The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-08

q AONt0GOA ACAiaiA4 btC1SAu AN RkoS
pective. 1t is the effect of a purely
financial difficulty working its way
out in ever widening waves to a new
phase of business and a new class of
people. The curtailment OF demand
for manufactured goods, present and
prospective, is due to II reduction in
consumption. The reduction in con-
sumption is due to general economic
ing in expenses. The economy of ex-
penses is forced by reduction of profits
and shrinkage of values. The reduc-
tion of profits and shrinkage OF values
are due to the impairment of our
credit abroad. and this impairment
Of our credit is caused by the Sherman
silver bill and the Mckinley tariff.
Immediately after the enactment OF
the latter most ruinous piece of legis-
lation, q tremendous tide set in
against our securities, especially in
the markets of England. Our shares
were returned in millions, and the
steady outflow of our cash bega n.
Checked a little by the crop condi-
tions OF Europe and America last fall.
this movement never really ceased.
Every reader OF newspapers has read
of it and is familiar with the facts.
The debasement of our currency
through Republican legislation-un-
scrupulously passed to catch the
votes of the silver States-soon gave
the European dema nd a special color.
1t was no longer cash that was de-
manded, but gold. Gold was the cry
from London, and our gold poured
out by the million, until even our
Treasury reserve was invaded, and
meantime our Republican silver dol
lar went lower and lower in value and
in repute.
In a little while our own people
took the alarm. They began to lock
up such money as they, could get
real money. They rushed to realize
on everything that had a
| speculative price. Down went
values headlong under the rush to
| sell-down until they reached their
bedrock intrinsic figure, until they are
as good as gold. We believe most things
have got that low. Narrower every
| day became the conditions of bust
ness, and harder to get the money to
| carry it on. Where had the prospect
| of a change in the tariff come in?
Nowhere until the INSCRIPTIONS Re-
publican press saw an opportunity of
intensifying the distrust and making
| the election capital. But the baleful
Mckinley law was in it from the very
| first, strangling our trade and wreck
ing our credit all over the world.
1t seems as if we had passed the
crisis. The reduction of prices to in
trinsic values will, of course, prevent
! further decline. The restoration OF
our currency by the Democratic Con-
gress and administration will have a
| good effect. A reform of the tariff
will, we have no doubt, restore pros
perity and profit to our dealings with
Europe. Trade will gradually revive.
One thing will stimulate another and
industry will have its turn. Still
it would be idle to say that all hard
times are past. The country will take
a year to ecover. to readjust relations.
Everyone can help the good work by
helping to build up hope and conf
dence, and by assisting his neighbor
all he can. This is the time when the
'bulT element represents the forces OF
patriotism and humane instinct. 1t
is the interest as we'll as the duty oil
everyone, unless it may be a Wall
street conspirator or a place hunting
republican, to do all in his power to
restore business to its normal security
and activity. 1t is money in every.
ones pocket to start the boom spirit
again.
SINCE the bankruptcy of his OWE
matchmaking sheet, we observe Bot
Davis makes the Journal his organ.
He announced through its columns
last Saturday his advocacy of Sheriff
C+o-4o- 81, ro,o,n;pofiop TT lOnks