The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-29
PANIC NOT DUE SILVER
uilIs Closing Because Of Fear Of
Tariff Reductions.
A CONSENSUS OF OPINION.
This Country Would Dump Millions OF
silver Into the Ocean and Not Feel 1t
xt spends $50. 100000 on Pensions
Its Debt after War was %, 900. .o00. 900.

As was announcedrn these columns some
time ago, all the mills Of Burrillville
have O. hut down except that OF A. Ia
6ayIos company. and that will close in y
few days. The Crompton mills are also
closed. The Valley worsted mills OF
this city arc shut down today, but will
start again on Monday.
These arc woollen mills. but the clos
ing OF the Wetamoe mills in Fall River
indicates that the cotton mills are not
unlikely to suffer before long. In con-
versation with the largest dealer In cot
IVES learned that all the Fall
River mill directors were anxious to shut
down aud won Ia have done so before this
ifall Of the mills had been able 20 come
70 some agreement regarding the shut
down. Some of them may run a
little while longer. but whether there
s'ploss individually before many days.
+ They have no orders aud cannot continue
TO pile mp print goods which are bring
!; ing only 2x cents In a dull market.
y A series OF interviews was obtain ed by
aNews representative in regard to the
c&nse OF the depression in trade, and it
was surprising to learn that. with
one or two exceptions. all were
unanimous in stating the cause
as tho uncertainty threatening the tariff
and not the financial situation. 'Our
orders haven't deminished." said one,
'sbecause jobbers have no money to pay for
the Democratic party will carry
out the policy unannounced In It's plat
form and give US tariff for revenue only.
They know what q tariff for revenue only
meapA It means low prices-lower prices
thsp we have seen for sometime
goods aud stock up with them before 1t
. was nscessary when they could see way
20 get them cheaper. Our jobbers tell Us
frankly that they have no orders for us
because they expect to buy woolen goods
cheaper In London IN the fall. II we ask,
question stop your buying - they reply,
Only to q limited extent. goods represent
value. you know, and we can get some
money on them always. What we
want to know before we buy Is what
will the tariff be next December"
financial issue had some bearing on onr
local industries directly. "The fact Of
tho matter is" said ne. "the finances
of the country are comparatively
all right anyhow: The govern
msntfs buying only 100000 ounces OF
ltlyeF annually. Suppose the country
It and dump it all into the ocean. It's
mere bagatelle to such a
nation as ours. We are spending
$50. 100000 each year on pensions and
IN various ways in certain departments
wasting over CSC, 900, 900 year. That
doesn't cause panic. The whole amount
of money in circulation Is only about
81. 500. 000. 900, and that is all the country
Is obligated for.
"WIiy. we had debt of &3. 600, 600, 900 at
the close Of the war, and every one Of the
governments promises 70 pay In the form
of bonds were worth par and above in less
than q year after the war. This
country's promise to pay today would
float $500. 900 900 easily, and It rs the
veriest nonsense to talk that che heart of
the present panic is due to deprccia-
panic IL mot modsy. 1t is the dread uncsr-
tainty reRarding the Democratic
tariff policy. A free trade policy
means that the power Of the
ware earners OF this country to crate
wealth is % b ssriously reduced. and
their poysfltps buy reducedlin proportion.
You canSt haws hundreds of thousands of
men idle in . country and prosperity