San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-12-12

"HOpe deferred maketh the heart
sick"
Repeated disappolntments in
their hopes Of return of prosperi-
ty has produced feeling Of dis
enlargement in manufacturing
and trading circles, and people are
settling down into a mood of
logged resignation to face hard
winter and await the gradual
emergence of the country from the
slough into which it was plunged
by mad financial legislation, and
the dishonesty of those in control
of great corporate properties.
The people hoped that the repeal
of the villianous Sherman law
would bring a return Of confidence
and prosperity, but the repeal was
deferred until the country was
whelmed with the worst panic ever
known. Then they hoped that the
revision of the tariff would bring a
revival, but the conspirators in the
Senate prevented a settlement I'M
til not only the spring trade, but
the fall trade, too, was parslyZed,
and the people lost heart. Even
the satisfactory results of the cleo
1ac
their dropping spirits, and the re-
storation of the treasury's gold re-
serve has not 80 much as made a
ripple in the money market.
People realize that the chief
causes which produced the pros
tration have been removed, that
the corner has been turned, and
that the general drift Of affairs,
however slow, is surely in the di-
rection of Improvement, but many
are still unable to understand why
there is not an immediate return
of prosperity. They remark that
the panic was not produced by
destruction of crops or property
through war, famine, flood or
fire-but on the contrary, there is
a surplus of all that ministers to a
mans need of food and shell
ter, too much cotton, too much
wheat, too much iron, too much
money, if you please, and that the
country is smothering in its own
fat. They argue that the cause of
hn
ing Of confidence in the currency,
and that since we have now stopped
buying silver and have assurance
that the gold standard will be main
tanned, the wheels of industry and
trade ought to begin whirling at
their former speed.
In this view there is overlooked
one very important element which
intended the panic Of 1893 and is
the chief reason why we have not
since had restoration OF conf
dence in our corporate properties.
This element is thieVery on the
part Of those in control of great
corporate properties. The crisis
brought them into the hands of re-
ceivers, and the Investigations that
followed are still in progress
have revealed the fact that
they were honey-combed with
very bad management, fraud and
theft. The panic and the hard times
did not bring THESE properties to
their present condition they mere
ly made the condition known. Is
1t any wonder that DR.. Won Leyden
warns the investors of Germany
against putting a thaler into our
railway securities, and the London
journals iterate the warning to
their readers and that the British
public is specializing in mining
shares to the utter neglect of
rails?.
For two years Europe sent back
railway shares and bonds in con-
tinuous stream, and in view of the !
present and prospective improve
ment in the bases Of our currency |
the foreigners would be reinvesting
In them today but for their loss of
in the management OF
these properties. Before the crash
in the Richmond Terminal system,
with it's seven thousand miles OF
lines and hundreds Of millions Of
5o-called securities, the Herald
demonstrated from its own official
reports that it was not earning fixed
l. ixyi1 lie !