The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-07

come TO be verified by a fuller knowledge
OF the facts of the new understanding the
revival OF confidence at the great European
centers, added to the now current Improve
ment in commercial markets. can hardly
fail to produce an unusual extent OF re-
vival in the various forms of investment,
enterprise and speculation.
ii is to be considered that,
while these Influences are at work 10 bring
about an important revival in the indus
tries. the commerce and the financial spirit
or the old world, we are here on the
verge OF escape from the trammels which
have so long held the business OF the whole
country in suspense and extreme depres-
sion. Thus, on both sides the Atlantic we
have ameliorating influences OF the broad
est kind coming into operation conformity;
and 1t Is not easy to set a limit to the
extent OF ecovery into which these ten
denotes may develop. !.
In this country. the conditions favorable
10 a revival of business are especially inn
portant. The past twelve months of de-
preston has been due almost entirely TO
artificial and accidental causes, and not TO
any general intrinsically unsound condi-
tiOns of trade. The first contribution TO the
depression was a pure and simple money
scare. the cause of which has already been
remove by the repeal act. The next cause
was a contemplated change in the productive
and competitive conditions OF domestic in
dustries, which, for so long as il remained
undetermined, produced a general collapse
OF production and a contraction Of con-
sumption. But those consequences have pro-
duced an unprecedented depletion of stocks
of manufactured products. So soon, there
fore, as the new tariff duties are legaliZed
what is there to prevent a resumption Of
normal activity in every branch of bust
ness, the consequent general employment Of
labor and an attendant increase Of con-
sumption by the masseS2 The only cause
OF deferment OF this recovery that can be
reasonably suggested is the possibility that
workmen may hesitate to yield the con-
ceSSionS in wages made necessary by the
lower duties and therefore lower prices. AS
TO that,sit can only be said that already
labor has conceded important reductions in
wages while the nr0CQGC of 0n1nSfmlnf lg
still going on, and the real question seems
TO be, not whether wages will be reduced
at all, but whether the concessions will
equal the demands OF the employers. 1t is
reasonable to expect that, when labor more
fully understands the necessity for lower
wages and finds that 1t is being compensated
by correspondence lower costs of living,
there will be no great difficulty In efecting
an equitable reimbursement of the scale of
scme complaint may be heard OF the stub
bornness of the wage-earning classes. yet
that is likely to prove only a transient OBJ
stacle TO a complete recovery of business.
1.-THE foregoing are the main points of
the confidence which Wall street is now
putting In the early future. and upon
which il is willing to carry its holdings Of
securities rather than realize upon them.
And. 10 our view, this confidence is not in
any degree strained or unreasonable. It Is
probabilities. The conditions are not those
of a deep-rooted and fundamental derange-
gradual recuperation They are. in the ma
ture of a transient obstruction which, when
removed out of the way will admit Of a
surprising If, when the tariff question is
put out of the way, business takes a sud-
den start and the trade OF the last six or
four months of the year proves to be Of a
really healthy nature. 1t Is superf1uouS to
say that In the event of the realization of
the crops and general business, the rail-
roads would show a general gain In earn
ings, with consequent benefit to that class
Of nuoGtmonfS