The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1893-08-11
ATHENA, AUGUST 18th, 1898
TWO VIEWS OF THE BUSI.
NESS DEPRESSION.

ON luurbudy OtueTdl I1drTlSOn
described to an acquaintance the
existing business depression as
follows: "The Sherman act is not
alone responsible for the prevail
ing want of confidence. The dis
trust is not against silver only; it
is not against the Government is
sue of money. Relatively gold is
circulated as is silver; people are
withdrawing money-gold, silver
and paper alike-from circulating
banks or savings institutions and
are locking it in safe deposit vaults
or hiding it away in old stockings.
They do this because they are
fearful of business calamities. Dis
trust is increasing and the out
look is gloomy. THE Sherman act
is not the sole cause of the bad
] times. That measure has served
its purpose, it is true, but it is not
responsible for the depression which
overhangs commerce, trade and
agriculture.
"The political party in power
came in on the statement of its
principles formulated and promul-
gated at Chicago. 1t was announ-
ced to the country that the exist.
ing system of tariff should be mo-
dified to the extent of tariff for
revenue only. On this base the
candidates of the party now in
power were elected. The enormous
manufacturing interests were, of
course, duly impressed, and bust
ness has been compelled to suit it.
self to the condition to which Chi.
cago platform would logically lead.
1t is impossible to suddenly bridge
over the wide chasm intervening
between comparative free trade
and the protective system under
which the Nation grew rich with
out prolonged convulsions in trade.
The business of the country cam
not prosper under these clrcum-
stances. The distrust is, wide
spread; everything languishes.
The heterogeneous political ele-
ments that will meet at Washing
ton in August will represent free
trade and many other theories
contrary to business ability. The
conservative portion of the country
stands aghast at the possibilities of
legislation, and are trimming sails
to suit the weather. The outlook
is dark, because it is difficult to
see how relief is to come. This dis
trust might be dispelled, perhaps,
but how? | can see no Moses at
present who will lead the business
world out of its slough of despond.
Ex-Secretary William c. Whit
ney, in an interview in the New
York World says: I heartily en-
dorse Mr.. Cleveland's policy of
urging the repeal of the Sherman
law as preliminary TO tariff re-
form. However small may be the
actual intrinsic effect Of the silver
purchase upon the currency, there
can be no doubt that apprehension
Of such effects is the first cause of
the existing lack of confidence in
business circles and the consequent
widespread financial distress. If
the country is not being drowned
in silver flood, it is at any rate
being scared to death by the fear
Of such a deluge. The first thing
to be done is to shut off whatever
flood there is, be it big or little,
and stop the scare. There can be
no doubt that the absolute and un.
qualified repeal of the Sherman
law would do this. Even Mr..
Harrison implicitly admits as much
] agree with Mr.. Cleveland simply |
repeal, without amendment or
substitute, is the only thing to be
considered now. But do not
wish to be regarded as considering
the repeal Of the Sherman law
permanent cure for our Nations ills. |
! look upon repeal as a palliative,
not panacea. The currency
question is not the most vital one
with which we have to deal. The