New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-06

market His words arc substantially as follows At
straisht%ay all those mon took gloomy view of
Affairs begin state their Nlews Market prices ihi
sellers are numerous and buyers few Presently some
thing happens a little good Straightway all the
sngune and hopeful men pat iorth thelr views anu
bu ,crs become numerous and sellers few Wait ite
and looK back for the OF the great depression or
grsa advance and can lind no good or actual cause
TUere has been no actual and sufficient for the
very great reduction III the prices OF sond ana SUD
stantal property d0wnto tIis recent period OF depre
SION There may be specific cause FOR the rapid advance
occurred In the stock market IN tneSe aIoer
days. but the conditions are ripe Tor Substance pros
pcflty whatever course speculative adventure may
Let me ca your attention to two other facts
winch sustain my views ON this period OF s0-called
INV oTdinarY commercial crisis Throughout this period
no well Insnaged and solvent industrial enterprise
pm or Corporation engaged in productive In
dustry has become bankrupt Whleh was hot
Se sh0 Of depression began SUBSTANTIALLY all the
commercial failures have been merely the removal OF
go much rubDish: condition precedent to more
wholesome methods OF business. Hardy single wei
MANAGED railway CORPORATION which had been
TO work with fair economy has failed TO equitable
income upon any of money ever actually PAID In Tor
It's construction, even though that money Itself may
have been paid for steel rails at hve times their
present price What has happened in respect to rail-
WAYS has been but To demonstrate the WHOLESOME rule
that people Will not give something for n0thng and
system Is to-day paying a full income the actual
dollars which IL cost aud will continue to do go. The
railway system the United States is not yet half
completed The lessons OF the past few years may check
any merely speculative parallel enterprises, bat the
roads to be built. Already there SIS ns
that the point railway constr ucti0n has been
reached and that next year very great Increase In
mileage may There ali eady many signs that
fine population Is in advance OK many OF our productive
units OF CAPITAL. There signs that the well placed
iron furnaces and steel works (Omitting those which
nave y their natural lie and ought to die), Will
be insufficient TO meet the demand for those metals
Every scn OF any large force OF unemployed labor Prs
who are capable OF good work has disappeared II there
any sudden start IN any given direction scarcity
Labor would be developed IL IL true that immigration
has fallen oil in degree but even TIE present rate
of Immigration would have been astounding thinRa
few years ago; II Is all absorbed In our growing
wants in cities lut the immigrants
are "a better condition than formerly aud pass on
their destinations where they are required ana WheIo
they build up productive communities.
The only OBSTACLE OF any mom rnt that stanus IN tne
WAY OF great activity and conditions OF prosperity IN
which higher wages will yield better aui better
subsistence year year the 80 cent OF mo people
who are he position OF the employed rather IMAM OI
EMPLOYERS is the uncertainty 10 what Is 10 Dc the
future standard lawful money or the Uned STATES
So long s Congress Of the Cuted states attempts to
impose an undcrvucd dollar made OF silver wurth only
cents and force il by legal tender acts upon tue
business community, constructive enterprises VIII ne
limited to those which are compulsory There can De
neither wholesome activity energy nor enterprise
except OF spaSuOlc speculative nature so OhS a. thls
ca nss OF depreciation continues. 1t rests with thc
present Cong determine their action upon the
Bland oil whether not The abundance with which TINS
country Is nUw endowed shall be accompanied ny
Poverty of energy and lack of normal Opment
or whether TIE 1856 shall he the beennins OI an
era OF solid and wholesome development sich "a ts
country has never seen before. EDWAED ATKINSON