New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-07
UONII AND BUSINESS

The v.lr 1895 has not opened with great prom
.sc The week took about S4f77.g36 gold away
from tn. country. reducing the Treasury reserve
about as much. and SJO2.61s silver. out ~ So
oOoooo borrowed month ago. the Treasury now
has l-fi only Sl9 1000 600 and Al the current rate
~ Loss thc r~e"ry" will soon be- smaller than
when the last bond issue Wa thought necessary
TIN condition IS really much worse already be-
cause the ,hance II getting more money by offer
NIX more bonds has boon greatly reduced by n"
fan in the price ~ bonds from 49, &, ll6i. ia an
actual sale ON Saturday. by the dissolution II the
bond syndicate. and by the knowledge that a
large. part OF the last issue IL Yet unsold and
seeking buy U.s.. Many bankers now g. so far AZ
- say that II viii not BE- possible % place another
loan while the present Congress remains in
sion. unless some law more favorable than any
body expect, should be passed. Il Is also noticed
that the expected increase in duties on wcollens
after the new tariff went into Eject does not APP
pear. There were indeed two days Of heavy rc-
cepis. in which 81 100000 and Sl500.OO0 wer-
taken. mainly on Withdrawals of goods from
b1nd-aul ii Is curious fact that the official -
ports If drygools for the week ending January
give no indication OF such Withdrawals But
since those days tn" receipts have been not
larger than usual. while the condition Of the
much Increase Of revenue.
what Congressman ought t. have seen before
the new tariff was passed some begin to see
dimly now that larger revenue from duties aver
aging 40 per cent on woolens. instead Of 9S per
cent in ls92 mean importatlons worth $4,000 900
instead ~ 81 800 900 in 1892. and that change
necessarily involves the closing OF American mills
producing over $4,000 900 worth ~ goods and
that necessarily involves smaller wages or no
wages for millions Of workers. and less ability 10
buy clothes or anything else. Events are grad
ually demonstrating some of these things. which
any other Congress but this would have accepted
as aXioms Before people can buy largely, even
Of goods at half price. they must earn largely
The volume Of domestic business represented 10y
Clearing House exchanges in 1894 was IL per
cent less than in 1899. and PCS per cent less than
In 1892. that the earnings and the purchasing
power OF the people cannot have been restored.
In December the decrease In average daily eX-
changes compared with 1892 was 26.l per cent.
though full returns were for that month 5.S per
cent larger than for the same month in 1893.
Since July the comparison with last year, 1893,
has been with months during and after the panic,
showing Il gain ranging between L. per cent in
Nov,mb. r. and Sc per cent in September. while
comparing with 1892 a decrease ranging from II
to - per cent Railroad earnings also fell be-
hind those of 1892 each month from l37 to Il per
cent until The comparison came 10 be with the
panic months Of 1893. but have shown increase In
comparison with those months OF only per cent
In August and . per cent In December
No argument - needed TO show that. with
business thus reduced near to a panic level In
volume. revenue must be small and the produc-
ton OF industry restricted. In some manufac-
lures. as in boots and shoes. quantities disrib-
uted larger in 1894 than in any previous
year. but IL found difficult in December Ia
make sales at the prices required by prices of
leather. and the substitution Of cheaper for better
goods is by many estimated equal to difference
Of - per cent In quantities. In iron ana steel the
production Of pig reached 81 per cent Of the
maximum December |. but was evidently much
beyond the consuming power. for the average
Of all prices OF iron and steel products at the end