The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-06-02
RESULTS oE The CHANGE.
Influence of Democratic Successes on the
Money Market.

Influence OF Democratic successes ON tine
Money Market.
We have had three democratic vic
tories in ten years. The lowest prices
known in those ten years have followed
these three democratic victories. Pres
ident Cleveland was elected in Novem-
Der, 1884, and on May Z, 1885. two
months after his Inauguration. stocks
dropped to the lowest point since 1878.
An overwhelming democratic victory in
1890 promised change of governmental
policy, and within few days, on No
vember Is. stocks dropped to the low
est point since 1885. President Cleve-
land was elected last year, and again,
two months after his Inauguration, on
May 10, stocks dropped to the lowest
point since 1885. These are mere coin
eidences, it is said. But how long must
such condolences recur before people
begin to find law under them?
Other circumstances, of course, con-
tributed to the depression in each of
these cases, as in every other case of
extreme low prices. In 1885 the coun-
try had not recovered from the stock
panic of the previous year. In 1890 the
Barring failure FASTENED English I'M
loading of American stocks. This year
Australian banks were failing. But
when there has been confidence in the
maintenance of a wise policy in this
country business here has not been
greatly affected by disasters abroad.
Then foreign investors were glad to
send their money to this country to
have it out of harms way. Then Amer
lean investors were rejoiced to take
what securities foreigners were obliged
to drop. Trouble comes often abroad,
but in this country, with its great re-
sources and comparatively independent
position. it comes when a threatened
change in domestic policy causes dis
trust.
For it is not boasting nor fiction, but
a most exact statement of demonstrated
fact, that this nation has been growing
so rapidly under a wise industrial poll
| lev as to be almost untouched by re-
verses in other lands. Here sixty-five
million people add to their wealth
every year more than the one hundred
and thirty million of England, Germany
and France, and during the last three
years have added well-nigh twice as
much. No other great nation now de-
ponds SO little upon others for necessa-
ries of life. on the one hand, or for the
purchase of things that are not neces-
sary, on the other. Europe buys wheat
and meat and cotton and oil because 1t
must have them.
| The industrial policy which has
brought about this unparalleled devel-
opment Is the corner stone which can
not safely be shaken. When the world
is made to believe that the United
States is about to abandon sound money
and protection of industries, distrust OF
the future is natural. No wonder il
others lose confidence, for our own
people lose confidence themselves. Bet
ter than anybody else they know how
one great development of industry after
another has been secured by providing
protection, and how wonderful was the
change from an unsound to a sound
currency in 1879. But Americans know
only too well what free coinage of sill
yer and overthrow of protection will do
and hence there is want of confidence
when democratic policies are about t.
be tried.
Yet there are some who protest tina
no depression or disturbance yet real
lied since the election is due to the vots
for change of policy. They are Job:
comforters. If the setback which
must inevitably result from the assur
ance of such change has not yet ar
rived, if it is yet to be added to the 9th
er difficulties which have brought bust
ness into its present condition, the ont
look is certainly most unpromisine
one. But it is more reasonable to be
lieye that Wall street and the whole
country are now engaged in discounting
as well as they can, the results of thu
change.
The stock exchange, at all events, il
not particularly anxious to have an en-
tirely fresh cause of depression turned
loose upon it, and prefers to take thu
dose it has already as the unavoidabl
consequence of change. Nor will it b
forgottep that this change was to bles
us all in the end. which is comforting
thought. But no one explains VIII.
President Cleveland, having his owl
party in control of both houses OF con
gress, does not let loose some of tn
blessings without further delay. Mus
the country endure this sort of thing
half a year longer before the blessing
arrive?-N. Y. Tribune.
THE TARIFF AND TRUSTS.