New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-21
FNOCPACV and 1ROC Die.


Men say there is nothing of poh'icai sIgnIil-
canoe in the fall in stocks III grain ana cStton
markets. and in the failures III coilce ana ether
speculative trades. These are all natural re-
suits of excessive and unhealthy speculation, u
is said. But if people take the trouble to trace
these specuatiOns back it VIII DC FOUND that
thcy originated in the hopeful condition Of
things bcforc n Democratic President and Con-
gross were known to have been elected. Even
in February many still hoped that the Demo
Gratis would net control the senate. Since the
results of the last election became known. there
has been a general decline IN all sorts OF prod
ucs and properties the value OF which depends
upon the future prosperity OF the country or
the soundnc,s of the currency This fall be-
can the very month of the election with cx-
norris of cold caused by unwillingness Of foreign
houses to make larger advances on American
railroads or manufactures, American trade or
tho soundncss Of American currency. 1t was
noticed within n short time after President
Cleveand's election became known and in spite
CT occasional spasms Of recovery the decline
! has continued ever since.
One considerable uplifting came when it was
declared with great emphasis by prominent
Democrats that though the temper of Con-
gross might be dangerous, the country could
absolutely rely upon the Administration for
sound finance Yet now, with the Cleveland
Administration not two months old, it is de-
clarcd that silver payments will be ordered at
once for pait of the lcga-tcnder notes. Who
ever chooses 10 compare prices of stocks and
of important products during the last three
| months will be struck with the decline which
| has re suited and with a sense of the magnitude
Of losses TO holders. If all departments of
trade could be considered, it would probably
be found that more than $500, 00O 900 has
been Lost by individuals since the people de-
cidcd to have a change in the Nations policy.
IL is doubtcs, true that other elements and
considerations have contributed to the decline
in this or tina. product or the stock. But it is
also true that the general condition Of things
before the election was lifting the country over
every bar. so to speak. The growth of manu-
features was cat.rcly unpyec denied in the his
tory OF the country. Is industrial statistics have
uroved but that growth has been checked
The circumstances Of the millions of wage
carncrs were such that the consumption OF al
important products was greater than II had ever
been before. Moreover. there was every rcl-
son 10 believe that this state OF things would
continue and consequently that tendencies
toward rcacticn in this or that branch would
be overcome. ~ such tendencies had been re-
pcaicdly within the last two yeas, by the
swelling tide OF prosperity.
The country has - face entirely different
conditions. Manufacturers are no longer cX-
tending. and some are beginning 10 diminish
,i,u al. .tF,t .,,l
were larger than last year in January, about
equal in February. but smaller in March. The
price of cotton has declined, in part because
Of shrinkagc OF demand, more than cent and
half since the middle of January. Prices Of
ir n and it, prdYct, are weaker than early IN
the wear. The business If the Nation i be-
yond all question relatively smaller IN Apnl
than il was in October or in JInuary Thus
some >hrnkage has begun already, and yet the
time has not come To expect much change IN
the volume Of business n result OF the threat
cned change in National policy. The effects
arc felt in finances. most naturally. sooner than
in industrial matters. The whole country knew
that Pro .idcnf ClcvclindS wishes were not
those Of his party. How far his wishes are
those Of the Secretary Of the Treasury events
have yet - show. II is plain that the Prcsi-
dent will be forced into aniagonlsm II Il large
portion of his patty and will net be able 10
control legislation in dircii IL which he re-
CARDS IL either safe or honest. European in
vcStUiS sec this. and they also begin 10 see
that the Administration may possibly yield
much 10 Western and ulhern temper in the
management Of the finances All this affects.
10 an eXtcn, quite immca,urdbc, foreign vent
nrcs in American property, foreign purchases
Of American securities and in the end the Outgo
If gold from this untry.
The fact j. that di>tnist of the Democratic
laiiy is all The time most important factor
in financial matters. One has only u consider
for moment what the feeling in the business
world would be to-day If, instead of President
Cleveland President Grant or President Ilar-
rison were al the White House, and if instead
Of Il NooihccS-C Crisp Congress there were an
Adrich Mckinley Congress Ia meet this year.
Is there any business man who would not feel
the difference II is net "A difference which
can be measured in Il Has and cents and he
cannot fairly estimate the business situation
or prospect who does not take II into account.