Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-01-01
The Business Situation.
why IL Has Not Improved Rs ENpecttd
---thc Outlook Much Better Than n
Year Ago---Mnny Things 10 Set Down
on the cheerful Side.

---thc Outlook Much Better Than a
Year Ago---Many Things TO Set Down
on the cheerful Side.
In review of the business situation at
the beginning of the present week one of
the most careful and competent of the New
York correspondents says:
The election of Mckinley, it was ex.
pected, would be followed by general re-
vival of business; and following after his
triumph there was indeed a temporary up
ward movement in stocks, while hundreds
of manufacturers opened their mills, or
hastened to enlarge their operations, so as
to take early advantage of the promised
boom. But this is as far as the business
revival has reached. The merchants have
been deeply disappointed by the non-im-
provement in trade. Taking all things in
to consideration this has been as dull
month as has been experienced in any
December in years. Various explanations
have been given for this. Some say that
while sound money won on the Sd of No
vember the vote for Bryan was so large
as to make another fight on the same is
sues inevitable. They point to the fact
that tariff REFORM beaten in 1888, was
triumphant in 1892. Others attribute the
failure OF the business boom to material
ize to the Cuban agitation, the outlook of
jingoism in the Senate, and the thirst for
foreign war that a number Of persons in
various sections of the country seem to
have. Still others attribute the continued
stagnation TO the announcement that an
extra session will be called in March to
enact a new tariff bill with all its attend
ant uncertainties to business. There are
Others who say that the trouble lies in the
fact that the remedy to be applied to the
financial situation is higher tariff instead
of a reform Of the currency. Perhaps The
truth is that all these things unite in pro-
longing the period of business depression.
But instead Of looking upon the dark
side of the situation this is a time for view
ing the bri ght side The outlook is vastly
better than it was year ago. No one
can dispute that. There is no longer
boarding Of money and stringency in the
loan market. No longer gold exports and
a depleted treasury reserve; no longer the
apprehension Of war with England no
longer an overwhelming fear of repudia-
tion and free silver; the treasury gold re-
serve is Increasing: the banks are amply
low; the international trade balance is in
our favor; We are exporting millions more
than We are importing; gold has come to
this country in yellow streams, and would
still be coming but for the high interest
rates in London, which keep abroad mon
ey due to this country. Even the Spanish
war cloud, which depressed the stock mar
ket last week, is passing. The Cameron
resolutions have been reported 10 the SEN
ate, but have gone over until after the
holidays, and their passage is doubtful,
while a veto is certain. A question as to
the power of Congress TO deal with the
subject of recognizing Cuba has been
raised by Secretary Olney, and is taking
the place in public interest of the Cuban
issue which led to it, The Cuban ques-
ton has not developed the serious aspect
OF the Venezuelan issue of year ago.
The situation is, in fact, distinctly bet
ter than IL was last week. II is true that
two large bank failures have taken place
in the West, but their effect has been local.
II is recognized that they are due more to
mismanagement than to anything else.
They have produced no uneasiness in the
East. Ii is known that IN several Western
cities unfayorable trade conditions exist
that may cause some further trouble, but,
as a whole, business, although abnormally
dull, is sound at heart, and there is more
of confidence and far less OF disturbance
than there was two months ago. Many
are now looking for an improvement at the
opening OF the new year This is quite
possible, but it is not unlikely that the
promised boom may be delayed until after
the extra session has developed exactly
what will be done with the tariff and what
may be expected concerning the currency
issue. Every one acquainted with the
policies of the incoming administration is
confident in its ability to deal with the sit
uation and to prepare the way for res
toration of national prosperity.