The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-06-23
The Present Gloom.

The Present Gloom.
Banks are breaking, business firms are
general panic is felt in the world Of COM
merce. What is the cause? ? The artful,
tricky politician insinuates that it is the
advent of the Democracy to power. When
pressed to an explanation, and forced to
confess that the country is still under the
laws and policy Instituted by the Repub-
iican party, ne suggests that it is the
prospective policy" of the new admin
istration that has caused the trouble. OF
course every rational person perceives
that if political causes are responsible, it
must be Republican politics that is to
blame, because we are now reaping the
fruits of its planting.
Others say it is the Sherman law that
causes the evil. But if that law was re-
pealed is 1t likely that times would be
made any better. If the government
stopped its purchase of silver would that
restore confidence and pat more money
in circulation? Is it not probable that
alone that would make times worse in
stead OF better-for the multitude what
ever it might do for the gold spectators?
Others say that the decentralization Of
silver is the cause of all the trouble, and
that the repeal of the law OF 1878 would
set everything right and cure all the
financial, Industrial and social evils of
tized in America twenty years and in
Great Britain very much longer, and
there have been ups as well as downs
since that event and sunshine as we'll as
gloom financially and otherwise.
1t may be that all these alleged causes
have something to do with the present
depression in trade. Fears have been TO-
mented by the politicians for their own
ends. The hobgoblin they have raised
has scared some timid people. TheSher-
man law and its probable repeal has aided
in the agitation. The lack of money by
the action against silver has been pro-
life cause of commotion, and the possi-
bility OF free coinage has also contributed
to the general disturbance. All of which
works into the plans of the plotting poll
ticians.
But apart from these considerations,
this is one OF those times that often
recur, when general feeling of dis
trust, begetting disposition to narrow
up and hoard available means, seizes
upon the hearts of men. They look for
"a rainy day." They shut up their
pocketbooks and hide them. Banks aci
on the same principle. People with saw
ings rush to draw them out. Bills cannot
be collected. Business is thus paralyzed
Every firm wants to be paid but hold:
back from voluntary payments. Obliga-
tons are not met unless strongly pushed
This causes collapse. often without neces-
sity, and one failure of course occasions
others.
Here are business houses closing Will
goods on hand and sound bills receivable
more than sufficient to meet bills paya
BILE; banks suspending with assets in ex,
cess OF liabilities; capital shut up with
good prospects for profitable in
vestment. Is politics responsible fol
this? No, it is an inexplicabl,
fear, shrinking of the mind that affects
all classes of business and is not confined
to one country. It is perhaps inevitabl,
and unavoidable.
But reaction will come. The turn O
the gold tide now set this way may brins
it. As soon as the dread subsidies relic
viii come, whether the SHERMAN Law
remains or is removed, whether Demo
Gratis or Republicans rule the roost
There have been similar panics before
they will doubtless come again. But jus
now the best remedy that can be pro
posed is to circulate the money that i
available.
Let every man and every firm pay wha
is due as far as possible. Keep business
affoat. Don't fail unless obliged to. Keel
up good heart. Look difficulties in III,
face and not run away from them or col
lapse from fright. Try to restore conf
dence by being confident. And as sur
as the sunshine follows rain, bright time
will soon succeed the present tinancia
gloom.
lou, o,.n,,n, and lInl;nn