News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1893-06-15

The Cause OF Business Depression
In these days of bank failures,
financial anxiety AMI general bust
ness depression, the question is
asked, "What is the cause of it?"
There are many attempts at eX-
PLANTATION, but few are satisfactory.
Hon. r. G. Horr. a man of keen OBJ
scivation has recently made an eX-
tended tour through the west and
in the n. Y. Tribune gives what we
think is the most correct eXplana-
ton of the uneasiness of the financial
condition of the country
Outside of the furry occasioned by
the collapse of several industrial
stocks and the decline of so many
others, there is to be found, however,
a general feeling of anxiety among
the entire business men of the Ma
ton. | meet it wherever go. 1t is
confined to no particular line of bust
ness and to the members of no par
ticular party A sort of dread seems
to be taking possession OF active
business men. | have met a large
number of them recently who have
told me of new enterprises in which
they have intended to engage, but
who have decided to wait and see
what comes from all this turmoil.
Such universal distrust is calam-
ity. 1t can come only from some
widespread cause. What is it? No
such feeling was abroad in this
country eight months ago. At that
time, go where | would, men were
telling of business, of new activities,
of improvements in the markets, of
an advance in the price of farms, of a
large output of shops and factories,
or an increased sale of home produc-
tions. All spoke cheerfully of the
outlook of the future. Now all is
changed. No man can travel through
the country to-day with his eyes open
and not discover a marvellous
change. What has caused it?
1t seems to me there can be only
one answer to this question. The
present state of affairs comes from
the general distrust of business men
as to the policy which is to be pur-
sued by the party in power. No one
is able to gain any definite idea as to
what is going to be done. The
Democrats themselves are all at sea.
One predicts one course; another
names another plan; none of them
has any well-defned policy. The
trouble arises from the fact that the
oufx 10 cd in,
nothing. 1t has really no settled
policy. During the campaign OF
1892 it was animated only by one
single desire-namely, to get into
power. 1t was all things to all men,
so as to secure votes. Once in power,
however, the situation has suddenly
changed. Now they are called spon
to act, not talk. What are they
going to do? is on the lips of every
man one meets. The utter inability
of any living man to answer that
question is where the trouble all lies
at this moment.
What are they going to do on the
money question? Is the party in
favor of honest or dishonest money?
Will they remove the tax on the
State banks and create host of that
class of institutions How vicious
will be their revision of the tariff?
Will they do their best to ruin our
home indutries? How are they going
to reduce duties on the one hand,
and, on the other, raise the money
needed to run the Government?
Which wing of the party will control
it's legislation? They were all agreed
in wanting to get into power. Now
they are in power what will they do?
These questions are being constantly
asked by the men who do the bust
ness of this nation The fact that
no one is able to give an answer to
these questions is the cause of the
distrust and doubt which to-day are
injuring the business prospects of our
people.
Capital is naturally timid. 1t hest
tates to enter unknown fields of labor.
Business men try new ventures only
when they can rely on permanent sur
rOundings. To inspire public conf
dence a political party must have
well-defined principles. Those prin-
ciples must not only be clearly defined
but the large majority of the party
must understand and believed them.
The party would then be agreed upon
some well-known policy. The coun-
try is suffering to-day because the
Government is in the hands of a
party which has no settled plan of
management, and which is not
agreed upon any question of import
ance.
The business men of the country
fear that the men of sense who are
members of the Democratic party
are liable to find themselves in a
small minority, and that legislation
soon to be adopted will be shaped
and controlled by the wild and I'M
safe fanatics who so largely outnum-
Der the men of sense in the Demo-
cratic party. Within my memory |
have never seen SO great a change in
the business outlook in so short a
time.
Every patriotic citizen, without re-
gard to party affiliations, can have
only one desire. 1t is this: that
some method will yet be devised to
restore confidence among active bus
mess men so that the wheels of in
dustry may be kept in motion. For
one. sincerely hope that such a re-
suit may be reached. | am compel
led, however, to admit that my con-
fidence in the Democratic party to
solve a difficult problem is not of
sufficient strength to make me very
cheerful. | hope for the best, but
fear the consequences.
1ha custom in n,,nrrrn ed e,1,,,o o ...,., NJ.