The morning call., 1892-06-20
THE POPULAR CALM.

This week will probably witness the con-
clu5ion Of the labOrs Of the Democrats at
Chicago, and then the quadrennial struggle
of the parties for control of the Government
Will begin. Those whose memories are long
enough to cover the period before tie war
viii be struck with one marked contrast
between those days and the days in which
we live
In the forties and The ffties it was an
axiom ia business that prudent merchants
should shorten sail 10 Presidential years.
II was believed On all hands that periods of
political excitement were dangerous periods
for commercial interests. There were
always q few timid people who appTehended
that revolutionary disturbances might fol-
low a Presidential election, as they often
do in SDanish-AmeriCan republics; while
citizens who were more robust believers in
the stability Of American institutions still
doubted the capacity Of the nation 10 20
through the storms Of a political crisis
without some detTimeut TO business. Hence,
when tie nominations we're made, banks
began to curtail their discounts and mer-
chants diminished their ventures. Every
body postponed new undertakings till after
the election and theinauguIati0n. Creditors
called il their loans, and spectators Ieefed
sal. As always happens, these measures Of
precauti0n precipitated the danger they
were Intended TO guard against. InsOlyents
were forced into bankruptcy; banks and
bankers wrote vast sums of their Irofit and
loss. To the man of business in the old
days q Presidential year was a season Of
anxiety, and often of loss.
The observer may scan the FOrizon far
AID near to-day without discerning any
signs Of uDeasiness in commercial circles.
There is not bank anywhere which is cur
falling lis loans on account of the coming
campaign, nor is there a merchant in any
state who is letting his stock run down
through fear that he may not be able TO eff
feet sales III consequence Of the election.
The commercial sky is serene all round.
Merchants are watching the writings of
the politicians with absolute Indifference.
If The crops are as good as they romise to
be, the year 1892 will be as prosperous and
as active commercially as 1891 or 1890.
Two causes will account for the changed
temper Of the business community. So long
as slavery existed no far-seeing merchant
could blind himself to the fact that the ma
ton was sitting on an open barrel Of gun
powder. Every body who could look in the
future said that some day there would be an
explosion, and that that explosion would be
fatal to business for the time being. Hence,
whenever the political csldron was stirred,
a cold SILVER tIickled down the mercantile
spine from a fear that the spark might in
some way be applied In the course Of the
stirring. Persons WHO have read history
remembered how near the spark got to the
head Of the barrel in 1890, in 1882 and in
1913. They could not help asking each
other what would befall if the powder ig-
nited just as they had fitted up their store
with goods OF strained their credit at bank
to the utmost.
With the disappearance Of slavery came
a new confidence in our Institutions and
their stability. which was not generally en-
tertained forty and fifty years ago. The
historian, Bancroft. was so uncertain re-
garding the ultimate result Of the American
experiment that he stopped bis history at
the acceptance Of the constitution. Such
sound statesmen as Macaulay predicted
that our system would not work after our
empty lands were occupied. Mr.. Belmont
thought it worth while TO consider the
chances Of the establishment of an Ameri-
can monarchy. Before the war many
Americans shared these doubts, and each
succeeding Presidential election revived in
their minds apprebeDsions Of changes.
which, however they ended, were sure to
be fruitful Of at least temporary disorder.
When the war ended in the complete re-
storatiOn OF the authority of the Union,
with the acquiescence of the vanquished
South, these apprehensIons gradually passed
away People felt that a nation which
could 60 through a four years civil war
without loss OF liberty and with its political
fabric unimpaired could stand anything,
and Presidential elections ceased to be
sources OF terror. Late experience has sat
iSfed them that the nation can survive ad-
ministTatIOns which are not eOmmendable,
and that however bad they may be people
will submit with the orderly instinct Of
Americans and the capacity for self-re-
straint which they have eVineed under try
ing circumstances.
That is the reason why citizens. while ad-
herring to the candidate Of the party to
which they belong, are not distressing
themselves or altering the scope Of their
business because next November a new
President will have to be chosen.