New-York tribune., 1885-01-01
UNITED STATES.

There has been q protrac ted expansion of political
activity and excitement, and corresponding con-
traction and shrinkage of confidence in the
business community. When the record Of the year
critically studied, it is difficult to resist the con-
cluson that in this instance politics and depression
staud somewhat in the relation OF cause and effect.
Overproducton and other related causes have been
operating likewise. but political uncertainty and
legislative contingencies have had an important
influence in coloring mems minds and affecting the
currents Of industrial exchange.
Two causes. disinctively political, combined at
the opening of the year to create uneasness and to
stimulate speculative spirit in business circles.
One was the agitation for tariff reductions the
effects and bearings Of which business men could
not forecast The other the continued effect of
the Silver act in expanding circulation without
reason or necessity. The uncertainties respecting
the scope and fate of the Morrison Tariff BILL the
neglect of Congress to repeal the Silver act, and
the apprehensions caused by the approach Of a
Presidential election, in which one of the great
parties must be arrayed in hostility to tie economic
system of the country. were political causes that
had most disquieting effect upon the business
community The previous year had been one of
gloomy forecasts and careful, cautious calculation
on the part of prudent men. and there had been a
protracted period of shrinkages in values, during
of panic feeling or any lack of steadincss. The
conditions were very different from those which
preceded the panic of 1873. The consequence was
that the collapse of the Northern Pacific, the bank
ruptcy of tho North River Construction Company,
the depreciation in Western Union and many other
stocks, the failure of J. X. Keene, the prickng of
the bubble enterprise of Grant u Ward, the closing
OF the Marine Bank and the gripping of the Metro
potan Bank, did not involve general catastrophe.
There was a stockholders panic May 14l and
nothing more. and the mercantile world was not
seriously affected. 1t marked the close of period
of unsonnd finance and hazardous speculation.
which had been directly promoted by political
rather than general causes like oyef-production
and bad trade. The danger speedily ayertcd
by the resolution of the city banks to Sand
together aud use Clearing House loan certificates
in 1873. The business community did not receive
4 severe shock from tho crash. and the panic, such
as it was was speedily forgotten. Yet the depressed
feeling with which tho year opened has continued
and i, more intense at the close than it at the
beginning There Is no economic cause that ex
plains 1t so well rs the uncertainties involved by
the issue of tho Presidential election and the
apprchen ions due to the transfer OF power from
one party unreseryedly committed TO the support of
the present economic system to another whose
attitude is one either of open covert hostility to
Protection.
Congress adjourned July y after a prolonged
term of legislative inactivity and mischievous
debate. OF 1929 bills and resolutions introduced
about l2S were actually passed and scarcely any of
these were of real importance. Measures for the
establishment OF civil government in Alaska. for
the extension of the Alabama claims, for tho Greely
relief expedition for the prevention of pleuropneu-
mona and for the reduction of newspaper postage
were among the more important adopted by both
bouses. THE Dnglcy Shipping bill would have
bcen a useful measure il it had not been saddled
with amendments The Senate passed several
valuable bills providing for the increase of the
Navy, postal telegraphy, and the issue OF notes by
National Banks Iual 10 the face value OF the bonds
dcpositcl for their redemption; but these were
kilIed by the House The Morrison Tariff bill by a
vote of l4O 10 i3S was taken up april - after
long period Of vacillatiOn and caucns deberation.
and it was defeated MAY 81 by vote of l59 to
l5j. the more sagacOuS Democrats apparently
drcaling the effect oi its passage upon the fortunes
of their party in "a Presidential year. The sympa-
thics of a great majority of the Democratic dclcga-
tion were plainly with the ideas ana projects of
nr,uounced Free Traders like Speaker Carlisle, Mr..
Nnrrlson Mr. Iurd and Mr.. Dorshomer. Tho chief
anpropriation bills did not reach the Senate until
.June. owing to the dilatory habits of the House
Committces The appropriations voted were fully
500 900 900 in excess of those of the previous year
The Senatorial contests early IN the year had been
exccptionay free from bitterness. Mr. Iugh was
reelcrtel from Alabama Mr.. Brown from Georgia,
Mr. Allison from Iowa ana Mr. Morrill, from
Vermont In Ohio Mr.. Payne was elected and
Mr. pendleton, the only Democrat prominently
identified with civil service reform. was rele-
gated to private life. In Maryland AIR. Wilson was
elected in place of Mr.. Groome, and IN LOUISIANA
Mr. Eusis IN place of Mr. Jonas. In Kentucky
there were twenty ballots Mr.. Blackburn finally
being elected to succeed Mr.. Williams. These con-
tests were of minor Importance and the legislative
nroceedngs in the State Capitals were not of special
interest. except perhaps the series of reform
measures for New-lorA City which were enacted
through the industry and patience of Mr. Roosevelt.
The Presidential Conventions wero OF such
absorbing Importance that no other political events
ara entitled t. serious mention. The Republican
National Convention was held during the hrst week
of June and Mr. Blaine was nominated on tine
fourth ballot On the first ballot he received 33ii2
votes. of which POI came from Northern states.
His vote increased from $40 on the second t. 80
on the third ballot; and on the final ballot he
| received 5il votes, of which 400 came from
| No,tb,rn States. President Arthur's vote ranged
| from 27S to 2O7; Mr.. Edmunds's vote from 03 TO
A.: and Mr.. Logan. Mr.. lIawley. Mr.. Sherman
| Mr. Lincoln aud General Sherman shared the
scattering vote. Mr. Logan was nominated ior
| Vice President The nominations were made with
out tho unit rule or any OF stitng or mis-
! reprosenting minoritics. Tho Convention methods
were without taint OF suspicion and the candidates
| represented the deliberate choice of delegates
elected for the most part IN single districts where
| the voters had gwen expression 10 tolr perspna,
| prefereuces The Democratic Convention was heid
In July. and offered o marked contrast III one
| respect TO the Republican Convention. since the
| in
| arhitrarilv cast for candidates whom they de-
nouncod. Mr. Cleveland lacked 100 votes on the
| first ballot and on the second received i30 more
| than we're reauired His chief competitor was
| n pn,nrl ,nhn receiyel LIS YOtes on the first