The times. [volume] (Richmond, Va.) 1890-1903, 1894-08-31
THERE'S LIFE IN THE OLD LAND YET

A New York banker named William
Bernard Lightfoot gave the following
talk TO a reporter OF the Washing on
Post last Tuesday lie said:
1.-The business condition of the country
Is going TO improve steadily, Dnt hot as
raDidIy as some people tninh. Inc peop.e
,1iI NOT he able 10 transact The trade
that under normal conditions W0ulu nave
been carried on because OF the immense
shrinkage Of values during TINS peTlod Oh
prostraton-a shrinkage mat mas Deeh
Estimated at twelve billions OF dollars,
an estimate that / do not regard as
exaggerated. The responsibility Tor most
of tbis vast loss rests on Cong ess, Wnich
took nine months TO do what "a couhcll
or convention of bus ness men woul
have done In three weeks, and done bet
ter. ,,,.....t
mo wonder the people are disguised
with the Democrats. | have belonged -
that party all my life. but unless my
views change greatly / shall never voc
the ticket again. In my Office IN New
York the other day | heard twelve gen
tlenoen assert the same thing. They mad
ali been lifelong Democrats. IRE tfu,h
is that there are only two or three rea ~
good business men IN Congress, ana 'ies
happen 10 be Republicans. AS bad as IL
is the new tariff is certainly an improve
ment on the Mckinley bill. and In WoAens
alone viii save the country an enormous
SIM OF money. Had a good tariff oll
been passed last May or June by ms
time every section of the Union would
have been on u prosptro basIs an" ne
recollection Of the worst epoch amer va
ever saw been only as nightmare
II is a pretty large thing to say TO
fix the shrinkage of values IN the United
States within the past sixteen months
at twelve billions of dollars. That Is
about one-ffth Of what all the wealth OF
the United States is estimatel at, ana
TO say that the whole wealth OF the
country has shrunken up one-iilth III
sixteen months is to make very start
ling statement. 10 say the least OF II.
The sh-inkage Of values in the United
States has undoubtedly been very large
dining the recent depression. Mr.. Light
foot. however. gives no data upon Which
his estimate can be made. II IS purely
conjectural and might just as well have
been put at twenty-five thousand millions
or five thousand millions or one thousand
millions as at twelve thousand millions.
Mr.. Lightfoot is a little too hasty also
in quitting the Democratic party, be-
cause it did not promptly cure the evils
from which the country was suffering.
The Democratic party was in no way
responsible for the disaster that overlook
the country. That was caused by the
Sherman law and the protective tariff
laws and both these were Republi an
measures 1t was not to be expected that
the Democratic party could undo AL this
evil work In the twinkling of an eye
The Sherman law had at its back all
the bankrupt debtors Of the country, and
the protective tariff laws had at their
back all the corruption funds Of the
protected monopoies. These two to
gether constituted a very powerful array
1t would have been unreasonable to ex
pect the Democratic party to brush then
aside as mere nothings. That it was able
TO overcome one entirely, and 10 force
the other 10 loosen its grip, even after
a most prolonged struggle is, We think, q
subject for hearty cOngratulau0n. rather
than one for censure and condemnation
Mr.. Lightfoot must modify his harsf
| judgment. There is a vast power fol
good in the Democratic party yet. Dom
quit Il, but use all your efforts to bnt
| it irrevocably to its true and founda
ton principle of equality in the laws FOL
all and special privileges for none