The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-17
Tue BUSINESS SITUATION.
An Address to Manufacturers by the Ameri-
can Iron and Steel Association.

PHILADELPHIA, Feb. 16.-The executive com
mittee of the American Iron and Steel Associa-
ton, at a full meeting of its members held at
Philadelphia, on Feb. IL, issues this brief ad-
dress to all iron and steel manufacturers in the
United States:
/. We congratulate the American manufact-
urers of iron and STEEL and the country gener-
ally. upon the prospect that the depression IN
business which has continued for about two
years is apparently nearing its end. With an
abundance Of good money, with good crops OF
all leading staples. with prices for all products
and for all reputable railroad and mining
stocks so low that they cannot be expected to
go any lower, with the wide liquidation that has
taken place in all business circles with our pro-
duetive energies fairly adjusted to the eountrys
wants, and with political excitement at an end,
only one element necessary to secure a revival
of business prosperity is lacking, and that is
confidence In the future of values. This element
believe, is now reappearing, and as the year
advances we believe it will become more and
more manifest There is much in the business
situation to encourage feeling of hopetulness
and there is absolutely no ground whatever upon
which to base the apprehension that prolonged
continuance of the present depression is possible.
2. We regard as of much significance the fact
that the production of iron and steel In this
country during the past year, with the single ex-
ception of iron rails, reached an aggregate ton
tanned in any preceding year except 1881, 1882
and 1888 1t was much greater than In the boom
year, 1880, and was double the production of the
centennial year. 1876 1t may also be said that
the eountry's large production of iron and steel
during the past year entered at once into con-
sumption There was no abnormal accumu-
latlon of stocks at the close of the year.
These facts abundantly prove that the
country's requirements for iron and steel
are still large, indicating less degree of de.
fhoyN hoe hAnvN NnnA 0VNd
that the financial condition of the country is so
favorable fiat it is able to pay for the iron and
s-ef wants. The same healthy conditions, we
oeileve. now surround many other manutactur-
ing industries of the country.
g. As one important means of restoring
business prosperity to the country we counsel
the cultivation everywhere of spirit OF con-
fidence liz the incoming administration OF the
general government Until the admins
tration has announced or approved some policy
that is unfriendly to American industry, or that
threatens our financial stability, we believe
that the business community should accept
The declaration of the successful party, that
1t will attempt no radical change In
revenue Or financial questions as hav-
ing been made IN good faith. We do not say
that there exists no evidence that leading mem
bers of the successful party will not propose dis
turbing financial legislation or serious moditi-
cation of our protective policy, but we do say
that as yet there exists no evidence that the
Presdent-elect will call about him advisers who
will recommend a reactionary course or who
will approve it if recommended by others.
4. There is also, in several well-established
facts further reason for confidence in the sta
bility of our protective system and our existing
financial system. An influential wing of the
successful party is pledged to the continued sup
port of our protective policy; the Southern peo-
pie, who have heretofore been inclined toward
British revenue theories, are now manifesting
an earnest interest in the protective policy; the
Senate of the United States will remain in the
control OF the party which has supported the
protective policy for more than a quarter
of century. and a large minority of the
new House of Representatives will be composed
of members of the same party; and, finally, the
so-called reciprocity treaties pending be-
fore Congress are practically dead In these
facts and considerations we think that there
may be said to exist every reasonable guarantee
that duties on imports will be maintained sub
stantially as they now are for many years to
come. The same conservative influences that
will preserve orr protective policy will also take
care that no disturbing financial measure is al
lowed to become q law.
5. We do not believe in borrowing trouble
about future unfriendly tariff legislation that
is possible. but not probable, and we, therefore,
call attention TO the additional fact, even If
legislation of this character should be at
tempted under the new administration, it
could not be proposed until after the meeting of
the new Congress, in December next and it
could not be. considered and disposed of until
after the expiration of many months thereafter.
There is, therefore, no excuse whatever for the
fears of tind or cautious people that bust
ness cannot improve because the tariff is in dan
ger. We may have tariff agitation year or
two hence, just as we may have at some future
time other calamity that is not now
threatened nor even thought of. but let us hope
that such msfortunes will not happen, and re-
solve to continue to conduct our business as if
we had faith in the good senseof the American
people and an American Congress.