The herald., 1896-02-23
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BUSINESS AND POLITICS

says one Of the commercial agencies
in its review of trade for last week:
"The weather still hinders business,
with continued closeness in money and
prolonged inaction of congress"
1t is not likely that the prolonged in
action Of congress has affected busi-
ness greatly one way or the other. The
increasing certainty that congress
would do nothing even to place re-
sponsibility where it does not belong
may have produced favorable effect.
What measures have been pending
in congress that could affect business
for better or for worse? None but the
two house bills, one providing for two
new kinds of securities Of the United
States, the other for more tariff, and
the senate's chesp-money substitute
for both. Nobody of good business
intelligence has at any time believed
that any one of these bills would be-
come law.
The bond bill, as it was called, could
not have caused any business uncer
tainty for more than a few days. Il
passed the house within week from
the time when the president urged con-
gress not to adjourn without taking
some action that would assist in re-
storing and maintaining sn adequate
reserve. The bill as it passed the house
was worse than none 1T all, and
1t was plain that it would never re-
celve the executive approval in that
shape. Within another week it had
become evident that no bill Of that kind
would ever reach the president. Since
the 9th Of January, when the adminis-
tration invited bids for $100,000.0O0 of
bonds under the law of 1875, nobody
has regarded the Diugley bond bill as
factor of any significance whatever
IN the world of trade or finance.
One can hardly believe that anybody
mas ever been 30 weak-minded as to
suppose that there WAS any chance
whatever that the senate free silver
measure would become a law. 1t has
been perfectly we'll known from the
nrst that such bill would not be
passed oy the house, and that in the
ell but impossible event of it's passing
that body through some freak Of party
politics 1t would be stopped by the
president. The overwhelming vote by
which this bill to degrade the standard
has been put to sleep by the house
may affect business favorably by sllAy-
lng fears for the future. The pendency
OF the bill in congress cannot have pro-
duced sny serious effect upon current
business because at no tins has there
been any fear of its passage.
AS to the only remaining measure
relating to business-the tariff bill
delay in disposing of it cannot have
done any serious harm, for the same
reason that has been stated in the case
OF the silver bill. It's fate has been
known from the day it came from MIR.
Dlngiey's committee. 1t was mere
pawn in game OF politics. Its authors
never expected it to become a law. If
they had they would have framed it
differently. There WAS bare possi-
bllity that it would pass the senate,
but not that it would become a law.
Business men have understood it all
perfectly, and it has been "a matter of
Indifference to them how much time
the senate spent over it before finally
sweeping it of from the political chess
board.
III there is anything in politics that
row affects business unfavo orably it is
the near approach Of a presidential
election, taken in connection with the
popular fickeness that has been dis
closed during the last eight years.
Apprehension of reactionary tariff leg
lslatlon as the result of the elections
next November very likely affects bus
mess to some extent.
The situation, however, is not dis
couraging. The same commercial
agency that complains of congressional
lnaotlon reports that "conhdence in
creases." The triumphant success Of
the Sl0O.0O0,O00 bond sale has assured
the country that there will be no slump
to the silver basis for some time to
come. The action of the house in de-
feating the free silver monster by