New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-11-10
RLSLNESS PROSPECTS.

BUSINESS PHOSILCIS.
Noticing the decline in the stock market, The
Financial Chronicle remarks that it is not at
all surprising that among some interests
"change OF parties should at first be interpreted
"unfayorably yet will not second thought
gconvince every one that such conclusion IL
"oute uncallcd for ?" 1t then proceeds tn reason
that no Injustice il likely to be dono to the
Pacific railroads, and that n large reduction OF
taxes TO which it says " the coming Adininstra-
ton is first Of all pledged" means direct and
positive relief 10 our industries By way OF
cxnlaining this remark, ii observes that
aduring the past month we have paid out Of
asurplus IS, $50, 900 on public debt; that folly
at least is to be stopped"
This remark, by financial journal which
advocated and believes in the election of Gov
ernor Cleveland, casts a good deal of light on
the situation Payment of debt, Democrats now
inform lis, is folly. According to their wisest
| fnanciers the Government ought not TO have
any money with which to pay debt; ought not
to collect from the peuplo money to be thus dis
burscd in cxtinguishing the interest-bearing
Indebtedness; and, In short, ought to reduce
taxes 80 far that the /" folly of debt payment
shall be stopped 1t is the Democratic notion
that the collection of money by duties on i'm
ports burdens business that its disbursement
in the extinguisllmcnt of debt bearing interest
Is not the removal of a burden, but piece Of
folly; and that business will be encouraged
and improved by cutting down the taxes so that
the Government shall have no surplus revenue.
| IL is well perhaps that We have thus early this
clear Interpretation of the purposes entertained
! by the most conservative Democrats.
An obvious result Of this policy, If it should be
carried into effect, would he the prostraton of
! those branches of Manufacture which depend
upon the existing tariff. These are many, and
of vast Importance. They employ vast mum
Der of workers. Even in the present depressed
condition OF industries, which results from Il
fear OF Democratic success, the number of men
so employed is very large, and the number
which would DC thrown ont of work if that
policy should be carried into effect is great
enough to cause serious depression in all wages
! and in all branches of business.
The gloomy views which some are disposed to
| take of the business future are not shared by
| The TRIBUNE, for two reasons. In the first
place THE TRIBUNE does not believe that Gov
ernor Cleveland has been elected. In the
second place, it appears that, happily the Dem
ocratc majority in the next House will be
slender. There is no reason TO believe that il
can effect any change of the tariff whatever.
Agitation is probable; apprehension is likely to
have il depressing influence; but there is every
| reason to believe that neither by the present
| Congress at its remaining session, nor by the
| next Congress with its very scanty Democratic
majority, can any material change of the tariff
he made. The question is thus deferred in any
event until the meeting of the Congress to be
elected in 1856 that is, until December, 1887
For three years, in all human probability, in.
dustries are TO be disturbed by apprehension
but not by hostile legislation. Before the
election of 1856, we feel confident. public opin-
ion will have been 80 Disguised by experience o.
Democratic folly in the House that House o
different character will be chosen.
A greater danger, and one to which little at
tcution has been given, is that disturbing legis
lation as 10 the currency may be enacted. On
that subject, the temper of the present Senat.
il not accurately known. The disposition o
the Democrats to carry their wel-kn0wi
theories into effect may be vastly inflated i
they succeed in securing control OF the Gov.
eminent, and il il not quito certain how IA
some members Of the Senate may be willing "a
yield TO these notions. An overthrow of th'