New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-01
UTSTS Not ~ ORDEB

No this country has not quite gone 10 the
dogs and il is Il pity that. in their extreme
anxiety to correct existing evils. some men and
Journals ENJOYING high and Well-deServed
reputaiion for conservatism speak aS il II had.
This fashion of speech more than anything
else is responsible for great amount Of dis
trust and fright that must be Judged unrca-
sonable Surely it is the part OF prudence. IN
such times aS these. scrupulously 10 avoid an
cxaegcration or straning of statement which
might ordinarily be pardoncd. Thus The
Financial Chronicle" paper which would
usually resent with just ind gnaiion the imprta-
tion of pcssimi,m and scorn the role Of alarm
Isl cditorially SAYS: 1.-The fact is every
where apparent that our attempt to make bust
ness active and 10 give a fictitious price TO
silver has resulted in the complete
paraly>s Of our industries. and III tho dcStrIlc
ton of all values all credit and all confidence"
No one can accept this as a strictly correct
statement
No man who goes down Broadway will fail
70 observe that complete paralysis of all our
industries" has not Yet arrived There are too
many loaded wagons IN the way. and too many
stores open with customers III each, and too
many people Fastening 10 their accustomed
eanruI avocatonS. il is so all over the coun-
fry. Complete paralysis cannot be found in Il
single town. and has not Yet reached any one
Of our industries. OF course. too. il is a mis-
take to say that all value, all credit and all
confidence have been destroyed The Finan-
cial Chronicle" itself in the same article. tells
Of people who lend money. which is ex-
tension Of credit il tells Of the earnings Of
railroads. which mean values; and il tells Of
the issue of more Clearing House certificates
which mean confidence and great deal Of
if. Indeed, the language is 80 obviously over
strained that in any ordinary time il would
do no harm and call for no remark. \ more
serious objection is that the assertion quoted
attrbut all >lackcning of industry and i'm
pairmcnl of credit 10 the present silver law
alone This is just rs far from the truth as
the assertion that all values have been de-
stroycd though not as obviously erroneous
Yet every man who reads AT all has noticed
the statements of manufacturers who give, a,
their reason for stopping works their belief
that change Of duties must before long rem
der their production Of goods rnprolitabp
They may be mistaken in that belief, but they
necessarily know better than anybod, else for
what reason they have decided t. suspend
opcIaionS. II is not exactly good sense to
assume that m these manufacturers have been
telling untfllthS.
THE TRIBUNE most sincerely desires 10 see
all business revive again and all industries
thrive. whether Congress does this thing or
that thing. or nothing. The best wa, f. give
business chance 10 revive Is surely not 10
assume that il must suffer complete paraly,i,
unless Congress passes particular act. II i
the truth men must admit that the repeal of
the silver purchasing provision cannot now be
cxpectod 10 produce such prices. such activity.
or such confidence aS mi Int have followed lis
repeal before several hundred banks and
several thousand firms had failed. and before
many thousand men had been scattered from
their accustomed employ menis. One r, a-on is
that other causes besides the uncertainty about
silver are i'll operation. with increasing force
as the time for Congressional action draws
nearer But in spite of an, one cause or al!
causes something like scvcn-clghthS of the
former business is still transacted through
clearing houses something like nlnetecn-twen-
tieths Of the former business Is represented i'm
earnings of railroads. and OF the productive
labor of the country large proportion is still
at work earning good wages. and expanding