Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-11-10
FALSE

FALSE PROPHETS.
The passage of the repeal bill and it's
effect OF stocks and prices had been an-
ticipated and discounted and as a result
silver, instead of being 'struck down" as
prophesied by the silver miners. went up
2 cents and wheat. instead of raising in
price, fell off , cents. When repeal came,
says the Minneapolis Tribune, "those
who held stocks rushed to realize, and
broke down the stock market; and those
who were short on silver rushed for sill
yer to meet their contracts and thereby
pushed up the white metals price. 1t is
apparent, also, that the effect of repeal
has been hugely overest,mated both by
Wall street and the silver mining region.
The resources of the United States do
not hang upon an act of congress. Our
prosperity has not issued from a legisla-
tive machine-if it had, every little state
in Europe might go TO grinding out
prosperity by the legislative carload per
order. More than that, our
and our prosperity can not be dissipated
by a legislative Whit. Ten times more
important than repeal, or than silver
purchases, to the prosperity of the coun-
try, to the prices of stocks, to the volume
of clearings, ard to the earnings Of
our banks and public carriers-is the
country's industrial condition. When the
crops and prices are good, when the pur-
chase power of thee people is high,
when the carriers have all the freight
they a haul, and when the factories
and jobbing houses have all the orders
they can fill then the stock markets
boom and business has it's millennium
which no silver act can scare away. And
when the crops and crop prices are bad,
when the purchase power of the largest
producing and consuming class is
crippled, when the spindles are silent
and the fires are out, no mere repeal bill
can bring millennium in a day. Repeal
will unlock the money boards. stop the
calamity bowls of the broker fraternity,
and thereby give prosperity a fair, free
and open field to spread her wings. But
it will not bring back the crop losses,
the factory losses, and the reduced pur-
chase power of the many. Repeal
sounds the note that dread and uncer-
tainty are at an end, and that the coun-
try has settled down to the plain bust
ness proposition to do business. It is a
notice that we have settled down to a
long pull and a pull altogether to extri-
cate ourselves from the slough of de-
spond. We are now about out OF the
slough and are getting onto hard pan
again. Give us a little time and we will
make things hum after the approved
Yankee fashion,"
Henry Clews says that "this revival
cannot be expected to appear immedi-
ately. The first result of repeal must be
a renewal Of confidence in ordinary com.
mercial and industrial operations: which
however, will have a beneficial bearing
upon a wide class of investments, and
especially upon railroad stocks and
bonds. When accumulated capital has
had time for selecting it's employments
and making its plans, we may look for
the larger developments of this new ele.
ment OF confidence. It is not too early
too look for buying OF stocks in antici-
patton of these larger. results. Wall
street looks far ahead, and discounts the
future as far in advance as it can see
into it, and sometimes farther. It is not
likely to fail to do 30 in this instance;
and, from this time forward, the larger
and more intelligent operators may be
expected to include these remoter bene-
fits of repeal in their estimates of the
current value of stocks"