Middletown transcript., 1893-08-19
rHE sIruArIoN.

4
Whatever may be our individual polit.
ical view, whatever may be our station
in life, whether we be high or low rich OF
poor, whether We be moulders of opin-
ion for others, or whether We follow
the le id Of stronger spirits, we can all
agree to one proposition, and that is,
that credit il the basis, to greater or
less degree, of all business transac-
tions. Then what is credit? In a
word, we answer it is the faith that
one has in the ability of another to pay
at some future time. And it necessar-
lily follows that no matter how great
our ability in that behalf, il our fellows
mistrust US. our resources are useless
80 far as the matter of obtaining credit
Is involved.
In his message to Congress the Presi-
dent has told US. and we believe truly,
that the present appalling situation is
not SO much the result Of any immi-
nent or present evil, as the fear that
evil may come. Then if this be true,
want of confidence is the prime ingred-
lent in this present national crisis.
Therefore the most natural question
arises why this mistrnst, and what is the
object of our doubt and fear? One
says debased currency; but this can
not be the cause, for everybody agrees
that the money of the land is being
boarded in savings vaults, in old stock
ings, and bureau drawers, so much so
that the much discussed silver dollar,
a few days ago, was at premium on
the streets iu New York. Bear in
mind that men never hoard money of
doubtful value, and therefore the
trouble does not arise from any doubt
or apprehension az to what will be the
ultimate value Of the currency of the
land.
Another solves the problem in the
assertion that all the present ills are
the legacy of thirty years of Republic
can misrule. But this cannot be, be-
cause we have already seen that the
present trouble is want of confidence,
which cannot apply to the past, The
condolences Of the past have performed
their mission; those of the future are
yet to be born. Then why is 1t, we
ask, that for thirty years the growth of
this great nation has been one unin ter
rupted and increasing wonder? A
wonder in our own eyes, and in the
eyes of the nations about us, the last
years of that period being the greatest
and most prolific in commercial, agri.
cultural and manufacturing results, of
them all. Why Is it, we ask, that a
year ago the air throughout the length
OF this fair and mighty land was rife
with The hum of foundry and mill, and
In those mills, foundries and machin ne
shops the millions of the wage earn
ers Of this nation found employment at
wages that brought competency and in
dependence? And why is it that since
last November slow. whitening bli BIT
Of fear and dread set in2 Mills shut
down one by one, banks failed one by
one, with slow but RELENTLESS, regular
ity, till there are but few more mills to |
stop or banks to fail, and the mighty
army Of men kept In the independence Of
lucrative employment by the proprie-
tors of those mills, are now tramping
the roads and will soon be face to face
with winter of want.
IL we would know the real source of
this present feeling of uncertainty we
must look back. A little more than a
year ago when the news of the Home
stead riots were flashed over the land
the law-loviDg element of our nation
were shocked at the high-handed seiz-
ure Of private property and the mur
der Of defenceless employers by the