New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-10
LAWS AND BUSINESS.

The one thing neotlful now, as basis for any
useful discussion Of finances or revenue, IS
thoroughly unbiased view OF business conditions
as they are to-day. Every statement or forecast
from auy man of ability and selfrespect it VIII
be noticed embraces several Ifs He can estl-
mate what current movements Will be- or what
revenue under existing laws, II business I'M
nroyes If manufactures revive more fully, If the
declining prices bring no setback, and so on.
But these very conditions are the meat OF the
nut Sbould conditions turn out decidedly bet
ter. or decidedly worse, all calculations as to the
currency or the revenue might prove valueless.
II is therefore essential, in Judging the Treasury
report or the various plans proposed in Congress,
TO balance as accurately rs possible the forces
which tend toward improvement or reaction.
There has been such loud and persistent clat-
Ter In many quarters about the wonderful re-
yival of business that many sober ana cahulu
men are actually impressed with the IDEA that
no change Of laws is needed, and that the ehor-
nous recuperatve power OF the country VIII
set everything right presently, without any gov
ornamental action. Others, again, are so far i'm
dressed that they see no sign of danger except
in the outgo of gold. and the possible need Of
replenishng the Treasury reserve.
These impressions are TO some extent mis-
taken. and ii is essential TO obtain more cor
rect idea Of the situation. When Congress had
adjourned in March, and it became certain that
there could be no more mischievous legislation
while. the power Of the syndicate protected the
country for time against the loss OF gold, Disi-
ness began TO improve with increased employ
mcnt and better wages for multitudes In estaD-
ljshmcnts which had not dared to resume or To
advance wages so long as there was danger OF
further Congressional Interference. Presently
there was reached state Of business adapted
to the measure of industrial activity which could
be maintained under the new tariff. Then came
second force Of great importance-the neei OF
repenishing supplies of dealers and of indvid-
nails which had been depleted TO the utmost by
two wears of the greatest caution in trade and
of enforced economy in individual expenditures.
Evidence has been given that this additional de-
mand swelled purchases by $2O00O000O0 or
more in single quarter.
But this additional demand pushed buying
above the limits Of regular consumption, and
beyond the capacity Of works then in operation
In consequence prices were forced upward
rapidl and more works were opened. creating
for Il time a still larger demand The rise in
prices klndlcd speculative fire. and thus third
powerful force swelled transactions. Men in
all branches bought not merely what they re-
CURED for distribution 10 consumers and second
for replenishment Of stocks. but also much more
in order to realize profit by the advance. This
enormous addition to the buying force swelled
business beyond the limits created n measure
| Of production and trade which could not be
maintained without marked change in perma
| ncnt conditions. and thus made inevitable Il
subsequent period Of comparative dulness and
fall in prices. A single Illustration here sufces
az well as many: payments through clearing
houses were in July only per cent less than
in 1892, and in August 81 per cent less and in
September 93 per cent less. but in October IA
and in November 143 per cent less than in 1892
II has naturally resulted that many establish
ments have closed, or materially reduced their
working force Practical common sense teaches