Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-09-23
rnE 1ARlEE MOI TO BLAME.
A Business View of the Present Financial
situation.

A Business View OF the froaeH'
situation.
The New York Tribune cartoons a
crowd of workingmen waving hats n
| shouting in 1892 to a speech by Waiter
son proclaiming free trade and de-
nouncinC protection. and, as a compan-
ion piece, represents the same crowd IN
1893 detected, leaving the yards OF the
closed mills. They wanted a change.
"They got it." This is but a variation
| of a story that we are hearing much OF
in these days of financial s~tringeney'
Demagogues are trying to exact from
the common misfortunes what OF cap
ital for their party they can; wreclters
lining the storm beaten beach gather
ing the fotsam.
A year ago the Boston Herald report
ed the remark of one of the most ex-
tensive manufacturers in the state, who
said: "We will elect Harrison, but we
are going to have serious trouble. We
are manufacturing too much.N mother
words, the manufacturers had caught
the speculative spirit or had been
caught by it, and were discounting the
markets.
Thomas Dolan is a manufacturer of
woolens, largely of pushes, in Phila-
dclphia. He is also president of the
Manufacturers club of that city, which
claimed to have furnished the means
which elected Harrison in IS. His club
publishes the Manufactures, a journal
devoted to maintaining the theory that
a nation gets rich by taxing its citizens.
Mr.. Dolan, in an interview in the In
quirer, says: 81 believe that the de-
preston is almost wholly due to the
silver policy. If the alarm vas due to
the victory of the democrats, why was
it not manifested last November? The
people knew then, as well as they know
now, that it was within the power of
the new administration to repeal the
tariff laws, yet no uheasiness was felt.
In fact, the wooden business went along
swimmingly until the LIST of July
The Boston Herald supplements this
positive statement of a man who is in
a position to know what he talks of
IA staunch republican protectionist-
with the gentler process of persuasive
reasoning. What would have been
the result had there come 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 a discharge
OF workmcn by either a stoppage of
the works or a decreased output. job
bcrs 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
to make their wants wait
for 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, job
bers, 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 a glut of
Bankers and brokers' would
have been hunting investments. Stocks
have risen; enterprises needing
more capital could have had it; railroad
would have met with encour-
agement. 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
financial facilities at their com
nand. There would be now no question
Of money to owe the crops: business
would not be checked for wantof mean
to carry it on; money would be rushing
the centers to the extremitics, |
hunting investments.
Thus, by the assurance Of a business
nan who talks from his standpoint and
the point of irrefutable reason, it
$ clear that the tariff has nothing to
10 with the monetary situation, sundry
statesmen" to the contrary notwith-
Paul Globe.