New-York tribune., 1891-10-14
A CONTRAST.
latlli'e.

In this month last year eliminated the heaVl-
est business ever done in this country IL was
rho first month under new tariff and III spite
~ the known failure of wheat, corn and oat
crops, was marked by great confidence. But
olsarincs outside New-York reached two thou
sand one hundred and seventy-nine millions
which was one hundred and forty millions more
than the aggregate had ever been in any preVl-
GUS month, and two hundred and twenty seven
millions more than for the same month OF the
preyious wear. The iron output weekly was the
largest ever known. The movement OF cotton
was extraordinary. Almost every steamer
brought hther from Europe men Of great sue
cess in various branches of industry, to inyestl-
gate regarding removal OF their works TO TINS
country. The Nation seemed to have entered
upon a career Of unexampled prosperity, when
even the enormous losses by farmers could not
arrest.
But within month all was gloom. Business
was shrinking, exchanges fell off more than two
hundred millions in November numerous fall-
ures occurred and many more were threatened
An extraordinary Democratic victory had inter
yened. II appeared in the first days OF excite
nent to foeshadow a reversal Of the policies
under which the Nation had proSpered. BANK
ers were alarmed by the threat that free silver
coinage known to be favored by an enormous
majority of the Democratic House just elected,
would pass both houses just as soon as the Old
Congress had convened. Manufacturers we're
alarmed by the threat that the new tariff, which
Il WAS said the voters had condemned, would De
repealed as soon as the old Congress coutd De
broupht TO vote upon it. Railroad owners and
lenders Oh mortgages were alarmed at the con-
G,catipc and communistic propensitieS shown
by denlagogues who had been victorious with
democratic aid in Western States. Rarely, ii
ever had commercial confidence received SO
sudden and violent shock. Its effects extend
ed to other countries. The rapid collapse IN
prices of American securities was one oil the
immediate causes Of the failure of the Barlngs.
Other powerful houses were affected IN greatel
or less degree The financial consequences OF
that widespread disturbance have not yet passed
away. Disasters have been occurring ever since
which originated in the shock OF last Novem-
Der, Just as in earthquake countries massive
buildings tOpple and fall long after the shock
which weakened them has passed away. 1t was
instantly seen also, that the effects OF failure
Of crors must in time be seriously felt, because
the confidence, the vigorous credit system, ana
the rapid expansion Of industry, which might
have llghtened the loss, had been swept away.
Now there ale two Ohio demagogues who note
that the number Of failures in nine months OF
this wear has been greater than in the nine
months preceding the new tariff last year. One
of them says the new tariff is the cause. The
other saws that refusal TO remonetize silver Is
the cause. Both are in error. The direct cause
was the violent shock which the victory of such
demagogues produced last year. This was as
the match TO the mine, and the train OF wider
causes included the failure of crops In this
country, and the reckless expansion OF British
loans to South America. But this country has
been harvesting the crop Of disaster grown from
the seed OF crazy ballots cast last year. Its
people would deserve disaster only if they
should be so foolish as to repeat the senseless
votes of last November and thus shake COM
mercial confidence again. With better crops
assured, and with increasing confidence that
neither unlimited coinage of silver nor repeal
Of the tariff will upheave industry and trade
business has been reyiying. The failures re-
suit from past losses. and not from present
misfortune. Money is coming hither as fast as
we have need of it, and the great banks oi
Europe lost S15,09o,O00 gold last week. Yet
there is hesitation, because the people are dis
trusted. They made themselves diStrusted last
November. Newspapers that know nothing OF
veracty say that more Democratic victories are
close at hand. Business men who are not able
to Judge for themselves believe them. The
thing needed is to serve notice upon Democratic
demagoguos and crazy fanatics that the level
headed American people are tired of them.