Smyrna times., 1894-08-22
And Now to Business.

During the last twelve-months fnan-
cial, industrial and commercial depres-
sion has been a common and abiding
condition throughout the United States
No section of the country, no class of
people has been exempt from it. Mer-
camille inactivity, amounting in some
conspicuous instances to almost total
paralysis, has in large degree been one
of the consequences of the accession to
power of the Democratic party. The
Ledger does not believe that the Demo-
Gratis are less patriotic or less sincere in
their convictions of duty to the coun-
try than the Republicans, but the Led
ger does believe that the financial and
economic principles of the Republican
party are more conductive to and pre-
servative of the material interests of
the people than are those of the Demo
cracy.
The business depression of the last
year was unquestionably larger due to
the fears of manufacturers, merchants
and of capitalists generally, which were
aroused by the uncertainty of tariff
revision. No one could foretell to what
extremity the majority of Congress
might go in the direction of extending
the free list, or of reducing duties. The
Wilson bill, with its radical changes
from protective to revenue duties, men
aced many af our great industries and
threatened a reduction of the wages of
labor. Depressing as that uncertainty
vas, the condition of business was fur
ther depressed, its operations hindered
or brought to a standstll, by the para
lying delay of Congress to act deter
minedly upon the revision of the tariff.
For days, weeks and months the con-
tention in the Senate, not so much be-
tween Democrats and Republicans, but
between wrangling factions of Demo-
cracy, dragged its slow length along, so
no manufacturer could manufacture, no
merchant could buy and sell, except
from day to day, or from hand to
mouth, not knowing what the next,
day week or month might bring forth
in the form of absolutely new and con-
flicting tariff conditions. After the bill
left the Senate the two Houses kept up
the contest for nearly six weeks.
However much the representatives
of industry, finance and commerce re-
gretted tariff changes made upon non
protection lines, they scarcely less re-
gretted the uncertainty which tied their
hands and reduced them to a state oi
inaction. They wished that the tariff
might be permitted to remain un-
changed, but, if a change were to be
inevitably made, they wanted it to be
made quickly. They desired established
conditions, stable ground upon which
to carry on their operations. For
months their wish was denied them
: and the longer it was denied by Con
gressional delay the greater grew the
depression.
, Now all this has been changed; the
Tariff question has been for the present
at least, definitely determined. Revis
ion of the scheme which passed the
3 House on the 18th instant will nc
doubt be attempted during the mex
session, but with rare exception it viii
J be likely to be immaterial, and confined
l chiefly to the correction of obvious
8 technical errors. Alterations of tn,
schedules or the extension of the fre'
4 list, if made at ell, will probably be few
: and unimportant.
The change from uncertainty to Ger
tainty, from shifting sand to soil,
ground, has been, at least, secured AN
If now our manufacturers, our merchant
and our capitalists generally can ono