The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-01

Trade Depression ana It's Chuses'
The Democratic press angrlly resents
every assertion that any part OF the
present trade depression and uueasiness
in the money market is due to the un'
certainty regarding future tariff legis'
l~atlon, and affects to believe that the
Sherman silver purchase act is the sole
cause Of tho troubles, That the silver
situation ia largely responsible for the
present conditions is undoubtedly true,
but it is useless for the administration
organs to deny that the cause OF much
Of the trade Generalization lies in the
prospect OF tariff changes.
Every man who has watched the
trend of events knows this to be true.
IIe cannot DO blinded to the fact that
until Congress disposes OF the tariff
question, tho protected industries OF
this country will BIO in an unsettled
condition. Manufacturers arc not going
to produce beyond immediate demands
until they know what the basis OF
future prices is going to be, This I'M
certainty affects either directly or in.
directly every branch of trade and con-
tributes Its share toward the unsettle-
ment Of the money market. This is
not a partisan view. Itis plain bust
ness proposition which every business
man must admit as logical.
1t needs no argument to provo tue
truth OF this assertion. The arguments
in the shape Of object lessons are all
around US. Among the industries, for
instance, that are suffering the most de-
preston is that of wool. That the IL.
certainty regarding tariff legislation on
the wool question is the direct cause
OF the Generalization cannot be dis
proven. Within twonty.four hours
past the ISTELLIGESCER has been shown
u letter from Il leading firm OF wool
commission merchants OF Philadelphia,
written to u client in Ohio, which
puts tho situation so forcibly Us to
carry conviction with it. 1t is so sug-
gostive and expresses the general sit
uation regarding the wool trade 10 com.
prehensiVely, that the INTELLIGENcER
asked and received permission to copy
1t for the benefit Of its readers. The
letter is as follows:
Observation-Disclosures we hand you our check
on Mess. Dfexel, Morgan & Co, New York City
to your order, for $50 on, account OF your wool,
receipt OF which please own,
This, we regret to say, IL not as large Rn adj
vance as you asked US to send you, but It is as
much as We arc Justified in advancing upon the
wool IN consideration OF the steady drift OF
prices TO the free wool Lowell. Ice Is the London
value to-day Of Ohio XX wished ileeces, and you
can therefore rendlly understand why we cannot
advance lic WOdO not mean 10 DO understood
us saying that wool will drop TO that figure,
but trade Is so delnOrullZed over the prospect Of
tariff changes that many mills are idle aud
therefore have no use for wool. II Is not u ques'
ton as TO whether II Is n free wool level or not;
they simply have closed the mills and cOnSc.
llently do not want to buy stock. We do not
know how long this state OF affairs Is to con.
tInue, but the sooner Congress gets through
with the silver business and takes up the tarlii
question. tho better 1t will DO for the wool busl.
ness, as tho wooden goods business and cousc-
qucntlY tho wool business, must wait until II Is
known what now rates are 10 be.
Further comment is unnecessary.
The letter tells the story e~loquentlY.
Ita statements will be confirmed by
every wool dealer and wool grower in
the country. And the same conditions
spoken OF as affecting the wool tradc
surround every protected industry in
tho United States to-day. 1t Is u period
OF uncertainty, and the Democratic
attitude toward the tariff is most
largely responsible.