New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-03
MR. RyNCN CONFESSES All.

The ANNUAL banquet of the Merchants ana
Manufacturers Association, Of Baltimore, the
other day. seems to have been made the occa-
sion of a dazzling illumination OF the financial
mystery Whether il was the eject or Ren-
merits famous cookery, or the loosening influence
of his wines. or the fact that the Hon. william
d. Bynum had that morning resolved to make
no further conccalmcnt Of his knowledge. we
cannot say We know simply that for one rea-
son or another Mr.. Bynum did, then ana there,
unscal his lips and tell them all about II.
There were other speakers, Of course. Mr..
Springer explained the need Of sound suffi-
cicnt and elastic especially elastic-currcncy.
Mr.. Boutelle spoke Of the Navy and its future.
Other gentlemen did other things with varying
cloqucnce and usefulness. But 1t was reserved
for the Hon. William ID. Bynum to make the
speech Of the evening and to point with star
Ting accuracy to the solution OF a problem
which has for months past engaged the ntten-
ton and Knocked the craftsmanship OF the entire
country. Mr. Bynum began by saying
Ii would require too much time for to enter
upon anything like a partial discussion OF the in
satiatc influences which have materially contrib
uted to the great depression which is upon us.
But this was only his modcsy He meant
from the first TO confess everything, for he pro-
ccc,ici thus
The parent Of all. however. has been the effort
Of the producer to obtain an undue increment from
the consumer. In speaking of the producer. l
mean that class engaged in the production for
pront who control and dispose OF the output. and
OF the consumer. that class who purchase for con-
sumption. either directly or indirectly. with the
results Of their toll.
The u;icrances ~ oraclcs from the time of
Delphi and Dolona down TO the present day
have always been more or less indistinct and
this is no exception 10 the rule. We gather,
however. that the first cause ~ our trouble was
th, effort ~ the producer to obtain an undue
increment whatever that may mcan-from the
consumer We are left 10 guess whether the
producers succeeded in their wicked purpose,
but conc Jude that they must have done 80. for
in his next sentence Mr. Bynum shows that the
consumers are in a truly dreadful plight:
The s,asnation in our trade. the great fa.i OF
pr.ces. In my judgment. is more the result OF 'ne
inability = consumers 10 make nee1eh purchases
than to any other cause. The question may DC
oskc5 II there Is not an excessive supply. what
has broken down the demand? ! answer hhy ny
day and year by year our consumers nave been
pinched and squeezed until they have peen crusne'
We have pursued the policy OF the man who killed
IN. Tabled goose that daily laid "A golden egg
II WAS perhaps prudent Oh Mr.. Bynums part
~ refuse to Identify the persons who have been
squeezing and pinchng our consumers "h'h
they are crushed. In the excitement "i the
mn,nrni such disclosure might have been dis'
astro,ls But sooner or later when the etfcct or
IN. Rcnnrrt menu shall have passed and ne
c,uuiry recovered is sef-control-we expect
Mr. Hynum fo enter into further particulars.
IT.. might ~ we'll understand now ~ nj any
later time that the American people do not IN
tend Ia haze their consumers pinched, sIuee%'n
and crushed without wrcaking terrible ven
gcancc on the guilty parties.
70 return To the banquet. however. ana 10
Mr. Bynum's gems Of thought Let us indulge
In one last look nj the pathway OF dehvcrahce
with the beacon flaming nj the end:
Until we return to sound and just principles IN
o. economies the revival OF trade and the restoration
OF prosperity will only be spasmodic II by broad
urinary cause which has produced such disorder
IN the commercial world and remove the same we
ciIl have but little trouble In reforming our none
tary system and placing the finances OF the Gov
eminent upon a solid foundation.
There YOU arc-pathway goal, beacon ana AL
Won have only TO ascertain the cause Of the
calamity and remove the same and 10. the trick
IL done. After that everything will follow as
matter Of course We shall have tarif mat
will produce revenue: we shall have Mr. spring
crs long lost sound. sufficient and elastic cur
r,ncv." We shall have millennium itself.
WHY. WHY did we not think Of this before or
still more to the point. why did not Mr. Bynum,
who has known it all the time, tell us sooner?