New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-07
NFwYoRK DAILY TRIBUNE MONDAY, AUGUST Z ssa-TEN PAGES

hope to pay, irritates and angers the Popullsts
beyond expression.
But if our Western friends would only
think of it, they are doing themselves more
harm than anybody else by the fuss they
have been making, and by their warfare
against the financial beliefs of mankind DO
they realize, for example, what the lists OF
failures mean? The Western States had about
a third of the population according to the
census of 1890, counting the States west OF
the Pennsylvania and north of the Ohio line.
They are the most rapidly growing States and
therefore should be those in which ventures
i'm business should be most rarely unsuccess-
full because mere increase in population ana
trade ought to pull through a large share OF
those who, in less favorng circumstances,
might be submerged in competition. Yet what
is the proportion of failures at the West? In
the second quarter of 1898 out of 3,17O fail
ures in the country 1,577, or about half, were
in the Western States, according to Brad
streets statement. which includes, however,
Kentucky and Missouri as Western States.
After allowing for the failures in those States
not exactly known. the number in the Western
States proper would still be much in excess of
a third Instead of a smaller number in pro-
poitOn to population than the rest of the colln
try these States had larger proportion. But
at that time Governor Waite had not entered
upon his brilliant campaign to scare the East
to death. In one week. out OF 537 failures re-
ported, no less than 1872 were in the States
classified by Bradstlect's as Western, leaving
only 1919 for nearly two-thrds of the popua-
E. a, To-. -tatn
and 81 for the Southern. In the three weeks
ending July 20 the whole number Of failures
was pa and al of these much more than
half. were in the Western States with Kentucky
and Missouri included in that classification.
More than half at all events, were in States
embracing a third of the population, IN which
rapid growth should make failures less numer-
ous than elsewhere. The Eastern and Middle
states which were to be scared to death re
ported only 36l failures, less than their pro-
portion. and the South with ll2 reported con
sidcrabIy less than its proportion.
What the Populsts of the West have really
been doing il simply this: Insisting upon false
theories which are hostile to the welfare OF
every entcrprsing business man or competent
banker. they have been running the banks and
business men of the West As far as they could.
The cautious and thrifty inhabitants OF the
West have been alarmed by the talk of their
own Governors and newspapers, and have
Withdrawn millions of their sayings from
banks. The cntcrprisng men who have large
commercial and banking obligations at the
East, with reason to hope in ordinary circum-
stances that they can get whatever credit they
require. suddenly find that the crazy utterances
of Western politicians have destroyed that
credit, and rendered all capitalists of the world
unwilling to loan the sums necessary for the
payment of Western obligations For that
reason and no other the West is having far
more than its proportion of failures. Its own
war upon rights Of property, and its own sup
port of reckless and dishonest dcmagogucs,
have brought ruin upon many Western in