The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-08-03
FICTITIOUS BUSINESS DEPRES-
SION

Every IIesluentlal year the cry OF
dull, hard times is repeated, let the con-
aitions be what they may. 1t has be-
come common remark that Presiden-
tial election invariably is accompanied
by dizziness in trade and scarcity of
money. The present season is no ex-
ception to the rule, and the complaint of
stagnation in trade and scarcity of mon
ey is heard on all hands.
1t is well enough to remember this
fact when this oft-repeated lament is
urged. 1t is well enough TO reflect that
there seems to be something in the po-
lltlcal atmosphere every four years that
impairs business and locks up money.
And it is well enough to remember that
TINS condition of affairs is but tempora
ry, and does not arise from any inherent
or serious complications in commercial
circles themselves, but is wholly extra
neous.
In the changing conditions of a Presi-
dental canvass, and above all in the
uncertainties us to the result of strug-
gle OF such importance and magnitude,
capital is apt to grow dangerously, at
least ACKNOWLEDGEMENTS and eau
llous and remain inactive. By tacit
consent investments and ventures are
postponed until CATER the election
Money does become scarce therefore and
business dull, but not from any disas-
trous conditions surrounding trade and
exchanges. 1t is traffic taking Il rest.
simply.
But this year another reason for shut
tingupmoney has been operating strong
ly' The disgraceGul bank and other fail
llres IN the East month or two ago,
frightened capitalists. Old and trusted
names and firms detected in rotten
sWlndles were not reassming or cncour-
aging facts, and men everywhere with
ready means have either locked il up or
invested it outside the ordinary chan
nels in active but safe properties.
Here is, therefore, twofold reason for
The apparent scarcity of money this
year. But the scarcity is merely appar-
ent, not real.
Our imports this year were not so
great by $55,OOO,OOO worth, as thew were
last year, the proportional falling OIL in
imports being larger than the proper
tionate falling off in exports, and thus
retaining in one item that much more
money this year, than retained in the
country the preceding fiscal year. Then,
the crops have been magnificent, though
falling little in price. Mercantile fail
ures have been no more numerous than
in 1883, or preceding that date, and the
general prosperity of all sections of the
Union is fully up to that of any pre-.
ceding period for years past.
Money must, therefore, be as plentiful
inns year as last, or the one before that.
II has not gone out in such quantity.
ana products with which to procure it
nave been as extensively raised and
manufactured. Except in the East,
where overproduction has caused the
shutting down of mills, more or less.
labor has been as extensively EMPLOYED
and at good wages, and has i'm turn spent
It's wages as unstintedly as ever.
There is therefore no well grounded
reason for decrying the "dullness of the
times" Times are no harder than
usual, conditions no worse than ordi-
nary and general prosperity no less.
The only feature of the season that
differs from the preceding one is the
TACT that capitalists generally, who are
IN the habit Of turning out their money
IN the channels of traffic and speculative
investment, are boarding the bulk of il
until they see which way the "cat
jumps" in November.
No uneasiness need he felt. A few
weeks, or months, at least, will set all
the wheels of the vast machinery OF
commerce, trade and speculative invest
ments to running rapidly and smoothly
again. The crops are here, the solid
wealth, the steady material DEVELOPMENT
and growth OF every part of the land.
aud to talk about a protracted period OF
hard times in America, or real sub.
siantial reason for "hard times" or
"dnllness of trade" is absurd. The fact
Is purely iictiiious,and any alarm or des
Pohuehcy IN consequence, simply base.
less,