The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-11-09
NOT THE TARIFF.

A Business View OF tho Present Financial
Situation.
The New York Tribune cartoons n
crowd of workingmen waving hnts and
shouting in 1902 to speech by Waiter
son proclaiming free trade and de-
nouncing protection, and, as compan-
ion piece, represents the same crowd in
1893 detected, leaving the yards of the
closed mills. "They wanted change"
"rhey got it." This is but variation
OF story that we are hearing much of
in these days of financial stringency.
Demagogues are trying TO exact from
the common misfortunes what of cap
ital for their party they can; wreckers
lining the storm-beaten beach gather
ing the flotsam.
year ago the Boston Herald report
cd the remark of one of the most ex-
tensive manufacturers in the state, who
said: 1--WE will elect Harrison, but we
are going to have serious trouble. We
are manufacturing too much" mother
words, the manufacturers had caught
the speculative spirit or had been
caught by it, and were discounting the
markets.
Thomas Dolnn is a manufactures of
woolens, largely of pushes in Phila-
delphia. He is also president of the
Manufacturers club of that city, which
claimed to have furnished the means
which elected Harrison in SS. His club
publishes the Manufacturer, journal
devoted to maintaining the theory that
a nation gets rich by taxing its citizens.
MIR. Dolan, in an interview in the In
quircr, says: ~ believe that the de-
preston is almost wholly due to the
silver policy. If the alarm was due TO
the victory of the democrats, why was
1T not manifested last November? The
people knew then, as well rs they know
now, that it was within the power of
the new administration to repeal the
tariff laws, yet no uhensincss was felt
In fact, the wooden business went along
swimmingly until the LIST Of July"
The Boston Herald supplements this
positive statement of man who is in
position to know what he talks of
"a staunch republican protcctionist-
with the gentler process of persuasive
reasoning What would have been
the result had there como no financial
depression but with radical changes in
the tariff impending? Naturally, man.
ufacturers in the lines affected would
have begun to diminish product This
would have brought about discharge
OF workmen by either q stoppage of
the works or decreased output. job
bers and wholesalers would have
bought only for present needs, and re-
tailers would have sought to decrease
stocks, all preparing for cheaper prices.
The same motive would have impelled
consumers to make their wants wait
Tor the expected reduction.
But what would have been the none
tary effect of this? The unused money
would have accumulated in the savings
and other banks. Manufacturers, lob
bcrs, wholesalers and retailers would
have needed less money to transact their
diminished business The consumers
of the nation would have increased
their holdings of money by their saw
ings. There would have been Il glut of
money. Bankers and brokers would
have been hunting investments. Stocks
would have risen; enterprises needing
more capital could have had it, railroad
schemes would have met with encour-
agcment No industry not dependent
on the tariff for its profits would have
been injured; on the contrary, such
would have been benefited by the in
creased financial facilities at their COM
mand. There would be now no question
OF money to move the crops; business
would not be checked for want of means
to carry it on; money would be rushing
from tho centers to the extremities,
hunting investments,
Thus, by the assurance of IL business
man who talks from his standpoint and
from the point of irrefutable reason, it
is clear that the tariff has nothing to
do with the monetary situation, sundry
statesmen" to the contrary notwith-
standing.-St. Paul Globe.
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