Huntsville gazette., 1893-06-10
THE EFFECT ON BUSINESS.
Influence of Democratic Successes on the
Money Market.


Money Market.
We have had three democratic vic
| tories in ten years. The lowest prices
known in those ten years have followed
| these three democratic victories. Pres
dent Cleveland was elected in Novem-
ber, 1884, and on May 7, 1885. two
| months after his Inauguration, stocks
dropped to the lowest point since 1878.
An overwhelming democratic victory in
1890 promised a change of governmental
policy, and within few days, on No
vember Is, stocks dropped to the low
est point since 1885. President Cleve-
land was elected last year, and again,
two months after his Inauguration, on
May 13, stocks dropped to the lowest
point since 1885. These are mere coin
cidences, it is said. But how long must
such condolences recur before people
begin to find law under them?
Other circumstances, of course, con-
tributed to the depression in each of
these cases, as in every other case of
extreme low prices. In 1885 the coun-
try had not recovered from the stock
panic of the previous year. In 1890 the
Barring failure hastened English un-
loading of American stocks. This year
Australian banks were failing. But
when there has been confidence in the
maintenance Of wise policy in this
country business here has not been
greatly affected by disasters abroad.
Then foreign investors were glad to
send their money to this country to
l. -
lean investors were rejoiced to take
what securities foreigners were obliged
to drop. Trouble comes often abroad,
but in this country, with its great re-
sources and comparatively independent
position, it comes when a threatened
change in domestic policy causes dis
trust
For it is not hoasting nor fiction, but
most exact statement of demonstrated
fact, that this nation has been growing
so rapidly under wise industrial pol
icy as to be almost untouched by re-
verses in other lands. Here sixty-fve
million people add to their wealth
every year more than the one hundred
and thirty million of England, Germany
and France, and during the last three
years have added well-nigh twice as
much. No other great nation now de-
pends SO little upon others for necessa-
ries of life, on the one hand, or for the
purchase of things that are not neces-
sary, on the other. Europe buys wheat
and meat and cotton and oil because it
must have them.
The industrial policy which has
brought about this unparalleled devel-
opment is the corner stone which can
not safely be shaken. When the world
is made to believe that the United
States is about to abandon sound money
the future is natural No wonder if
others lose confidence, for our own
people lose confidence themselves. Bet
ter than anybody else they know how
one great development of industry after
another has been secured by providing
protection, and how wonderful was the
change from an unsound to sound
currency in 1879. But Americans know
only too well what free coinage of sill
yer and overthrow of protection will do,
and hence there is want of confidence
when democratic policies are about to
be tried.
Yet there are some who protest that
no depression or disturbance yet real
lied since the election is due to the vote
for change of policy. They are Jobs
comforters. If the setback which
must inevitably result from the assur-
ance of such change has not yet ar
rived, if it is yet to be added to the 9TH
er difficulties which have brought busi-
ness into its present condition, the out
look is certainly most unpromising
one. But it is more reasonable to be-
lieve that Wall street and the whole
country are now engaged in discounting,
as well as they can, the results of the
change.
The stock exchange, at all events, is
not particularly anxious to have an en-
tirely fresh cause of depression turned
loose upon it, and prefers to take the
dose it has already as the unavoidable
consequence of change. Nor will it be
forgotten that this change was to bless
us all in the end, which is comforting
thought. But no one explains why
President Cleveland, having his own
party in control of both houses of con-
gress, does not let loose some of the
blessings without further delay. Must
the country endure this sort of thing
half a year longer before the blessings
arrive?-N. Y. Tribune.