The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-03-25

congress was the signal which l pro-
claimed for its reversing It's course from
the side Of disaster to the opposite-thau
of building up. The recent advance III
stocks aud the stiil greater Improvement
in mercantile business all go to verify
the correctness of my diagnosis OF the
business situation under date OF March D.
when | proclaimed that There rs a tide
In the affairs OF men which II taken At
the flood leads on to fortune" and that
the tide was then about TO take upward
current.
In estimating the future. II Is not to be
overlooked that, in some very important
respects, this country Is now in a material
ly better position than It was before the
late depression set In. SO far as concerns
the currency question, upon which 80
much depended. that Is certainly the case.
Two years ago we were In the midst OF
alarm and apprehension that the nation
might be precipitated upon the silver basis.
The danger was all the greater because
the position and the question were not
understood, but greatly misunderstood,
and much education OF public opinion on
the subject was needed. AS a nation,
our ignorance equalied our alarm. Leg
islation on the question was undertaken
with utter lack of qualification to deal
with it intelligentfy. and congress ac-
complished virtually nothing toward a set
tIment But all this fear and agitation
has been attended with a profound ex-
animation into the principles at issue; al
ready public opinion has become intcll-
gent. II not fully matured false princi-
Dles have been discredited and steps are
being taken for bringing public sent-
ment to a point at which broad and
sound policy may be formulated for the
future guidance of political leaders ana
of the new congress. In this way, the
people are being trained to ~ standard ~
which q large majority of them may be
trusted TO stand firm for a sound system
of currency. On this large national ques-
ton. therefore. we mayffeel assured that
we have passed from a condition OF posi-
tive danger to one Of prospective Sc
curty.
The tariff question, which two years
ago was having a paralyzing effect upon
industry has had its day. II has been set
tied in a way less calculated to disturb
business than was at first feared; the
manufacturing interests have already
found ways for adapting their business
to the new conditions; and il can hardly
be said that the new state of affairs Is
really upon the whole. obstructive to
the progress of our Industrial interests
Thus In the industries there is vast
gan upon the condition of distrust and
paralysis that existed two years ago.
There are other points in which our
Industrial position has, in certain import
ant aspects, very materially improved.
Two years ago. we were at the climax of
worldwide over-production of manu-
features. 1t was the result Of the growth
of modern improved plant and capacities
of production far in excess of any posi-
bilities of consumption. and was at the
same time a consequence of an OVERRIDING
of trade in the rawer and semi-civilized
populations of the world. Our own cOun-
try directly sympathized with this infia-
ton OF trade in other countries and had.
at the same time, its own forms Of over
supply. Two radical changes must be
made before the beginning of recovery
could appear First. there must be a re-
duction in prices, In order to admit Of an
enlarged consumption: and next there
must be some curtsHment Of production,
while. at some later stage, when these
reliefs have been realized. there would be
a chance for the development Of new con-
sumptiye wants. The first of these ne