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Newspaper
Mitchell Capital
Location
Mitchell, South Dakota, United States of America
Date
Jul 09, 1897
Page
6
A fragment from the Itchell weekly page notes events at the capitol on July 8 1807. The brief item references local happenings and civic matters of the day. The text provides limited context but confirms a published date and location.
The piece surveys 19th century business confidence, noting cyclical booms and panics since 1877, with indications of a new upturn by 1897 and speculation that prosperity could return by 1898. It cites declines in failures, price patterns echoing 1879, and comments from Gould, Cragin, and Depew on improving conditions and a forthcoming rise in activity.
The Philadelphia Record argues that the pending Girif bill, with its conditions, would grant the country a truce on the currency question and yield cheer for grain fields, noting the free silver menace is less daunting than six months ago despite ongoing issues.
Russell Sage, a veteran financier, foresees steady progress toward better times with no boom. Rail traffic rises and tariffs settled will relieve business. he expects no tariff upheaval for at least twenty four years. He notes improving properties and warns some politicians may delay tariff legislation for political gain.
A Minneapolis Tribune report notes one of the most encouraging periods in years with bullish stock markets, high iron prices, rising railroad earnings, ample money supply, dwindling gold exports, and prospects for a faster tariff bill, amid optimistic statements from the President and cabinet.
The article notes spring prospects for abundant crops led by wheat, with low current prices but belief farmers will fetch fair prices. It predicts revived trade and industry in cities, aided by a new tariff, and anticipates wholesome business conditions by fall. Minnesota backs these optimistic forecasts from Mr. Gage via St. Paul Pioneer Press.
The article notes a rise in loan volume and a fall in loan failures, suggesting business expansion and improved conditions. It argues these concurrent trends deserve national optimism and financial confidence, while acknowledging the nation remains in a slough of business despond but progressing toward full extrication.
The article denounces free silver and free trade journals as waging a calamity campaign to undermine business confidence. It claims laborers are portrayed as desperate by demagogues while workers resist unrest, and argues the intelligent masses understand the economy better than sensational reports. It praises workers for patience and self restraint.
Washington correspondent George Melville argues that the upcoming tariff bill may reach the statute books sooner than any since Washington, noting that past administrations often waited years for general tariff acts. The piece traces tariff enactment dates through presidents, highlighting that current one-party control of only one Congress makes swift passage notable.
The piece notes McKinley’s Cuba focus and Republican stance on the tariff bill as Democrats drift between protection and free trade. It cites earlier flag symbolism in Hawaii and a rising economic mood with more orders and employment, while praising a pending conference that could align House and Senate measures. It also discusses Bryan and silver politics and Ran dall’s memory used by regional Democrats.
The discussion argues that Bryan overstated the need for new currency to match population growth. It notes mint coinage in the current year totals about one hundred million dollars, three quarters of which is gold, and compares to ninety nine million in 1896. It also mentions $138,000,000 more currency in circulation than a year earlier, labeling Bryan's statements misleading.
Populist leaders urge ending last fall's fusion with the Democrats citing the party's uncertain stance on protection and silver as the reason for abandoning the alliance. The leaders argue the unholy pact should not continue.
The piece notes that many Democrats oppose free silver coinage and shift toward protectionism, making a Democratic Republican fusion unlikely. Ohio Populist T B Rankin says fusion aimed at reform, not stabbing major parties, and he opposed last year’s fusion and remains opposed.
Ex-Republican delegates who formed a new Silver Republican Party claim to restore silver to gold parity, but critics argue the plan is flawed. Towne asserts a growing movement to lift silver purchasing power, yet analysts note silver prices and production do not support such parity. The Chicago Tribune commentary questions the movement’s rationale and feasibility.
A discussion on a proposed bounty for staple agricultural exports notes it departs from protective policy. Critics warn it may only offer temporary gains and could lower prices by boosting surplus, harming farmers long term. Insight from Assistant Secretary Brigham.
Senate progress on the tariff bill lifts business sentiment across trades. Uncertainty lowers as confidence grows in a free market, with iron and steel showing activity. Credit conditions improve and lenders and borrowers anticipate clarity, while prices stay favorable for prudent operations.
The Popocrats show disarray over tariff policy and silver while factions falter on protection. Senators Jones, Vest and Mills mishandled stock moves during tariff action, recalling a prior 55 percent rise in sugar trust shares under their 1894 bill.
The essay accuses Democratic leaders of feigning opposition to the sugar schedules in the tariff bill to score political points while linking them to the 1894 fidy and dishonor bill. It charges three senators with manipulating sugar stock advances and condemns agitation by reformers traveling the countryside to promote free silver and against silver mine owners.
Washington reports the new administration plans a currency commission after the tariff bill. The commission would draft a general revision plan for Congress to consider in its regular session five months hence. President to urge creation once tariff bill passes the Senate.
The piece argues that farm product prices have surged 50 to 100 percent while silver prices have declined, challenging last fall’s claim that farm prices would track silver and sustain the free coinage theory. It warns that without stabilization in these trends the main argument of the advocates may collapse.
The President and his advisers consider every aspect of the Cuban question. They move with utmost caution due to grave responsibilities and possible consequences of missteps.
The piece notes a Chicago gathering forming a silver Republican movement to replace William Jennings Bryan, aiming to push a new leader for the silver cause. It claims absolute Republican unity worries political enemies, while dissent appears within their ranks in Congress.
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