui-lified in his own braiu, ihc aphorlam, "the tarilf is a baz," is iimv preBldent, with bis party bouod hand and loot. wholly subsi'ivicnt to his will. They espect the repeaJ of all proteotlve legisla-, ti, ,i. and know thal SUCh peal would be followed by almos universal bankruptcy oí American manufaera and bhe lallux ol an immense .nut : foreign goode n bich, com:,-,.,. ,,í ilnt y and manufactured by theap labor, cao ca-iiy underbld the American manníacturer. Then wfll come íailure. broten prlces bankiut Balea and ttoe llke. That will be the time t" boy, he saya, and holds liis money and bldea bis time. s.i. too, the mere specolator walta iintil necesslty oom-pelfi fche holder property to sell, and tiien selles the opportunlty to reallae enongh to m.-ike it pay to keep W money [die white waltfog (oc hls opportnnity. All these COWHtloaa and many re-iiltanls eist tn-ilay nierciy rom í.-irk oí "conftdeoce" Ín réaeonably ,-eeure prottt iu the conduet oí busi- at present priees oí labor, and wiiu iiic ]irc-i'in prppec1 íor the eontiinianco oí exlsting condltlons. As ií lo Ilústrate HmH virws. whilc theM linea are being penned, tWO nelgtobOTS are hcard (i-i ussiiin a matter of Imsincss : "Are yiui go:ing to bave that Job done (all V asked th one whe ia contractor. ■I meent to," repltea tae other, "and t ouuht ti be : imt 1 ■tV.ik liotli ,inati-]-al and labor Wlll be eiheaper anofcher year, and ! belicvv 1 II wail." ■■Material will no doulit ! cheaper, and probably labor, t,'" la the reply. "Bnt I want the job; I liave oothing tu do; a mortgage (,,i my house keeps me aneaey when I am not at WOrk, and 1 His would glve me ■omet'iimï t') do mitil wlntersetstn. I would llie to do lt, and would qnote yon figures I am sure v. (inlil be alear wh:M yon expect to gei ii don ■ for oext year." The other he&ltateB a moment and Baj -. deddedly : ■'No; it wonid take considerable money, and í tim growing worse, and 1 oannot see how H can lie otherwtee, I sball have other use íor it." So tliey v.-.n thetr ways, having e.H-h borne unconsclous testlmony o.' the uolvensal convlction that the i:'!iioeratic anwer to the democratie coiiandrum will DO1 i Eteioua to restore the sort oí "confldence" on w.'nii-li prosperlty and good ttmea depend. Ve! it is no! ■l e-y diiflculi a problem. 'lie cfiTef thing i to ellmlmate ancertalnty i to the condltiong oí manufacture and competition. Let it only be knoun tor a certainty that durinií the net three years oí democratie predomlnanee tliere will lie no lunpaürmeni o! the protectlve Val hits ni t ie present tarlíf , no opentng tile cates t: tile prodnct8 oí iiiideipaid and nnderi'ed torelgn labor, and a tliousand v. heels nmv idlv WOUld llinili uilli lili' iaipuls.. oí p: (-- perlty ; ol cstabliislinients now on the brink ol' laihirc would take a new leas,. ,,,' eiiniident liíe and hundreds ol tliniisniíN oí laborera wuo now look (orward to a winter oí want alniost without employment would chaní liymns oí'gratltude at the prospeci i tlie comforts which i wages and steady woi-k would briim'. P.ut, ala-, the demócrata can glve no assuranre un which a business man would daré rely. To do . . WOUld be to stultiíy all their own iu the past and admit tlit'iiisidves either to have been in error, blind leaders ol i!i" blind, or wilful deeetrers oí bhe simple whom they led to destruction. Besldea that, they have at their hrad one witlnmt h.vmpathy for 1 lic weak or regard íor tile proaperlty oí i he people ; intcntonly on his own purpoBe and thf ezercise of autocratie dominion accordlng to his own notions. He uave notice to worid in lus Inaugural adórete, that thc American people must ,í;-.i ttwough the valley uí humiliat ion to reach the haven oí írce trade. low nires, poor livinir. and humille dependen -e on other lauda íor tiie comforts they enjoy, ■to -w !i :i-ii he wae detrmined to drive the Shiji oí State before he leí iío thu helm oí power. As the chlel qunlities oí hs nature ar.' a dogged iidliera n -e to his own pmrpose and an absolute Ineensibllity to the wtibea and oí ulier.-, the uafclon may well wail mi ícar and trembling the i e-pon-e : inu-t mal-.e to the questlom which many thou-a;id- ol Ita beedtted victima wonderLngly and hopelesely ask ; "Where are we at V" Wo&t has i progperiiy walen but a twelve manth ago . ed eveiy man a íair day's wagea íor a íair day'.v work ?