New-York tribune., 1896-05-15
P1NTC-AT THE FIFTH AVENUE.

II Is painful fact, and yet n fact. that the
Icvcl-hcalcd business men Of this city do not
seem inclined to slaughter their stocks and sell
their produce for less thar IL Is worth and go
of into Mysteries about the gold exports which
are usual at this season. for the benefit OF Mr.
Plati and the other bosses of the Presidential
Trust. That these persons are displeasc1l. and
ready 70 smash anything and everybody in or
der 10 have their own way or be avenged on the
people who stop them. they have sufficiently
shown But practical business men are unabl"
To- perceive symptoms Of any approaching panic
at present and are not going into mIscellaIe
ous slaughter Of their own interests for the COM
fort Of political trIckscrs.
Business conditions are not satisfactory, but
they give no occasion whatever for especial ap-
prchcnson. II WAS shown on Sunday that the
exports Of goid had not been exceptionally large
for the season, but We're In fact, smaller than
In previous years although there exists this
year IN especial cause In the relations of Ger
man bankers with Russian and Chinese finances,
which accounts for most of the Outgo. Nor Is
the movement nj this season in the least degree
threatening. because within sixty days new
crops OF grain will begin to go out and within
four months new crop OF cotton. and lncreas-
Ing exports after July ordinarily cause n move
mcnt OF gold in this direction, and meanwhile
the volume Of business Is not now nor during
midsummer Is II likely 10 be 80 large as 10 oc-
casion any monetary pressure. Moreover. the
merchandise imports have Of late materially
diminished. in part because the inflated prices
produced by last years speculation have van
lshcd. Without doubt, foreign trade has in It
as much OF peril for the country in the long
run, as at any time since the present tariff was
enacted. but temporary causes render that peril
not immediate.
Another fact OF Importance is that the great
industries, while not gaining on the whole at
present, are getting on fairly for the season,
considering the retarding force OF foreign COM
petition and are In good position 10 realize the
material Improvement which Is promised after
good crops are assured and Presidential con-
ycntiOnS have been held. Indeed large ma
jorlty OF practical men In charge of Industries
have the belief that the good crops which there
Is now reason to anticipate will be attended by
decidedly active demand for manufactured
products. the more because the force Of foreign
competition Is already lessencd by the convic-
ton that sacrifices TO secure control of the
American market this year will not be fruitful
but will be defeated by an early revision of
duties. Thus in tlnplates and mems woOllens
and many other branches foreigners could well
afford to sell at a loss for time II they could
hope to get the market for themselves for year
or two by the closing Of American works But
they see that next March Is likely to hiring a
Republican President Republican officials in the
custom houses, and q Republican Congress II
an extra session should then seem necessary
In broader sense the entire business world
here and abroad recognizes the fact that the
probable election Of Republican President and
Congress will give most powerful impulse to
the business and industries of the country. 1t
will substitute great confidence as to the
future for the apprehension which has so long
prevailed, not only among merchants and manu-
facturers in this country but especially among
investors In other lands, whose purchases of
American securities may be expected to increase
materially soon they see assurance that
the Republican policy will triumph. On both
sides of the ocean practical men know that the
success Of that policy means, as 1t has always
meant In time past. answering protection of
the Nations financial honor, unyieldIng defence
of its credit and It's currency, careful and at the
same time fearless protection of domestic indus
tries, wonderful development OF those indus
tries and great progress in business and in the
production OF wealth. Just as foreign investors
were quick to sell American securities when
they learned in November, 1892, that the Ma
tonal policy was TO be reversed and their
sales began to take gold abroad within n fort
night after the election of President Cleveland,
so the same men and others like them will be
among the first to recognize the brighter pros
pect for American investments as soon as they
are convinced that the elections this year will