The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-10-15
Away With the Prophets of Evil,
America for the Americansl

The popular enthusiasm over the yacht
races does not indicate popular depression
1t does not indicate that the people are
downcast and hopeless. 1t is an expires.
sion Of jubilant feeling utterly inconsistent
with the pessimistic diagnosis Of the exist.
ing political and social situation. Mean
time the theatres have opened the autumnal
season with crowded houses. Vigorous life
Is everywhere manifest.
The Chicago Fair was laid out on plans
30 gigantic and involving an expenditure so
enormous that its failure financially was
almost accepted as foregone conclusion
when It's gates first opened. 1t has proved
financially successful, and the money
essential to this happy result has been
| contributed by millions of visitors from
all parts OF the Union. for the foreign
| ers who have crossed the ocean to go to
| Chicago have been comparatively few.
| This prosperity OF vast enterprise de-
pendent on people from every State could
not have attended the grand exhibition II
1t had been held amid really dire and gen.
eral adversely.
Undoubtedly there has been widespread
business and industrial depression. and 1t
still continues in lessened degree. The
financial disturbance has been deep and in
disputable. The volume Of business trans
acted has decreased. The output OF man
ufactures has fallen OF greatly. owing
to the temporary stoppage or serious cur
tailment OF production. with the conse-
quence that largo numbers Of laborers have
been deprived OF employment altogether,
or have not been able to work on full time
To some extent wages have been reduced
because OF the diminished demand for la
Dor. But the curtailed production has al-
ready had the effect OF reducing the sup
ply Of many manufactures SO low that re-
newed and vigorous activity in production
Ia requisite to meet the current demands.
Not long ago correspondent OF THE sun.
who Is man of extensive business relations
and OF much financial sagacty. attributed
the origin OF the panic last summer. panic
due to apprehended evils rather than to i'm
mediate conditions. to the mlschlevous
provocation OF certain newspapers. These
papers seemed to his mind to have been in
spired by concerted and wicked purpose
to accomplish the result for the furtherance
OF a financial policy to which they were COM
mitted. He looked on them as blind lead
ers Of the blind. who conducted their fol-
lowers over precipice.
This distinguished writer was wrong SO
far as concerned any concert OF purpose on
their part. There was no reconciliation
aboutit. TWAS purely sensational. These
newspapers did not create mischief for the
sake OF mischief. except so far as they
thought 1t would be for their own emolu-
ment. They were fools. They knew not
what they did. They cried Fire" simply
to gather crowd among which to sell their
wares. and when they raised riot
that hindered the transaction OF all bust
ness. their own included. they were aston
ished and overwhelmed. They could only
excite alarm. for they are too ignorant to
discuss with calm understanding 80 great
financial problem. They could only pro-
woke popular passion at q time when q
great political revolution made 1T neces-
sary that the public mind should be kept
cool. At one period In the summer 1t
looked as II they might stir up a run
on the savings banks. q terrible catas-
trophe for the poor. which was hap
PLY prevented by financial and admin
istrative sagaoity. Our correspondent was
right. therefore. In attributing much of the
mischief to unreasoninR newspapers. but he
was wrong In attributing to them any ma
tured and concerted scheme.
The Senate has now proceeded TO handle
the silver question 10 way which promises