The Canton times. (Canton, Miss.) 1893-1906, 1896-09-04
gether with an outlook for anothe
change of tariff.

1t is plain at glance that these Fl.
nancial commissions were caused sole.
ly by forces which destroyed the credit
and confidence which are absolutely
necessary to the conduct of the busi-
ness Of a great agricultural and pro-
ducing country. This business cannot
be carried on for cash. because to do SO
it would necessitate that the farmers.
who require many months Of labor and
expenditure to plant, cultivate aud
| harvest crop, have cash for all their
needs while the crop is in course of
preparation, or that laborerS who are
paid their wages by the month have
cash npon which to live independent
of their wages.
This would assume a condition of
financial independence for the whole
population which is far from true.
1t would, indeed, be wealthy popu-
lation II ali the people in the country
We're able to pay cash for everything,
without regard to the norket of
their crops or whether they were earn
| ing wages or not. The merchant. too,
might be able to keep hls store well
stocked with goods, whether his Gus
toners ever paid their bills or not, and
the banker might continue to lend out
money, even if the borrowers never
paid. This sort of thing could go on
for a time at least, if all the people
mentioned We're rich aud did not care
how their money went: but that would
be supposing an impossibility.
Everybody has need of credit. The
merchant has credit with the manufac-
turer, the retail dealer has credit with
the wholesale dealer They all borrow
money from the banks at need, while
all the people wno work for wages or
salaries have credit with the grocer,
tho butcher, the baker, and other
tradesmen. And, under ordinary cir
cumstances, this credit business, which |
pervades the entire country AID ex
tends across oceans trom one country |
to another, is an entirely legitimate
and safe business. There is general /
confidence a. d good reason for il.
But, should war break out, or, it
through inordinate speculation, some
great business concern With vast COM
mercal and financial counec tions
should fail, then the entire fabric OF
business credit is disturbed. confidence
IS destroyed and panic ensues. 1t is
always some great business house,
which, by It's failure, opens season of
panic. In 1873 it was the banking
louse OF Jay Cooke & Co., which which
,verstralned its powers in building the
Northern Pacific Railroad. In 1890 it
vas the great London house of Barring
Bros. that started the European panic
# that period. In 1893 it was the
weakness of the United States Treas
ry, which was nearly swamped by c
ACcsSl'C COlnaSC.o u oAFCi uoi'oiS, o""'
vas intimately associated with the be-
inning of the panic Of that year 7
There has never been any scarcity of
honey before the breaking out of IL r
pancial disturbance. There was al
rays money enough to carry on the
lost extraordinary speculations. The !
anic of 1857 occurred when the coun- r
y had for 8 years been receiving !
oods of gold from California. The 8
apic of 1873 broke out six years before
,ecie resumption was consummated.
reenbacks were below par from l. TO
per cent, and, contrary to the no. v
on that deprecia ted money makes q
.osperity, there was one of the worst f
lancial disturbances this country
,er had. /;
The simple truth is that, in orde, to
i've commercial and Industrial pros Il
.rity in the United States, til ere must :
good crops and good credit every q
here. Then business Will be active: s
| the mills and fnctories will be run :
ng, and all the workpeople will be 3
rning fair wages. There is no other s
ay to get general good times. De. 5
eciated money will not bring them, {
II will any political movement that 3
nds to disturb the whole course of 3
siness and revolutionize the national 8
These conditions will not 3
ly bring no good to anybody, but !,