The Globe-republican., 1893-06-02
THE EFFECT ON BUSINESS.
influence 0f Democratic Successes ON the
| MOneY Market.

THE EFFECT ON BUSINESS.
influence of Democratic Successes ON the
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
ident Cleveland was elected in Novem-
Der, 1854. and on May &, 1855. 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 Is, 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 a 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 1855 the coun-
try had not recovered from the stock
panic of the previous year. In 1890 the
Barring failure fastened 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
have it out of harms way. Then Amer
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 threatened
change in domestic policy causes dis
trust.
For it is not bOasting nor fiction, but
a most exact statement of demonstrated
fact. that this nation has been growing
so rapidly under a wise industrial pol
lev as to be almost untouched by re-
verses in other lands. Here sixty-tive
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
and protection of industries, distrust OF
the future is natural No wonder il
others lose confidence, for our own
people lose confidence themselves. Bet
ter than anybody else they know how
lone great developments of industry after
another has been secured by providing
protection, and how wonderful was the
change from an unsOund to sOunC
currency in 1879. But Americans know
only too well what free coinage of sill
and hence there is want of confidence
when democratic policies are about tc
be tried.
Yet there are some who protest thai
no depression or disturbance yet real
lied since the election is due to the vote
} for a change of policy. They are Job:
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
! or difficulties which have brought bust
ness into it's present condition, the out
look is certainly a most unpromisinl
one But it is more reasonable to be
lieve tha. Wall street and the whole
country are now engaged in discOunting
: as well as they can, the results OF th'
! change.
The stock exchange, at all events. i:
not particularly anxious to have an en-
,, tirely fresh cause of depression turned
loose upon it, and prefers to take th'
dose it has already as the unavoidable
consequence of change. Nor will it b.
forgotten that this change was to bles
us all in the end, which is a comforting
;. thought. But no one explains wh.
!. President Cleveland, having his owl
= party in control of both houses of con
press. does not let loose some OF tn
blessings without further delay. Mus
: the country endure this sort OF thlnI
half year longer before the blessing
> arrive?-N. Y. Tribune.
b TRUSTS AND THE TARIFF.