The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-01-01
tso4.

new year wlth tho expression Of good
wishes and OF hopes Of prosperity and
peace But n candid survey OF the state Of
things In most OF the civilized countries OF
the world does not Justify an optimistio
forecast OF the twelvemonth which begins
to-day. There Is, unhapplly. no reason to
predict any speedy revival Of manufactur-
Ing and commercial activity in the United
States whie in England. as on the Con-
tinent OF Europe there Is no prospect Of
Immediate relief from the Industrial de-
preston. even should there prove to be no
basis for tho rapidly increasing rumors Of
approaching war. In no part OF tho world
do the masses OF the people seem destined
10 be better of, and. in more than one
quarter, they are likely TO be worse of. at
the end Of the year than they are now.
It Ia certain that, In our republic. the new
year will witness. first. period of suspense
and uncertainty which will paralyze capital
and enterprise, and, then, such changes in
The tariff as to large extent will dislocate
the whole machinery OF industry. The
readjustment OF productive and distribu-
tive forces to new channels will be the more
retarded. and the friction inseparable from
any signal alteration OF the tariff will be the
moro prolonged, because the WILSON bill is
not framed upon the simple principle oftaxa-
ton for revenue only, which. once honestly
and thoroughly applied. would be accepted
as a finality. 1t is true that. had the
Democracy faithfully carried out the pledge
embodied in its party platform. to renounce
protection as unconstitutional and to es-
tablish a tariff for revenue alone. there
must have been during a certain interval a
tremendous waste OF plant and OF the ac-
cumulated raw material suited only to pro-
tected industries. and an appalling amount
OF suffering on the part OF workpeople
expelled from their familiar employments
and compelled to seek livelihood In others
Tor which they were unframed. But. at
least. the step would have been recog-
nized as definite, final, and irrevo-
cable: and slowly and painfully, but
resignedly. our people would have con-
formed to the perception that. hereafter
American energies would have to be re-
stricted to agriculture. to commerce. and
to such kinds OF mining and manufacturing
as could be probably prosecuted in the
face OF foreign competition. The process OF
adaptation to new conditions would have
been. no doubt. narrowing and exhaustive
one. but. at last. 1t could have been accom-
plished. and tho survivors would have had
the consolation OF knowing that their
economic conditions had been settled once
FOR all. The WILSON bill. OH the other hand,
upsets many things and settles nothing.
1t disturbs the present and leaves the
future exposed to incessant innovations and
vicissitudes. 1t makes Just enough pre-
tence at aiming at a tariff for revenue only
to warrant the belief that further hap
hazard movements may from year to
year DO made In the same direction;
while for the most part, II so far adheres to
the principle OF protection as to make capt.
tai hesitate whether to cling to manufac-
turing in the face Of diminished profits, or
to transfer itself completely and decislyely
10 other fields OF industry. In a word. the
WILSON bill. should 1t become law In sub
stantially the present form. will have results
at once mischievous and negative. 1t will
have shaken and discouraged manufac-
lures. without imparting any vital impulse
to agriculture or to commerce. Moreover,
while bad In itself. II will prove forerun-
ner OF worse things to come. for IL will, as
we have said. expose the tariff to successive
tinkerings and tamperings. without the
slightest heed TO consistency OF principle or
to thoroughness Of method. We should be
glad to offer words OF cheer TO the multi
tudes who already feel the pinch Of the
crippled. disorganized. and feverish condl-
ton OF our manufacturing interests. But,
considering the immediate and eventual
consequences OF the projected tariff leglsla-
ton. we can descry no ray OF comfort In the |
year now begun. unless 1t be In the possible |
occurrence OF a foreign war.
Among minor causes for regarding the |
coming twelvemonth with encouragement, |
We may well include the proposal to |
meet the expected deficit In the Treasury |
by an income tax whose inquisitorial exac-
tions ought never to be tolerated by free |
and self-respecting people. except under the |
stress OF contest threatening the exist
ence OF the nation. There Is not even a |
decent pretext for imposing an income tax
at this juncture: for the needs Of the Treas
ury could be amply supplied in other ways.
as. for instance. by duty on sugar. which. |
OF all Imported commodities, would be the
most appropriate and lucrative subject OF q
tariff for revenue. As for the suggested
issue OF national bonds to considerable
amount, the objection to this expedient is
that Democratic majority could not he
for IL In tho Senate. and il would.
therefore, need the cooperation OF Repub-
leans. who may refuse except upon CON
fitiOns which the Democracy could not
grant without violation principles and
At all events sucn a refusal
g counselcd b. several Republican news
papers. although IL is not cOuntenaneed by
senator SIBERIAN. who is usually deemed
IN authoritative spokesman of his party
With relation 10 financial questions.
Nor. with reference to the monetary
question, can we safely take for
granted that this will remain throughout
he tWelyemonth upon the footing on which
{ was left by tho repeal Of the silver pur-
'hasing clause Of the SHERMAN act. The
threatened bankruptcy OF India through
he demonstration Of silver may force
England 10 reconsider her policy of adher-
ng to a gold standard. and the British
Government may yet invite us to an inter
1atinnat Fg,,. 1, |