The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-31

New York, Jan. 9O.-Chauncey NJ. De
pew, in an interview today with re-
porter of the United Associated
Presses, predicts better times, but says
they will become worse before they i'm
prove, and that an extra session OF
congress must be called to settle the
policies in regard to the tariff, currency
and foreign affairs before there is any
Improvement in existing conditions.
Continuing, he said:
I'VE have had three years of finan-
ciaI panic. The result is d loss of credit
and IMPAIRED confidence. We hind,
too, that there is no foreign money
coming into the country. Neither are
foreigners interested in any of our new
enterprises.
The enormous amount of {noney de-
POSTED in our banks and trust com
panies is locked up and remains idle.
Manufacturers fear to accumulate
stocks, and work only on the hand-to-
mouth principle. Merchants fear TO
burden themselves and buy merely for
their immediate needs. The output
from iron and coal mines is reduced
to a minimum. Blast and coke fur
naces are doing but little. The tonnage
Of railroads, the most significant OF
all figures. proves how abnormally
meree Prosperity depends on the pur-
chasing power of the people When
times are good, the vast army of wage
earners spend freely, but now economy
is the word and the bareSt necessities
are purchased. This slackened demand
of the Wage-earner and his opportu-
mites for work grow less and less.
Privation cannot be confined to one
class alone. Hard times among the
workingmen are invariably the symp-
tom OF hard times among everybody.
And so the country at large is under
going. a season of hardship and depres-
sion. Hard times here injure our rep
utation abroad. ] have in my possess
sion 2 letter from an eminent European
statesman asking if it is true that So
cialistic revolt is raging here, and
whether it viii eliminate in attacks
on property and vested interests. Ru-
mors like these destroy our prestige.
There is no arguing with foreign cap
italists in the face of the fact that our
expenditures are now in excess of our
revenues. The situation we are called
upon to face is scarcely less grave than
actual war Congress must not Shirk
its responsibilities. 1t should find
means to fight the danger that threat
ems us as q people. Times will grow
worse until congress acts.
If in our extra session a moderate
lyzed by the Wilson bill will be re-
vived, the profits of the farm returned
to the farmer, and there viii be a
change for the better all around. Such
q measure once passed-and it GER
tainly will be-will remain good for
four years. By next fall there will be
an unprecedented revival in all
branches of business. After the tariff
there should be some legislative action
in regard to our currency which will
Go away with such possibilities as
came to the surface in the campaign,
and which arose from non-elastic
currency II was this quality of cur
rency which led so many honest men
last November to vote for a change
which promised them better monetary
conditions. This legislation will give
confidence to investors, money lenders
ard capitalists. AS to the foreign pol
icy, 1 can only say if a government is
determined to protect its flag, its pres
tige and its citizens, it cannot go far
wrong. I am assured that this deter
mination is to be the keynote of the
foreign policy of the new administra-
ton