Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-06-21
Better Times Predicted.

Hambelton & Co., of Baltimore, il
their last circular letter make some
very cheerful predictions. They sa,
that when the tariff is disposed O
business will start with whirl; tn,
country will be found bare of goods
the merchants will order so rapidly
that the manufacturers will not be able
to meet the demand; founderies anG
factories will be overwhelmed with or
ders in advance, and values will clint
as much over the legitimate line as
they are now below it.
Perhaps Hambleton & Co. are right.
After the great panic Of 1857 our recov-
cry was very rapid. A considerable
reduction of the tariff lightened the
burdens of the people and industry and
trade rebounded with remarkable elias.
ticity. The conditions now are some
what similar, and the pending tariff
bill Will afford much greater relief than
was given by the reduction of 1857.
The United States investor agrees
with the Baltimore firm, and predicts
the speedy coming of good times. The
Investor says:
There is no reason to doubt that busi-
few months. The delay in passing the
tariff bill has prolonged the period of
dullness and of liquidation, but no tar
iff policy, good or bad, when once fix
ed, is likely to prevent that brisk
movement of trade which has always
marked the years after the great COM
mercial crises and the temporary sus-
pension of new enterprises. 1t is quite
probable that the activity will be alb
normal for time, on account of the
exhaustion of retail and wholesale
stocks by the suspension of production
during the past ten months. Foreign
imports are likely to pour into the
country in a heavy volume to take ad-
vantage of the new duties. but their
effects in diminishing the demand tor
domestic products ought to be largely
offset by increased buying by retailers
to replenish their stocks and by con-
sumers who feel the effects of the re-
turn of prosperity.
The business interests of the country,
standing at the threshold of a new Pc
riod of activity, of speculation and of
great enterprises, will be subject to
the dangers which usually accompany
such period and the spirit to which
it gives rise. Prices will rise above
the minimum level of the period of
liquidation. if the history of all crises
is repeated, and the steady rise in
prices and in the volume of consump-
ton will stimulate overproduction and
after a series of years bring in new
period of suspension and liquidation.
So long as the fever of prosperity does
not go beyond the limits of good sense
and prudent risk, the period OF activity
will be less severe and will do no seri
Gus harm except to the weak and in
competent establishments. The spread
of knowledge and of the principles of
sound banking and safe investment
during the past generation are likely
to prevent in the future any such pros
tration as occurred in 1887 or 1857.
The banker or merchant tempted to
assume risks and TO presume too much
upon the future should not forget, how
ever, the prudent and penetrating an
alysis which the eminent English econ
omist, Walter Bagehot, gives the real
effects of the rise of prices.
The remainder of the article is de-
voted to the cautious warnings which
might have been expected from such
financial authority. The
people are warned not to lose their
heads with the sudden return of better
times, but to stick to safe lines of busi-
ness and let speculation alone.
Undoubtedly the coming lower tariff
will materially benefit the people and
improve our business conditions, but
to what extent is, of course. problemat-
ical. 1t is encouraging to have the as
surances of commercial and financial
experts that we are about to get out of
the slough of hard times, and it gives
US pleasure to quote such authorities
as the Baltimore firm and The Investor.
If their forecast is correct the south
will be the first to profit by the change,
as she has been hurt less than any 9TH
er section by the recent DEPRESSION
atlanta Constitution.