The record-union., 1896-12-20
Impressions Brought Back From the East
by William Il. Mills.
An Interesting Review Of the CONNER
cial Conditions.
The State Made the Sufferer From
Reports Sent Out by Sensational
Papers Sentiment of Eastern
People Regarding the Refunding of
Pacific Railroad Indebtedness.


SAN FRANCISCO, Dec. 19.-After an
absence of over five weeks w. H. Mills,
Land Agent of the Central Pacific Rail-
road, returned to this city yesterday,
and resumed active charge of the i'm
portant department over which he pre-
Sides
His time during his absence has
been spent chiefly in Chicago, Wash
| ington, New York and Boston, in
which centers he was brought into close
touch with leading and representative
men whose names are known through
out this country in the commercial, po-
! htical and financial worlds.
His impressions as to the commercial
conditions of the country, formed as
the result of what he heard and saw
during his trip in the East, constituted
| the basis of an exceedingly interesting
interview which he granted this morn
ing to a reporter for the Post"
In answer to question as to whether
his observations had confirmed the re-
ports which had been telegraphed here
as to the resumption of commercial
activity throughout the country and the
world since the election Mr. Mills said:
There are a large number of people
in the United States who believe that
the pathology of mind cure which has
proven valuable in the treatment of
certain forms of nervous complaints, is
equally efficacious as a remedy for
commercial and industrial depression
and financial stringency. They there
fore consistently urge everybody to pro-
fess that times are better under the be-
lief that they will be better as soon as
the people consent that they are So
Let us assume, they say, that
there is revival of good times and the
confidence created by a universal be-
lief that such is the case will create the
cnly needed factor lacking in national
and individual prosperity.
Nov. while confidence is an excel
lent thing, is it all that there is lack
ing? Greatly as 1 would like to believe
taat it is. Nere are inexorable laws re-
lating to the laws of supply and de-
mand, manufacturing activities and
commercial prosperity that make us
recognize instantly the fallacy of the
theory of those who would cure our ills
by the application of what is nothing
more than a hallucination.
1--WE have heard a great deal of the
resumption of manufacturing activities
throughout the country since the cleo
ton. We heard a great deal of the sus-
pension of manufacturing industries
when Bryan and Mckinley We're the
candidates of the two great political
parties. and the causes of these re-
ports are very evident and easy to
analyze.
In the industrial world assumptions
and suspensions are ever present fac
tors, and until we arrive at some reli-
able conclusion as to what is normal in
this department of the commercial
world our deductions drawn from peri
DDS of f1uctua ting manufacturing and
industrial activity are absolutely
worthless.
"The commercial relations of the
worlds family of nations are so closely
interviewer that it is idle to hope that
local legislation can bring about
marked prosperity in one section of the
world at time when recognized finan-
cial stringency exists everywhere. We
cannot expect to experience any marked
financial Improvement in this country
Dy the passage Oh leSlSldtlNc
until conditions augmenting prosperity
are universal.
"The impression which prevails in the
minds of the majority of prominent men
with whom 1 talked, including bankers,
manufacturers, merchants, promoters,
and railroad men, is that the fiscal poll
cies adopted by the Congress of the
United States will fail of much in their
good effects because the industries of
the country must proceed under them
and at the same time under the con-
slant menace of change.
''The opinion gains ground that tariff
schedules should be less portable, and
that any permanent Improvement must
be preceded by legislative action that
will be lasting in its effect, and despite
the enactment of protective measures,
the distrust which is occasioned by the
conditions which make these laws Of
such uncertain duration is bound to re-
strict the full measure of commercial
prosperity of which this country is ca
pable.
when it is recalled that the expenses
of the Government half century ago.
during the administration of President
Polk, amounted to only SoO.O00,0O0
per annum and that the cost Of
maintaining the national machinery
for the past four years has been $780,
600, 900 per annum, it clearly demon
strates that the difference between the
protectionists and those who advocate
a tariff for revenue only have been COM
pletely eliminated, and that the income
demanded to-day exceeds the widest
dreams of the protectionist of fifty
years ago, the point which I wish to
make is very clearly drawn.
Take into consideration the fact that
to-day we are paying annually in PEN
sions the sum of S141 000,000 which
exceeds the cost of the yearly mainte-
nance of the German army, and that
the appropriations for our army and
navy for the current year amount to
500. 100000, and these items represent
little over one-haff of the annual ex-
pense of the nation, the policy Of high