The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-30
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DON'T BE DECEIVED.

There is much truth in the statement
that the cause OF the business and fnan
cial difficulties that the country is expe-
riencing, is due more 20 over speculation
and general imitation than anything else.
Everybody has gone ahead of his means.
Property has been viewed as of much
higher value than it was really worth.
Money has been borrowed on that as
sumption, speculations have been entered
into on that basis. Many of them have
failed. There has been a period of ex-
travagance, and we are now feeling the
force of the reaction.
When everybody is in debt and there
comes a time of pinching reacting
from the imitation, while there may be
an abundance of securities in different
forms the cash is not to be had, because
those who have gathered it in have also
locked it up. Banks break with far
greater assets than their liabilities
amount to. But those assets cannot be
turned into money and SO the firm that
holds them and cannot realize on them
goes under.
The hesitation and depression in the
wool market and other branches of trade
is but one Of the effects OF the reaction
that has come. 1t is the very hight of
absurdity and the very depth of unreason
to say it is the effect of tariff reform
that has not been begun. Such things
have been before and will be again.
The notion that the SHERMAN law is
the source and fountain Of all these evils
is equally foolish and untrue. The pur-
chase by the government of 4, 800, COG OF
silver monthly does rot iniure trade,
nor destroy confidence, nor lessen
the volume Of the currency. 1t is
wrong in principle, it is undemocratic,
it is outside the functions of government,
it ought to be abolished, but that does
not prove that it is the cause of the trou-
bles thai have swept over the world.
Australia has no Sherman law and no
dread of change of tariff policy. And
yet it is suffering far worse than this
country from the financial and business
disasters that have fallen upon its banks
and its people. The same cause has been
| at work there as here. The reaction has
come and the effects are bound to follow
Retrenchment and reform must be the
order of the times. The change cannot
be made in a moment. Over speculation
must cease. People must live within
their means. Debts must be liquidated
as soon as possible. The boarded cash
must be brought out and put in circula-
ton. This panic is passing. The worst
has been felt. Its effects will in little
while be greatly obliterated. Confidence
will be restored aud business will look
up, while the general public will resume
its usual equanimity.
The political effects will not be as oul
inconsistent but willy Republican friends
anticipate. They have raised theil
howl too soon. Before any importan
elections take place these evils will hav,
passed away, and the good results of 1
popular and economic administration o
public affairs will be experienced. TIL
deception attempted just now will b,
wiped out by the actual results of Demo
cratic government. The Republican
maligners will find that they have no
succeeded.
In Utah every Democrat should b
posted on the facts of the situation, b
ready to meet the fallacies OF his politica
opponents, and not suffer himself to b
silenced by the pretenses of the party
which whatever of politics is the sourc
of present troubles, is the moving cans
thereof, and is now trying to shift tn
balance for actual deeds to something in
definite, that has no real existence. an,
tqat is merely held up as a bugaboo t,
alarm the foolish and deceive the unso
phisticated.