St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-09

Special to the Globe.
NEW YORK. Oct. 7.-There is no oe-
casion whatever for indulging feelings
of discOuragemeht. While it is true
that we have passed through an eXtraor-
binary if not unprecedented period of
business adversely, which may still have
not completely run its course, it IS
equally true that signs of recovery are
multiplying daily, and that the worst IS
over. Towards the close OF the year 1t
is not impossible that some inconven-
fence may be experienced in business
circles by the accumulation of Obliga-
tons resulting from extensions made III
August and September. There is also
q fear that after the Chicago fair is over
the consequences of over eXpan-
sion in real estate and other direc-
tons will be more severely felt
than now. But all of these fears
are at present unduly exaggerated
by the nervous and discouraged condi-
tons OF business men. who frequently
attach too much weight to the draw
backs and too little to the improve
mentS. The number of manufacturing
establishments daily starting steadily
exceeds the number of shut downs. I'm
QuestiOnably there are many thousands
less of the unemployed than month
ago. If it be said that wages are being
reduced, it may also be said that the
majority of these reductions have been
about 10 per cent; and. as wages have
been unusually high and the majority
Of the necessities of life unprecedently
low, such moderate reduction as this
cannot inAict real hardship upon the
laborIng classes. At most it Will only
deprive them of a few of the
LUXURIES AND PLEASURES
which can be benefcially dispensed
with. Moreover. the reductions in
wages will put many manufacturers on
a better basis for meeting foreign COM
petition when a general reduction of
the tariff is in order, and thus in the
long run establish them upon a firmer
fOul dation. Much of the fear about
tariff revision is wholly unnecessary, for
revenue necessities will prevent any ra-
dical changes, and few appear to be
contemplated except in the WOODEN and
iron schedules. Uncertainty will do
more harm than the actual changes. and
business men well do we'll to impress
upon their representatives at Washing
ton the necessity of exercising all reas-
enable dispatch in arriving at decision
concerning what shall be done,
giving ample time for adjust
ment to the new conditions. This
would immensely lessen present anX-
iety about the tariff question. Concern
ing the silver debate there is nothing
new to say. Tie minority in the senate
continues its reckless defiance of public
demands. All reports of compromise
are absurd, for compromise would settle
nothing, and President Cleveland is
known 10 be stubbOrnly opposed to any
sort OF compromise whatever. The sill
yer senators are now fighting for moth
ing better than TO make record among
their constituents, and this talk of com
promise comes either from the few who
want it, or else from newspaper CORES
pondentS who find the monotonous con-
test unfavorable to the gathering of in
teresting news. If the repealers will
only
PRESERVE COURAGE
and show but fraction of the eldur-
ance and perseverance of their op-
pGnents, success will reward them. De-
feat would be impossible if every sena-
tor acted strictly from motives of duty
and not policy. AS soon as repeal be-
comes fact, sentiment will undergo a
strong reaction, in which both Wall
street and the mercantile community
would share. When the house passed
the repeal measure confidence began to
rise. only to fall again with senatorial
obstruction. When repeal becomes a
certainty Europe will doubtless be q
more ready purchaser of our stocks.
Two other very important factors are
on the side of improvement, viz, low
prices and easy money. Bank reserves
are piling up rapidly; and if any real
change of sentiment follows las it legili-
mately should the repeal of the Sher-
man law, business ought to expand, in
dustry ought to revive, credit ought to
be restored and values generally I'M
prove. am not one of those who be-
lieve that the late strain has been too
heavy TOR prompt recovery. Our re-
sources and energies are unequaled, and
there is still little else in the way of
recuperatiOn except the chief cause of
panic, and that is the silver bill.
HENRY CLEWS.