New-York tribune., 1892-12-20
RESULTS OF DOUBT.

Strange as it may Seem iaDOred aiu'leS d'o
appearing in some democratic journals de-
signed to prove that the country is still elofi-
onsly prospcring under President Harrison
Adm ,nistration. Why should it not? HIS
term of office has not yet expired Is inc
Dem )Crltic mind haunted by a dread that the
Nations prosperity may slip away because OF
the Free-Tlade victory, even before the next
President can get into Office? True, some
works in progress have been arrested, ana some
orders for machinery have been countermand-
Cd, because the future looks to manufacturers
less promising This means less increase III
productive power than might have been eX-
pec;el, but not as yet prostratlon OF existing
interests. Ii is true also that some establish
nent, have determined to cultail their produc-
tion. and have cut down their force or closed
altogether, Happily thsre are not many but Il
Free Trader might well be glad to see fewer
Ilundere!s Of the public. rs he calls them, en-
gagged in their nefarious traffic.
1t is much too early to read IN the condition
of manufactures the results OF change ol
laws which the Democratic party has not YET
effected. Indeed. that party has not Yet col
lec,ed its ideas far enough to know what IT
means t. do. and It's ardent Free Traders may
be more disappointed than anybody else with
It's performances. For thirty years 1t has not
been a party that has ever done what 1t sci
ont 70 do. When Mr.. Cleveland was first
elected. the Democrats had an excuse that they
were in minority in the Senate. PliceS Sagged
and business was depressed for months after
his election until il became known that no
radical change of laws would result, and then
sharp Improvement followed. Unless there lS
an extra session, more than year must yet
clapse before the country can know what the
Democratic p1rty can do this time, or what IT
will try 10 do. Until that is made known.
nothing like the full effect of the meditaed
change of policy can be expected.
But two effects can be realized, and probably
will be to some extent, even while President
Harrison is still in Office. Development I'M
provcnent and expansion will III many diiec-
tions be arrested OF this some evidences APP
pear already This arrest Of growth has re-
suits that are distinctly hunfu. The force OF
labor is constantly increasing, but the oppor-
tmities of employment in some directions Will
not increase The tendency may be to push
labor into occupations already oyercroWded.
Then The continually accumulating wealth and
enterprise of the country find development in
some directions embarrassed. The tendency
may be - push those forces INTO heids aiieady
full.
A second effect is more definite, and can be
pel c.iyed 10 some extent already. Foreign
capital amounting to thousand millions has
been invested in this country, according 10
estimates made within few years. Interest
and dividends have i'll prosperous times been
largely invested here, this was considered
the safest and most promising field Ill the
world. If the foreigner stops investing II he
takes away his int rest and dividends, and even
his capita in scme cases where will the effect
be felt? First of all. and most seriously, in
the movements of money. Gold will 90 abroad,
and confidence in the future OF the paper cifcll-
lation may be impaired For more than thirty
years under the Republican policy, this country
has been able to draw somewhat largely upon
foreign reserves Of capital. Within the last
few Years, as the best results of Protection have
been witnessed, these supplies Of foreign cap
ital have been so large as 10 insure beyond all
question the safety OF the paper circulation.
1t is already obvious that change in that re
spect may not be far distant.
1t is because these evils are liable TO come
at once, and to continue while uncertainty lasts
regarding the Democratic policy, that early
decision and action by that party are desirable.
Business men can regulate their affairs with
more or less success to almost any conditions,
provided they know what those conditions are.
| They cannot prepare for unknown and unknow-
able conditions, SO that prolonged uncertainty
| is liable to do moro harm in the aggregate than
many imagine. 1t is true that the wheels have
not all stopped no one supposed that they
would with IA Republican President still III
Office But other harm, less obvious and YET
not to be wantonly prolonged, results from the
uncertainty about the future which only the
| Democrats themselves can remove.