The Globe-republican., 1893-07-28
Ex-PRESIDENT HARRISON.

The New York World Publishes His Views
on the Cause Of Business Depression.
NEW YORK, July 25.-The World
prints the following as ex-President
Harrison's expression on the existing
business depressiOn:
The Sherman act is not alone responsible for
the prevailing want of confidence that this
country now experiences. The distrust Is not
against silver only. 1t is not against govern
ment issue OF silver. People are not holding
gold through the country. Relatively, gold is
circulated as freely as silver. People are hold
ing gold from the circulating banks or the saw
ing institutions and are locking ii in safe de-
posit vaults or hiding it away In old stockings.
They do this not because they have not con-
hdence in government money, but because they
are fearful of business calamities- The dis
trust is increasing and the outlook Is gloomy.
The Sherman act is not the sole cause OF bad
times That measure has served its purpose.
it is true, but it is not responsible for the de-
preston which overhangs commerce trade and
agriculture.
The present party in power came on q state
ment Of its principles, formulated and promul-
gated at Chicago. where a gathering which rep
resented diversity OF political beliefs and pref
udices gave this statement to the country as the
platform of the democratic party. 1t was an
nounced to the country that the existing sys-
TEN of tariff should be modified to the extent
OF q tariff for revenue only. On this basis the
candidates of the party now in power were
elected The enormous manufacturing inter
ests were, of course, duly impressed, and be-
came compelled to suit themselves to the con-
diton to which the Chicago platform must
logically lead
II is impossible to bridge over suddenly the
wide chasm intervening tetween comparat tive
free trade and the pro active system under
which the nation grew rich, without prolonged
commissions in trade. Great economic changes
do not adjust themselves with celebrity; hence.
fearing changes they stop workshops and
prices shrink.
II the Chicago enunciation Of principles Is to
be maintained business must prepare for a
change. According to its principles the govern
ment is pledged to reduce the tariff to the
standard of the Chicago convention The bust
ness OF the country cannot prosper under the
circumstances Distrust is widespread, every-
thing lang uishes.
The heterogeneous political elements that
will meet at Washington in August will repre-
sent free trade and many theories contrary TO
business stability. The conservative people
stand aghast at the possibilities and are trim
ming sails TO suit the weather.
The outlook is dark because 1t Is difncult to
see how relief is TO come The distrust might be
dispelled. perhaps, but how: In one sense the
situation is theatrical excitement MAJ be
Gained by stroke of inspiration
How can the present somewhat analogous
condition be changed by suddenly inspired con-
adence. The leaders Of the party In power
will scarcely acknowledge that its principles
are mistaken ones, that the Chicago platform
was false and should be repudiated I can sec
no Moses at present who will lead the business
world out Of its Egyption darkness