New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-30

and eo,nRs more than in their declarations on
Election Day.
Besides sketching the past of commerce. some
OF the writer's give interesting views on topics
Of the present day not unconnected Win poh-
tics Governor Morton makes this carefully
judicious comment on the recent financial de-
preston:
The causes Of the trouble have been matter
for much discussion and difference or opinion
during the last two years: and BELIEF that us
roots Law in certain fallacies Of National hnance
has caused action by Congress. which mas un
doubtedly been beneficial in its erect pun; ia, IL
is questionable whether the true seat or the diHl
Guilty has been, or will be, reached oy any vi
these measures or plans OF allevlation. An over
reaching speculation, which had Locked up re-
sources that should have been available, coup
led with great uncertainty and some apprc-
tension perhaps, owing to political events ana
the commercial and industrial changes thev
might be expected to bring with them, had much
to do with 1t.
In sharp contrast are Mr.. John P. Townsend's
expressions in his discussion of the relations or
Wall Street to the Government:
In looking for the causes Of THE distrust many
things must be considered. Tariff changes long
impending provoked a general feeling Of I'M
certainty detrimental to our commercial inter-
ests. The silver purchase law caused, in add
ton, distrust OF our currency both at home
and abroad. causing the foreigner, for that rea-
son. added to his needs on account OF failures in
South America Australia and Africa. to send
back our securities for sale. which caused large
shipments of gold out Of the country. The In
terstate commerce law and the state Railroad
Commission laws decreased the earnings of rail-
roads The Reading Railroad receivership
which occurred early in the year. was followed
by others; the failure Of the Cordagc Company
in April: the failure of Western farm mort
gage companies. caused by the inability OF farm
to pay interest and principal of their mort
gage loans; the failure of banks. caused by an
unusual demand for deposits: the boarding OF
currency withdrawn from banks, so that the
premium on II went up to per cent were all
causes tending TO the general disaster.
All this happened before the peoples attention
directed to the modification OF the tariff
which the election of the new Administration
and House OF Representatives indicated. At
and before the assembling Of the new Congress
in December. public attention was attracted to
the tariff and this added to the distress: and to-
gether with continued failures Of corporations
individuals and railroads, the year 1893 closed
In the midst of gloom
Sheppard Romans complains Of legislative
interference with life insurance companies.
Carroll D. Wright and Edward A. Moseey
spectively offer suggestive discussions of labor
and Interstate commerce questions. and Charles
II. Camp and Mr.. Chamberlain, the United
States Commissioner of Navigation. both have
American marine.
Besides editing the whole volume DR.. De-
pew writes the final chapter on THE Next One
Hundred Years" Here is his view of the
future:
The twentieth century will be pre-eminently
the period for the equitable adjustment of the
mighty forces called into existence by the spirit
of the nineteenth century and which have so
deranged the relations Of capital and labor,
Of trades and occupations, of markets and COM
mercial highways. Mtarsm. which Is
crushing the life out of the great nations of the
Continent. will break down through the bur-
denS ii imposes and the conditions its eXacts.
The peoples Of those countries, grooming under
this ever-ncreasing and eventually intolerable
load, will revolt The twentieth century
will find in the methods OF the production OF
electrical power an economy Of fuel and an in
crease of force which will accelerate progress
and conserve our storage of supplies. Trans
portatiOn both by land and by will be done
solely by electricity. The same power will run
the mills the furnaces and the factories
Then there will be increase in soCialistic
ideas and tendencies. The aim will be for a
full and complete experiment of the principles
of State paternalism and municipal cOmmun-
ism. As we face the future have doubts
to the result. nor do we doubt that the in
herent vigor of nations is greater as their
institutions rest upon the liberty of the indi-
vidual . . The twentieth century will close
with the world better housed and better clothed.
its brain and moral nature better developed,
and on better lines of health and longevity.