New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-12
FOOLISH VOTES PROBE COSTLY.

When a sensible and sober people decide to
change their policy of government they DO IL
with hesitation and a careful study OF oppor-
tunities. For they realize that any change or
the fear of change must exert an unfavorspIe
influence for time, perhaps 50 great as 10
outweigh the ultimate benefit anticipated. Inc
verdict of the people last fail was not thus
deliberate and well-considered. MutltldeS
voted in haste and are now repenting at leisure
Thus in Kansas the Elk County Alliance de-
cares that loan companies and bankers VIII not
lend any more money in that state on mort
cages. but what sensible man supposed uhaV
they would in view of such action as was taRen
by the Legislature elected in November II
there is to be war against creditors men prefer
to lend money somewhere else. But the CON
sequences of the election respects silver COLI
age and currency expansion have been con-
fined to no State, and the end of them Is not YET
1t is now generally perceived that the grave
monetary uncertainty caused by the elecuon %
a namocratic- Alliance Congress last November
has been more potent than all other lnuuenoeN
to depress business and retard investment
Capitalists who do not know what 70 eApecV are
likely to wait and do nothing. The aglCa'ion
for unlimited coinage of silver, when prokc
ont with new force as soon as the result OF tne
election was known has undoubtedly prevented
q vast number of loans and investments wnlch
would otherwise have been made. WIN oil
actual circulation greater than the country has
over known except during the last year, the
hanks and other monetary institutions are lend
ing on time most spanngy. commercial ldii-
ureS have greatly increased IN NUMBER Dusi-
Lnx~o hDnn
embraced in any year of large crops under oroi-
nary circumstances have this year been de
ferred Investors refuse to take bondS so thaU
many railroads are cramped by inability to sell
their securities, and in consequence the grea'
iron industry waits and is embarrassed. 1heSe
are but a few illustrations OF multitude oil
WAYS in which the hesitation of those who nave
money 70 invest or to lend has ahected the
general activity.
AT this hour men are saying to each other
that the agitation for free coinage and unlimited
issues of paper may go far enough, even before
Congress assemblies, to cause much Withdrawal
of gold from use. 1t clearly tends, also, 70
prevent the return of gold from Europe.
Whether four months more OF such uncertainty
will result in trouble men do not feel sure and
because they are not sure they keep close U
shore and venture out as little as possible
Great crops are in sight but who knows whether
the money to carry them will be obtainable?
Securities are remarkably low in view OF the
enormous business which the railroads have
begun to do, but who can tell whether the bonds
he NAV take at to-day's prices may not be
further depressed by tight money little later
Thus apprehension causes more trouble every
| week.
1t does no good to show that in many re-
spects these apprehensons are unfounded' Inc
! President has veto power which is not at ali
likely to be overcome, and he is not the man
to WELD to a popular camOr when he knows
that Welding would involve National disaster.
Hut neople are not so much afraid OF what
will be done as of what others fear may be
done. Nor is there reason to suppose that the
silver agtatOrs or the money fanatics Will be
as strong in Congress as they imagine. The very
extravaganza of demands prompted by ther
agitation has set them thinking, and they begin
TO dread the monsters which their own incanta-
tons have raised. But again, it is not the
thing likely to be done next winter that causes
the trouble, but the fear that everybody else
will appIehend mischief.
II would be a patriotic and helpful thing II
some of the men who have been most prominent
| in the more money" crusade would now alay
uncertainty by declaring publicly what they say
without hesitation in private. If they mean TO
put on the brakes this is a good time for them
to saw So and with such emphasis that the
husiness world shall realize it.