New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-19
WHY THEY FAIL.

Several voollen mills failed on Tuesday, ana
many more have shut down within the last
week. because of narrow demand for goods.
Democratic papers are not devoting much space
TO these occurrences. and do not use columns
each day with striking headlines to display
manufacturing misfortunes. they did to set
forth resumptions of work mt times last year.
Rut the subject nevertheless. deserves the at
tention not merely Of wOollen manufacturers
and workers and wool growers. but OF every
man who wishes a return of general prosperity.
II will not be forgotten that the President ana
his friends vociferously professed the belief that
the repeal of the sverpurchasing act In Octo-
Der 1893. would end trouble and restore pros
perity. because they declared the prospective
change of the tariff had nothing to do with the
depressjon Of business. Neither IL 1t forgotten
that the passage of the Tariff bill in 1891 was
by the same people declared long step toward
relief from burdens and therefore toward re-
yiyal of prosperity, and that for months they
were shouting over every symptom Of improve
ment even the smallest proof that the new
tariff had in fact brought prosperity Either
they told the truth or they did not.
The demand for wOollen goods Is not large
enough to keep most Of the mills at work. In
fact It Is stated by men who have excellent OPP
portunites Of Judging that more than half the
machinery for the production Of such goods Is
now idle. But no one can deny in the face OF
current events. that there is at least a consd-
cradle proportion idle. because the demand for
goods Of American make is far below the ca
pacity Of the mills which. if working nj iu
force would not produce more of such goods
than in times of prosperity the people required
and purchased The cause Is found. hrs'. III
that general shrinkage OF wages which o.
Cured when it became certain that the tarif
would be changed, and from which there has
not been full recovery. At the worst point or
the panic the volume Of business measured by
clearings was about 30 per cent below that or
the same month in Il prosperous year. There
was a little gain in November. 1893. after the
passage of the Silver Repeal bill. but then
relapse to greater depression than ever in janu-
ary and February, 1894. Moderate Improvement
came in the fall when II understood that
changes of tariff would be much less than had
been expected. but again relapse came so great
that In the first three months Of last year bust
ness was 298 per cent less than In the same
months OF 1898 Finally there came last sum
mcr and fall the big buying for replenshment
of stocks with speculative rise In products. and
then another relapse followed. SO that the vol
ume Of business for the first quarter Of this year
| Is about % per cent less than in 1881.
These events prove that Democratic pretences
were not true. and that none Of their quack
medicines brought much real relief, but 1t Is
| readily demonstrated that they have caused
serious loss In the wooen business, for in
stance imports at New-York alone have been
| over s11 100000 in invoiced value this year thus
Por inu
actual value against less than $90O0OOO during
the same week Of 1893 This points to an in
crease Of more than 81 per cent in the quantity
| Of such goods brought In. Last year the In
voiced value was over $6O.OOO.OOO in twelve
| months and the actual value over s75OOOOOO,
which was not far from a third Of the quantity
of similar goods produced in this country in the
best year If % per cent of the business Is lost
| by general reduction Of wages and Of purchasing
power, and from the part remaining nearly
| third Of the entire consumption Is met by for
eign imports, 1t follows that less than half Of a
full demand remains for American mills to sup
ply Necessarily that means stoppage or failure
| of many works. which in turn throws more
persons out OF employment and reduces still
| further the purchasing power of the people.
There cannot be any question among sincere
| and candid men that these changes greatly re-
| tard recovery Of business. Yet tariff designed
to prevent Just such disasters was promptly
passed by the House. and has been stopped in
the Senate by the votes Of every Democrat and
| Populist and five silver extremists. They are
| the men who now stand responsible for stop
| pages and failures Of mills, and for consequent
disaster to wool-growers, for every stoppage
means less demand for American wool. The
| woolgrowers Of Montana. Colorado, Idaho and
| Utah have 10 deal with the Senator's from those
States But the people OF the whole country
have to deal with the ignorant and mulish
Democratic policy which has first caused and
then prolonged depression, and now refuses TO
| permit any measure OF relief