The herald., 1893-06-27
ONLY our OF GEAR.

iCCQ lb-lt 10 Ouly Oub Vi kthIs uldUY
people have insisted that the twenty
years since our last great disturbance
would surely bring us to standstill all
around, and we should have to turn to
long fasting and heroic dosing; but this
hardly appears to be the case. That
affairs are bad enough all will admit
but that there must be radical rebuild
ing and reconstruction of plan and pur-
pose Is nowhere seriously believed today.
In other words, our trouble today is not
general crash that will require an en-
tire change of policy to correct and
long time to work ont, but it ia a de-
rangement OF the working OF the usual
methods OF business.
Many things have conspired to bring
about the stringency of the money mar
ket, which is the frat and always direct
cause Of all business dulness. In the
first place we have lost gold. Under
ordinary circumstance England would
have been buyer rather than seller OF
our securities. But South American
Investments made her poor in 1890, her
largest banking concerns failing, while
two years later Australian failures gave
the finishing touch to her misiortunes-
even putting out of account her other
losses, like the fatal mistakes in buying
American bpeweries and tin mines.
Thus England could not buy more OF
our securities nor keep what she had,
but turned them back upon us. More
than this, sbe did not buy our bread
studs the last year, as formerly, though
we were rich in crops, and in this latter
line our prosperity gained us nothing.
Indeed, our very riches Of farm products
made us prodigal to buy and import
costly things, while the failure to sell
what we had, not only kept us from
paying our debts thus contracted, but
involved vast numbers OF brokers and
commission men in the attempt to carry
the crops they were loaded down with.
In May, 1892, we had on hand 81, &c.,
coo bushels of wheat which the banks at
the great receiving points had to carry
but on May lst, this year, go poor had
been our sales and shipments abroad,
we had in stock in round numbers 100,-
000, 900 bushels, and substantially have
this vast bulk today, absolutely con.
gesting the markets and tying up cap
ital as it was never before tied up in
these lineH of traffic. So our very pros
perity of the last year, as to productions,
has been drag and burden On our cap
ital, Even to sell these vsst stores of
staples at the present poor prices would
be great boon to the money market,
although it would be hard on the indi-
vidual holder.
Tho failure, thon, Go sall our secnri-
ties, or our surplus crops abroad, would
seem to be cause enough for dwindling
of the gold reserve and the general
tightening Of money. There is surely
nothing abnormal in this condition, nor
is it very threatening--if only we can
hold on. There is no imitation any
where in anything. Not only are goods
cheap, but there has been no OVERRIDING
OF railway building, or other thing in
this line, as was the case in 1878, that
should necessitate long purgatory OF
feverish waiting for balance and eym-
metry OF values.
The fact is, that the whole country
has been conservative, instead of reck-
less. We have been skeptical rather
than over-con6dent. We have not one
great enterprise unfinished on our hands,
and, with the exception OF the craze in
one new line OF stocks, even speculation
itself has gone on under close reefed
sails. Wall street, go far from inviting
the cyclone, has had its weather eye out
for the smallest sign OF a mere squall.
Did ever great commercial crisis
come under such conditions? Is there
anything yet, has there been, and can
there be, anything more than such {
disturbance in business rs a genera
hard money market brings, especially
when intensified with the fear of some
thing worse? II cannot be denied tina
something of the present disturbance il
due to the unfortunate difference
amongst business men, and the peopl
generally, over the part which silver ant
silver legislation has played, now tina
the Mckinley bill and the changes i'm
minent m ust also etaken into account
but the TACT is plain to the mind even o
the layman that the main causes of on
present financial trouble are the one
stated, and that any turn in our iavo
would at once bring us measurable an
, permanent relief. Not only Englan
but all Europe may soon be bette
customer for our securities and ou
> breadstuffs, and this would grestl
l tighten, If it would not solve, our pres
4 ent troubles.
| Meantime, insisting that things sha
E not be made more than they are, let u
: address ourselves to the legislation ths
? Will inevitably demand serious an
Z prompt consideration. Ii is small us
i to urgs specifics for every ILL., but as o
: agree that we mugt have an enlarge
o circulating medium, not only for tn
stress, but for the safety OF the trr
mendous business of great and grow
y ing country-A country whose gigsnti
s enterprises outrun old ways aud puzzl
It the average old. time atudentot econom
st sch)ols-what resource 90 near, so ma
d ural, 90 safe as an enlarged, fair an
20 honest use OF silver? The thing b
Il gone too far to be abandoned nov
] l-TF