The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-05

AAS-A'' 1hNiN lietfS Sttli StNNll at iGAiiUiC
recently of large manufacturing estab-
! Hshments. One OF the largest steel
manufactures in the country-the Penn
! sylvaniasSteel and Iron ompany-has
| recently failed. Since the 6til of Nov
ember, last, there has been an export OF
about SIS. 600. 900 in gold. and during
/ the month OF april l2,200,0 900 left
before the election, if Cleveland
and a majority of both houses of con-
/ gress in favor Of the Democratic policy
| in our balance OF trade, and gold would
| be exported instead OF coming 10 this
/ country.
No one can predict how soon panic
| may be sprung in Wall street that viii
/ extend from one end Of the country to
| the other.
In addition to this. the strikers all
| over the country, especially on the rail-
roads, and the legislation that has taken
/ place IN some states il regard 10 the
tariff on freight, is having very in
furious effect On business. To have the
rates of freight reduced too low, and at
| the same time increase the wages of en-
| pioyes. will prove a damage 10 many OF
our railroads, and the chances arr that
some of them may suspend operation.
Many are attributing the hard times to
Wall street. Wall street has but little
| more to do with it than the streets Of
Chicago. 1t Is the policy of the admin
istratlon at Washington in regard to
the currency and the tariff that is at the
bottom of it. Business men and mon
eyed men don't know what is going 10
take place. and they Will not PUT their
money INTO any business unless they see
fair prospect of getting good interest
on their investments. The manufacture
ing industries of the country are stag
nant because they have no idea as to
what tariff policy the administration
will adopt. All these things combined
are making business duh. There will
probably be some money invested IN
farms in the west during : he spring and
fall. if we have good crops here this
season; but If the crops fail there will be
a falling off in real estate as well as IN
other kinds of property. Most tinancier5
are looking for money 10 be loaned at a
very low rate of interest on real estate.
Many believe that the rate of interest
will go down to 3 per cent On real
estate mortgages, at about One-thlrd the
value Of the property. Money holders
would rather accept low rate of inter
est and have their investments perfectly
secure, than get higher rate of interest
on other investments that are uncertain. |
1t is a question whether things will
grow any better under the present adj !
ministration, unless there is change OF !
policy ut Washington. it Is reported !
that President Cleveland is attributing
the bad state of affairs 10 The Sherman !
act and Republican legislation. He will !
have :. chance to see whether he can /
matters by Il change in the char
acter of legislation. He has both houses |
of congress under his party control, and |
the people of this country will |
have an opportunity to see whether
they will do any better or
1t will be any more pros
porous under a free trade and free
coinage Of silver policy than under the
Republican protection and the restricted
coinage of silver. Cleveland.
however, is rather opposed to his party
on free coinage of silver, SO he may veto
any bill that congress may pass in re-
gard to this. One thing is threatened:
that is If they adopt the free coinage of
silver, it will drive gold to premium.
The people who have gold coin or bullion
will not use it for money when it is
worth more than silver bullion, which is
}J cents on a dollar less than gold bullion
is worth. No man will take gold to the
mint to be coined when he can sell it at
30 cents on dollar more as bullion than
lie can to have it made into money. To
adopt the silver standard will be
% practically make a sacrifice of
b cents on a dollar on all
claims of the creditor class. That
would lead to very great injury to the
;redit of the county, which would do
more harm even to the debtor class than
t would do good. To flood the country
with cheap quality OF money is not 60
ng to benefit business.
Again, If We change the standard of
Dur money from gold to silver. it will
interfere with ali our commercial re-
ations with foreign countries that are
now on gold standard. 1t Will put us
n the class of China and India. instead
# England, Germany, France and other
European countries, with which the
argest proportion of our foreign trade is
transacted. The outlook for business is
anything but tiattering, and there are
)ut small small indications that it will
be any better in the immediate future
1t Is Cleveland and a Democratic adj
that has done the mischief.
PROTECTION.