New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1893-08-09

alarmist editoriallY says: 'sThe fact is
everywhere apparent that our attempt to
make business active and to give ticti-
t:ous price to silver has resulted
in the complete paralysis of our indus
tries, and in the destruction OF all val
ues, all credit and all confidence" No
one can accept this as strictly correct
statement.
No man who goes down Broadway will
fail to observe that ''con,plete paralysis
Of all our industries has Eot yet ar
rived. There are too many loaded wa
gons in the way, and too many stores
open with customers in each, and too
many people fastening to their accus-
toned gainful avocations. It is so all
over the country. Complete paralysis
cannot be found in Il single town, and
has not yet reached any one of our in
dustrles. OF course, too, it is mistake
to say that all value, all credit and all
confidence have been destroyed. sThe
Financial Chronicle' itself, in the same
article, tells of people who lend money,
which IS extension of credit; it tells of
the earnings of railroads, which mean
values; and it tells of the issue of more
Clearing House certificates, which mean
confidence and great deal of it. In
deed, the language is so obviously over
strained that in any, ordinary time it
would Go no harm and call for no re-
mark A more serious objection is that
the assertion quoted attributes all slack
ening of industry and impairment of Gre
ait to the present silver law alone. This
is just as far from the truth as the asser-
ton that all values have been DESTROYED,
though not as obviously erroneous. Yet
every man who reads at all has noticed
the statements of manufacturers who
give, as their reason for stopping works,
their belief that change of duties must
before long render their production OF
goods Improbable. They may 10 mis-
taken in that belief, bat they necessarily
know better than anybody else for what
reason they have decided to suspend
operations. 1t is not exactly good sense
to assume that all these manufacturers
have been telling untruths.
The Tribune most sincerely desires tc
see all business revive again and all in
dustrles thrive, whether Congress does
this thing, or that thing, or nothing. The
best way to give business chance to re.
vive is surely not to assume that it must
suffer complete paralysis unless Congress
passes particular act. 1t is the truth
men must admit, that the repeal of the
silver purchasing provision cannot now
be expected to produce such prices, such
activity, or such confidence as might
nave followed Its lepeal before several
hundred banks and several thousand
firms had failed. and before many thou
sand men had been scattered from Their
accustomed employments. One reason
is that other causes besides the urcer
tainty about silver are in operation, with
increasing force as the time for Congress
sional action draws nearer. But in spite
Of any one cause or all causes, something
like seven-eighths of the former business
is still transacted through clearing hou-
ses, something like nineteen-twentieths
Of the former business is represented in
earnings of railroads, and of productive
labor of the country a large proportion
is still at work earning good wages, and
expending them in the ordinary purcha-
ses of necessaries and comforts. He who
hunts for ''complete paralysis in this
country will hunt a long while.-New
York Tribune 2