The Republican. [volume] (Oakland, Md.) 1877-current, 1877-05-05
Depression in England.

| tries III the united States may be af-
fected by notifications in the tariff,
and no doubt the threat of repudia
ton aggravated the financial troubles
occasioned by the issue of an excess
OF paper currency: but with these
exceptions there is very little con-
nection between business and poll
tics. The laws of trade rise para
mount to party platforms and party
maJorities, and are but little affected
by changes in the mode of admins
tration. or even by the introduction
of new theories of government.
Nevertheless, the condition of trade
and industry that happens to obtain
at the time of an election has pow
erful influence in determining its
result. The business depression that
followed the panic of 1873 nearly de-
stroyed the Republican party. There
never has been such a political phe-
nomenOn witnessed in this country
as the so called "tidal wave" of 1874.
Its effects have not yet subsidized, and
there is no telling what changes may
have taken place in the organization
of existing political parties before its
momentum has been completely ia
ken up.
Intelligent Republican voters were
as firmly welded to Republican
principles in 1874 as they were in
1872, but there were hundreds of
thousands of laboring men out of
employment, and they voted against
the Republican candidates for Con.
gress in the belief that their defeat
would in some manner assist in
driving away the gaunt spectre OF
"hard times" The experience OF
the next two years should teach them
that a two thirds Democratic ma
jority in the popular branch of Con-
gress was powerless to afford them
relief, and that neither legislation
nor political theorizing, nor partisan
assaults upon the existing Admins
tratiOn improved their condition in
the least. The blame was put upon
the President, upon the Senate, upon
the hard money men, upon the i'll.
fiationists, upon the carpet baggers
and upon the "bayonet policy" OF
the Administration by turns al.
though the partisan orators filled the
land with promises that new mer
and measures would bring relief
business did not revive, and the evil
genius of "hard times" maintained
his grip. The consuming blast of de.
nunciation which the House of Rep.
resentatives turned upon the Admin.
istration did not start the fires in 8
single furnace or set the wheels OF
the smallest factory in motion. The
causes of the prostrati0n of industry
were not political, and no political
eXpedients could remove them.
England is passing through an ex.
perience precisely similar to the ont
that has thrown a dark shadow over
our own land, but nobody pretends
to ascribe it to political causes, or tc
parcel out the blame between the
Liberals" and "Tories." There is
suffering in the manufacturing
towns, and thousands of unemployed
laborers have a dreary prospect be.
fore them. Mr.. Jennings. the cor.
respondent of the New York World,
writes that the Chancellor of the Elk.
chequer was obliged to acknowledge
in the course of a debate in Parlia.
ment the other night that the exports
were falling off with continuous reg.
ularity. When the demand for the
manufactured products of England
falls off, period Of business depres.
sion is inevitable. Mr.. Jenning says
that the situation is aggravated by
the excessive rains, which have pre-.
vented the farmers from sowing theil
spring wheat. 1t is predicted that
England will not grow half enough
of wheat this year for home con-
sumption. No doubt this is one O.
the causes that have Occasioned the
almost unprecedented rise in bread.
stuffS in this country. The war il
the East will be of no advantage tt
England, unless, perchance, she take.
part in it herself. 1t will close W
important markets in which she ha,
heretofore sold her wares, and viii
put the price of provisions to fig
ure that will bring the unemployed
poor to the verge of starvation. Thi!
is the prospect in England to day
and yet she has "hard money
"home rule" "free trade" and al
the other political conditions which
were commended to us as a sover
eign panacea for all our financial and
commercial Baltimore Ameri
can.
The Hon. Robert C. Winthrop ha!
been talking with the President ant