The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-01
He Sees Signs Of Encouragement Pro-
vided the Tariff Tinkers Can Be 4,
Forced to Stay Their Hand.
PROSPERITY IN COLORADO
New Gold Fields Have Benefited
the Centennial State.
Other Industries in Flourishing Con-
dition-Big Figures from Califor.
nia-IdahO Mining Statistics.

PITTSBURG, Dec. s.-The New York
correspondent of the Dispatch telegraphs
that paper that Chauncey NJ. Depew found
time on Saturday, which was one OF the
busiest days he has had for long time 10
give a brief retrospect Of the year just
closing. He said:
1.-The year 1893 win remain in the mem-
ory Of more people who have had ~
stamped indelibly upon their minds than
any other year in the last quarter Of
century. It will live in history as either
an incident or an epoch In the story OF
American development.
'"The consequences OF the last presiden-
tial election are the fruitage of 1893. The
country had been prosperous under a pol
icy which had continued uninterruptedly
for thirty-one years. Its growth during
that period had been beyond precedent
either in it's own history that OF any
other country. The people had been made
to believe by the persistent efforts Of the
preaching and prophecy of quarter of q
century that a tariff for revenue only or
a semi-free-trade policy would give an
added impetus to national progress, and
they SO voted.
when, however, after the inauguration OF
the President the business of the country
became fully alive to the impending revo-
luton 1t fell victim to a sudden and un-
reasoning alarm. A panic ensued which
threw people out of employment, suspended
more industries and caused greater paraly-
sis of trade than anything that has hap
pened in more than a decade. This was
charged to our silver purchasing law and
we ALL with one voice, shouted for its re-
peal. Although every business in the
country and every employment in the land
demanded its repeal, the Democratic ma
jority fooled with the question for three
months while the country was going to rack
and ruin, and the repeal bill only finally
reached Cleveland for his signature by the
help and vote of the Republican Senators
and members of Congress.
1--WE then discovered that the relief which
we anticipated only partial Fear OF
such tariff revision as would cripple or sus-
pend the business interests OF the country
has prevented the resumption OF their oper-
ations except in limited and temporary
way. Manufacturers must know what the
duties are to be, or what they are not to
be, before they can safely work and adjust
themselves to the new policy. Two millions
Of men are out OF employment, thousands
of millions of capital lie idle. and losses to
corporations, firms and individuals OF mill
ions a month are occurring because the
country does not know under what system
and upon what conditions, so far as legisla-
ton can affect, it's business is to be con.
Quoted in the future
These questions will be solved In some
way in 1894 We Republicans believe, OF
course, that our tried and proved policy
will receive such emphatic Endorsement that
ii will not again be questioned until the mis-
cries and misfortunes OF the present are for
gotten. But 1888 will remain for many a
year to teach the lesson or point the moral
or enforce the argument from the profess
sors chair in the lecture room of the col
lege, from the public platform and from
the editors desk.
The year stands unique in its gloom its
disapuointments and its failure TO give in
any one of its months even a spasmodic
promise of more hopeful and happy condi-
THE railways of the country have not
suffered proportionately 10 other business.
This is due largely to the worlds fair. The
aggregate of mileage, and stock, and bond
ed Indebtedness which have gone into the
hands of receivers is $500, 900 more than
in the panic of 1SS4lSS5, and probably ST.
000,0 900 more than for any of the intervening
years between 1884 and 1893. But these fig
ures are deceptive if they are taken as in
dicative of special railway depression or
difficulty in 1898. The enormous figures in
mileage and bonded and stock capitalization
of the Atchison, Northern Pacific, Union
Pacific and Reading systems is what makes
the abnormal aggregate OF 1888.
1T IS only Just to others, and especially
those east of Chicago, to say that the rail-
way system of the United States. as a
wholey cannot be charged with the difficult
ties and disasters which produced the bank
ruptcy OF those four systems. Their
troubles would have come IL there had
been panic in 1893. Leaving them out
the results for the year are, comparatively,
under all circumstances, very good.
There has been no general bankruptcy
Of mills, factories, furnaces or mines The
markets are becoming empty and need re-
plenishing The floors OF the mills are
swept clean of stock. AS soon as it is de-
cided in 1894 what will be the policy OF
the government on the tariff there will be
an immediate and universal resumption os
business especially if the country is not
compelled to adjust it's business to radical
changes In the tariff. The enormous ac-
cumuiation of unemployed capital will seek
some avenue for investment and return.
and that will give corresponding employ
ment- Renewed business Will furnish In
creasing traffic 20 the railways, both pas
senger and freight, and improve their earn
ings
''The year 1894 will certainly be an enor-
nous improvement on 1885, because this
country cannot be kept standing still nor
the pace of its progress long diminished.
1t may be that reaction viii make us for
get the perils and pains OF the year which
closes on Sunday night, 10 which we all
say, so mote il be-