The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-20
THE BUSINESS RELAPSE.

THE BUSINESS RELAPSE.
A welI-known South Meridan-street mer-
chant was asked. yesterday. as to the state
of trade. Bad" was the reply 1.-The out
look is not as encouraging it was three
or four weeks ago. Then we seemed 20 be
on the road to recovery from the hard
times but since then the country seems to
have had relapse He was right. The
country, which month ago gave signs OF
steady recuperation from the effects of the
financial panic, has had relapse.
When person who has been sick and be-
gins to grow better has relapse physi-
clans are always alarmed. Experience
teaches them that relapses are always dan
gerous. They indicate a return Of disease
under conditions most unfavorable to resist
ing it. The patient is already reduced and
his system more or less shattered by what
he has passed through, and he is in poor
condition to Withstand another attack, even
though it should be much lighter than the
first. For this reason a relapse is apt to be
more dangerous than the first attack For
similar reasons a financial relapse in the
present condition of the country is very
much to be dreaded.
What has caused this incipient relapse?
There has been no dirninution in the wealth
or resources of the country or in the means
Of utilizing them. There is much land. as
m lch capital, as much wealth Of all kinds,
and as many toilers and neutrality-suspicious. in
the country now as there was a year ago
when the country was in the full tide OF
prosperity. The panic destroyed this pros
perity and paralyzed trade. After some
months of complete prostration there came
| a period Of convalescence which has been
followed by relapse. Again we ask. what
| has caused this relapse?
| Of Congress. In July last, when Mr.. Cleve-
| land issued proclamation calling an extra
| session of Congress on the eth Of August
| the country was in a desperate condition
Banks and business houses were failing in
! all directions, the money market was tight
| er than had ever been known before and
| the foundations of business were broken
| up Congress was called together for the
| express purpose of affording relief 1t was
the almost universal opinion among bust
| ness men that the silver policy of the gov
| eminent was largely responsible for the
| destruction of confidence and there was a
4 md For tha
peal Of the silver-purchase clause Of the
Sherman act. Outside OF a few silver mines
/ owners and their immediate adherents, the
| belief was almost universal that the re-
| peal OF the silver-purchase clause of the
Sherman act would go very far toward re-
| storing confidence and reviving business.
| The people hoped, and had reason to ex-
| pect that Congress would pass the repeal
without delay They built great hopes on
such action. The House did pass 1t with
| reasonable promptness, viz, in about two
weeks. 1t might have done better, but this
| was not bad. The people were pleased.
| 1t was what they expected. AS every
body had predicted revival of confidence
on the passage of the repeal bill. the
ton of the House was soon followed by a
marked change in the business situation.
| 1t was the beginning of the revival OF con-
fdence. 1t was considered so certain that
the Senate would also pass the repeal bill
| that it's passage regarded and treated
as an assured fact. The effect of repeal
| MAG discounted confidence heGan IN reviva
and business to improve. =
If the Senate had passed the bill within
week after it was received from the
House, as it could and would have done
had not public interests been subordinated
to personal and private interests. conf
dence. which had begun to revive. would
have continued to do so and business
would have kept on improving. But a
week passed without repeal, then another
another and another. Gradually it dawn ed
on the country that there was a faction
in tho Senate determined to defy and de-
feat the will of the people. A month passed
and still no repeal. 1t was a weary weltcr
of talk, an ocean of words, a senseless
controversy over forms, a stupid wrangle
about obsolete rules. 1t everything
for faction and nothing for the people 1t
was Nero adding while Rome burned
Now, at last, when nearly two months
have passed without any action by tho
Senate. the people have lost faith in the
passage Of the repeal bill. and confidence,
| IN af ha cfi0
the House. has begun to decline again.
There IS a relapse.
| 1t Is not worth while to discuss the re-
sponsibility for this situation. In fact, the
question does not admit OF discussion.
1t is too plain for argument. The respon-
sibility is on the Democratic party.