The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-06-16
THE FINANCIAL F .URRl
Disastrous Consequences of the Deiaocr
Victory Last Fall.

Victory Last Fall.
1t is admitted by democrats who are
in the closest relations with President
Cleveland that he would undoubtedly
have called AN extra session of con-
gress to act upon the silver question
and other phases of the monetary prob
lem sooner if he had expected that the
result would have been in any degree
beneficial to the country. Whatever
difficulty at present exists because OF
the failure of congress to act must
therefore be attributed to the presidents
appreciation of the foolishness of his
own party.
The country is now losing gold at the
rate of four to five million dollars each
week. Everybody knows that the rea-
son is because there is no confidence
that the next congress will do any
thing sensible in regard to the
money question. Is it therefore IN
any degree unreasonable to charge
the failures which are constantly oc-
curing and the many business disas-
tiers which crowd the columns of daily
newspapers to a democratic victory last
fall?
1t may, perhaps, be said that demo
cratic congress, when it assemblies, will
realize better results for the country.
But all agree that financial disaster Is
not likely to be averted by any action OF
congress at the next session. Many
democrats frankly confess that they
have great apprehension in regard &c
the action of democratic congress.
Notwithstanding the veto power of the
president. They admit that while he
might be able to arrest the most dan.
gerous measures, there is at least a pos
sibility that his disposition to avoid
controversy within the party may lead
| him to assent to measures which are by
no means wise.
The nations experience of a demo
cratic congress and democratic presi-
| dent has not been altogether success
thus far. The results which business
men experience have not been in any
high degree satisfactory. Failures have
been far more numerous and more i'm
portant than they were year ago. 1t
is yet an open question whether the
| disasters may be of such a character
| rs to involve legitimate trade and
the industries of the country in serious
disaster. The money markets in nearly
all of the interior cities are compara-
| lively close. and collections are back
ward. There are many who urge that
the banks of New York ought to loosen
| their purse-strings and lend the funds
at their command more freely. But
banking is not an eleemosynary bust
ness If the situation is not whole
some or sound, in the judgment OF
bankers, it is out of place to urge them
to lend money more freely or to en-
courage doubtful speculatiOns. The
fact is that during the last six months
the banks of the country have expanded
their business more than they should
have dore, and many speculations have
been extended or prolonged which real
" ought to have been closed up by sharp
contraction of banking loans months
ago.
The situation at present is by no
means calculated to impress the minds
of business men with a sense OF the
wisdom of electing a democratic con-
gress and democratic president.
Nevertheless, the decision of the peO-
pie has been made. and we have tC
abide by it, whether it results well OF
ill.-N. Y. Tribune.