New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-23
THE FACT ABOUT THE MILLS.

THE FACT ABOUT THE MILLS.
We have had financial panics before, eS
pecially the one OF 1873. The characteristic
of these is that they caused numerous anu
heavy failures, without general arrest OF pro-
ductive industries. Also we have had ihduS-
trial panics before, especially those OF 1871 ana
1897. which for time arrested large snare
of the Nations productive force. But when
people voted last year for radical change III
the policy Of the Government as to money and
also as to the tariff they voted to have finan-
cial and an industrial panic together. Tho
people rule in this country. and exactly what
they voted for they are having.
IL has been rather trying during all these
months to hear men who ought to know better
solemnly attributng all ills to the money lies-
ton exclusively. and even rs to that, ignoring
or falsifying facts Of universal experience
But things are getting into such shape that
even the blindest or most pig headed partisan
can no longer attribute to the present Silver
law. which had been in force more than two
wears before the Presidential election the IN
dustrial depression which did not begin untll
after that election. The true cause OF monetary
| trouble has been not the law under which the
country reached in October last the highest
prosperity ever attained, but the knowledge
that the party victorious in November II per-
mittcd f. have its way. would inlet upon the
country free coinage Of silver. At last the
fact is admitted by Democratic Journals after
careful canvass Of both houses. that clear
majority Of Democrats III cach house insist
mon the free coinage Of silver. II the will
Of that party can be defeated at all 1t must
he by the almost united resistance of the Re
publican minority.
Ulr the industrial character Of the trouble
also appears every day more clearly, and It's
cause There has never been any respectable
excuse for pretending that over one thousand
| furnaces and mills and factories and mines
have stopped because of law under which all
| had been working for twenty seven months
ending with last October. and had attained the
greatest activity and production ever known.
| But there were obvious reasons for doubling
whether manufacturers would continue to put
money into materials and labor, for the pro
| duction of goods which could not be delivered
| 10 final consumers for SIX months or more,
| when a change in the tariff on such goods
within those months might reduce the price
obtainablc far below cost. or might cut off the
market so that a large proportion of the goods
would he unstable. There is not a practical
business man in tne country who does not know
that this difficulty began to affect great
| branches of manufacture and trade several
months ago. rs the time came 10 give or re-
cejvc orders for goods deliverable next winter.
1.-THE Textile Manufacturing World" whose
figures regarding the proportion OF woollcn and
cotton machinery now idle were teleglaphed
| from Boston without the credit 10 that journal
| which its enterprise merlted, obtained It's re-
| ports direct from manufacturers on postal
cards The completeness Of the returns is in
some respects remarkable thus the reports in
cludcd l2332,1sG cotton splndleS, but the
whole number in the country was only a.,
OSs. 1903 at the last census. and is now said 10
be about II, 600. 900. The woollcn returns in
cluded smaller proportion OF the machinery
and Yet are surprisingly full. The Textile
World" says: a very large number (of the
manufacturers have stated what in their opin-
ION is the cause of the depression, and the
blame is generally laid upon the probability of
tariff revision. Many mills. particularly the
cotton. attribute their shutdown to financial
strngency, although even a large number of
! the latter class mention the tariff. From the
woolcn and knitting manufacturers the same
statement is many times repeated business
depression, caused by uncertainty about the
tariff"
| This is testimony given in answer to IN
ouircs designed to show " that the reported
suspensions OF manufacturing had been greatly
exaggerated, and that while every stoppage OF
machinery was faithfully chroniced in the
daily press, the large number of mills which
were Running steadily was forgotten" The
editor adds that "any ailusion to tariff dis
urbances is simply a statement of the facts
as we found them in the reports sent in to u.s.
But with Frcc-Trade partlsans it would make
no difference If every manufacturer whose mill
has closed should give the same reason for his
action. They have no chance of escaping pub
lie condemnation for the policy they advocate,
except by defrauding people with the notion
that the tariff has nothing to do with the
closing of 43 per cent of the woollen mills. and
~ per cent of the wooIlen cards and looms,
AZ per cent of the knitting mills and about
AZ per cent of the knitting machines. and 38
pcr cent of the cotton mills, with 3.Oi3.1I5
spindlcs. or ~ per cent of all, reporting
|
| American tourists In Europe Will do well to
take note that brigandagc has revived in Greece