New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-05
PROMPT ACTION NEEDED.
Q. SLOAT FASSEI'r ON THE FINANCIAL
SITUATION.
THE DEMOCRATS IN CONGRESS SHOULD
PROMPTLY Dss.LARE WHAT THEIR POLICY
WILL BE-UNCERTINTY THE MAIN


PROMPTLY Da.LARE WHAT THEIR POLICY
WILL BE-uNCERT,INTY THE MAIN
CAUSE OF THE TROUBLE
How can you expect man who has been s'rus
Cling with his financial problems to nave gray
matter enough left TO discuss those OF other people
and of the country in general" asked j. Soat Fas-
sett of a Tribune reporter who called upon MN a..
the Fifth Avenue Hotel yesterday afternoon ana
sought his views on the present crisis ANA as
for the political considerations involved why'
have not been in politics lately, you know
"rut you keep yourself informed on public az
fairsg' suggested the reporter.
"As every man who means to be q good citizen
should Well l shall be glad to give you the
onn,ons have formed. The situation may be de-
scrbed as the undertow of the Democratic tidal
wave of 1892. The throcs in which the business OF
this country is now laborng are largely the re-
suit Of the change which the people voted for last
year in ousting the Republican party from power
and placing the control of affairs in the hands OF
the Democratic party. The country went Demo-
cratic in 1892 and business has been going Demo-
cratic ever since.
1T is difficult TO put your finger on any one thing
and say This is the cause No one cause is re-
sponsbe for all the trouble The present depressed
condition Of business began in reaction from a
period OF easy borrowing. easy booming,
easy imitation The hard times resulting
in a period OF liquidation have changed
into hard times resulting from fright ana
panic. The Democratic candidates were elected on
q platform which threatened to reverse the in
come policy of the United States policy under
which the country had been prosperous for thirty
years. The Democratic candidates were elected on
q platform which threatened to restore the mis-
chievous system of State banks. and which threat
ened to yield to the demands of the free-siiver
coinage men. Consequently, every interest which
is affected by the condition of the currency and the
tariff is in state of semi-paraysis, resulting from
uncertainty to just what the Democratic party
will do.
1.-THE country does not know whether the Demo-
cratic party will periodically repudiate its plat
form. whether IL will honestly fulfil its promises
whether it will compromise with itself If
I right in the belief that uncertainty is the
largest element in the present situation what ought
10 be done is that which will most speedily clear
up the future. 1t to me that great deal of
the trouble will disappear II Congress promptly
repeats the Sherman act; promptly, say. for pro-
crastination will deprive the repeal of this law of
the good effects which the friends OF repeal claim
for it. should be in favor also of gener-
Gus treatment of the National banks. allowing them
to issue circulation up to the par value of the
United States bonds which they hold. l do not
agree with the proposition Of Henry Clews, that
the banks issue circulation upon their SURPRISES
You might well permit them to issue circula-
ton their capital
Then there should be action taken to
certify the country that during the present dis
turbed condition OF business. the Democratic party
will not interfere with the tariff. For the sake Of
argument may admit that some changes are
desirable But so. under the present cir
cumstances there should be no changes. and the
country should know that there are not going
be any changes for definite period, in order
that the business men affected by the tariff may
make plans with confidence in the future. What
ever assurance this kind be given
should be given promptly
ANY all Of the suggestions have made,
however can only bring about partial remedy for
the situation. The people suffering from mid
summer madness and fright and locking up
their money. The currency famine has not come
because corporations have locked up their money.
Most of the money has been locked up by the plain
people. whose individual savings small, per-
haps. but whose holdings in the aggregate are i'm
mense. The great bulk of the money in this coun-
try is owned by the plain people, and not until
these believe that their money is perfectly
safe in the banks and invested in business enter
prises Will there be complete relief. 1t is the part
OF the ,h nov to devise methods to Teas
circulation for each 500 of business The present
stringency will last until the money put away in
safety deposit vaults shall be brought from its
'"As a Republican. believe that the only repeal
which will prove satisfactorily efficient is the
What are the prospects for the fall campaign in
this State" asked the reporter
in its power to restore. the Republican party to
power, and it looks as IL 1t would do great deal
more before the election especially If il dominates
Judge Maynard for the Court of Appeals. and in
sists on trying to re-elect Frank Rice Secretary
OF state There is no doubt that there are thou
sands of Democrats and waverng voters who have
become tired Of the change for which they voted
last fall II Tammany Hall not in complete
possession of the election machinery In New-York
City, would confidently prophesy a Republican
victory this fall As matters stand Tammany can
roll UP any majoritv that il desires. ! am conf
dent that the county generally will give a good
account OF itself this fan
Mr. Fassett left this city for Elmira last evening.