New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-09
COMMENTS. IN. THIS CITY.
SATISFACTION WITH THE REcoMMENDA-
TON ABOUT THE SILVER LAW

TON ABOUT HE Slb'H LAW.
oH.uScEY NJ pEPEw AND OTHERS DEpLoRE
THE MENTION OF TARIFF LE5IsLA-
TIoN-opiNIoNs FAVORABLE
AND THE REVERSE.
1t would be a pleasant duty for Inc tribune to
chronicle the complete satisfaction VI we busi-
ness community with the message VI" Tue silver
question which President Cie'e'a". s.". " ooh-
gress Yesterday but the fact Is that tne immediate
,reuenco NJ tho document as reflected In the course
of prices ON the various markets ana IN the express
sions OF opinion obtained from men OF ahairs.
was disappointing. There was se"e'"' agree
ment that the Presidents views were 'o""'. ana
only praise was heard. from Democrats anu he-
publcans alike for the calm anu u'SP"ss'ohd'e
manner in which he discussed '"e sup)ec'' IL
was felt, however. particularly !" wa" street.
that while the argument agdi"s' INC 'o.''''aeu
purchase and coinage of silver was iorcio'y and
ah,v mt the message dealt too much In generali-
tics and WAS lacking in that 1t failed 10 suggest
definite remedial legislation to follow the repeal OF
the Sherman law In this respect the opinion pre-
vailed that the President missed the s'ea' oPpor-
tunity Of his life. There was also ''s'' Np' e''eu
that Mr. Cleveland had seen nj 10 comp"ea'e the
situation by any reference TO the 'a''i' i"S' IL
is feared will tend TO divert a''eh''o'. iio" he
silver purchase evil ana give ''''e " "
certainty and uneasiness.
~ ..h as doubtless expeced from the Presi-
dent nv the speculators and the active operators
in the stock and produce markets were more severe
IN their structures on the message ,h'" the oa"h
ers The latter generally did not aiio" any iee'-
ing of disappointment over the iach VI io''''e 'us-
gestions for relief to interfere WIN inc 'aus'"c
ton they felt in the soundness OF the PRESIDENT
,,.ns and his recommendation for the Immediate
law
the Stock Exchange started raid on values but
1, os M, f.rreaching in its effect. and at least
mar, ~ tho extreme decline shown by closing quo
,.,,ons must no charged to other influences than
the Presidents message
A reporter Of The Tribune asked 'hauhce! ~
Depew II he would consent TO give h''Ie "'"e W
a discussion Of the Presidents message Inc prcsi-
dent of the New-York Central ana Huhsoh RIVER
Railroad Company had an evening paper III MS
hand and was reading the messase wiz" ' '
porter spoke TO him.
"Ths Presidents message Is clearly stated and
able document from his point Of view. said Mr.
Depew THE country Will generally asrce-ce'
tainly the sound business men VIII agree-"'h nun
in what he says about silver legislation anu inc
OF the repeal OF the s'iver-purcnas'hs
clause Of the Sherman act
He seems to dwell with especial emphasis upon
that the cause OF the present nha''@'"i u'S"'''
suggested the reporter
81 notice that" said Mr. Depew. NOW wheh inc
President places the whole blame for the present
disastrous situation upon that act the majority OF
his fellow citizens will differ with him
..Hasnt the tarin played a conspicuous part IN
it,"
The tariff Of course has" he answered. piayed
a conspicuous part In IL. The fear OF legislation
upon the tariff caused the shrinkage OF busihess
and the dstrust which precipitated the crisis 'hat
uust have come later upon silver. With the Presi-
dents recommendation for the prompt fcp'ai oi
the provisions OF the act OF lsan authorizing inc
nurcbase OF silver bullion are all einphaticaiiy
in harmony"
POSSIBLE TARIFF LEGISLATION.
Would you like to express an opinion upon MS
brief reference the tariff
81 wish merely to remark upon that point, saiA
Mr. Depew that In regard to what MI 'ie''
land SAYS about tarin reform IN" quesnoh
arises Is IL "A statement 81 what h" intcnd"i I"
do II the present panic had not come upon us OF
IL II a suggestion upon which this session Of CON
qress shall act, If II il the former, We can pass
/, by as a harmless Endorsement Of the 'h'cAg"
pla,forrn IT, however. II ~ n positive recommends
ton for Congress to take up the tarih ana "h)us'
IL To the chicago platform. then the conditions are
very serious indeed. Certainly the mills ana the
factories will not resume Will labor get employ
ment until It Is known what the legislation ,2on
,besc several Industries is be-. No mill or fac
,or, ar furnace which il now closed would dare re-
sumo operations while there remained question
AZ TO whether the present Congress might not
take AWAY part or the whole of the tarin pro-
visions which protect their Industry
TIE TIMES MUST DE- C)N'IpEHEp.
e, suspensIon Of business under tariff legislation
would not probably occur II the times were pros
perous but in times lik" these. where ther" "
not only general dis,rust but partial suspension
OF industrial occupations. II requires Ia'or""e
conditions Of credit and Of prospects TOT good ann
profitable business To- reopen the MUS. u W Tue
manic tight money lttle-n any-bank accommo-
datlons doubt and ds,rust. there b. added inc
prosrect OF the necessity Of readjustins the whole
conditions TO the new tariff. resumption OF busi-
ness and no employment Of labor can ~ cx-
pected until the tarin has become law.
..To take up the work OF tarin reform could
h., hazardous enough I'm a business u the
country was prosperous but In the present con-
s,,ion Of our manufacturing. commercial and In
justrial interests II would be calamity. For
example the carpet factories are closed. and
|, no men are out Of employment at Yonkers. These
works have tariff protection If the tarin II
taken I'D at this session Of Congress with the OBJ
iect Of readjusting 1t upon simple revenue haSs'
il would be the height Of folly for these mills
to resume until their managers knr" now the
legislation was 10 affect them III they piIeh mp
new stock under present COST anu "i"rc u WAC
sold their tariff protection was taken away. they
would he so much the losers II their tarin
protection was taken away while they were idle
hey would Immediately set about fnding out how
hey could adjust themselves to the foreign com
petition which would face them. They would
have only the ocean frefshts. which their foreign
must pay. In their favor ana these
IRE trnng The raw material their taxes,
heir plant and it's maintenance could not be re-
luced In price The only variable factor left them
would be wages and they and their workers would
nave to agree to conform them to European stand
ards. or both employers and employees must find
some other means Of earning "A living
The same is true of other Industries. from
which, AS figures have demonstrated, there are
more than 5000 idle men In NewYork city alone
Tariff reform now means general paralysis of our
and unparalleled distress among artisans
and mechanics until the new schedule Is law
and the country accustomed to working under It,
nd then, WHAT