Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1897-08-30
CONCLUSIONS THAT WILL BE DRAWN.

I
the Republican party's interests perfect
| ly. Less than month has interviewed
since the new Republican tariff was
passed and signed by President Mckln-
ley, and already the wheels have begun to
go round. OF course the free traders can
see no connection between the tariff law
as it now stands and the improvement of
conditions in the commercial world. 1t
is equally as true that these same free
traders asserted that the chain of tinan-
kcial disasters which followed the result of
the election 10 1892 could in uoway be
cratic congress and president, but that
they came and that there was no return
to pros perity so long as the Democrats
were in power cannot be denied. The
world does not really ascribe such comet
dents to accident. The people can easily
see that within few days after Mr.. Cleve-
lands election In November, 1892, an era
of bad times set in, and in August, 1897,
shortly after a Republican tariff law went
into effect an era of good times set in, and
half century of denial of these facts on
the part of the free traders will not alter
the conclusions intelligent men will form.
1t cannot be denied, neither is such a
denial made, that the shortage of crops In
foreign countries has not had much to do
with industrial prosperity in America.
SO the banking panic in Europe in the
latter part of 1890 was not induced by
Democratic votes in the United States.
| How serious the influence of foreign dis
asters would have been in this country
had no revolution in national politics
been foreshadowed may not be definitely
stated. But everybody can understand
I that the effects in this country would have
been much less serious if there had not
been such state or things produced here
in 1892 '93 as to promote heavy sales of
American securities on foreign account
and large exports of gold from this coun-
try. No doubt the large crops and the
foreign demand have helped the country
this year and will yet help it, but no such
efforts as are now seen could have been
produced if there had not been steady
preparation for months in every branch
of industry for the revival expected after
the enactment of a new tariff. Without
Ignoring the contributing influence of
foreign disasters in 1892 or of foreign de-
mand in 1897, it may be claimed with
reason that the rough public judgment Is
not in error. Great disasters came in
1892 '93, and it is not probable that such
disasters would have appeared had not
a revolution in the policy of the govern
ment comes in 1897, but such improve
ment, probably, would not have come if a
return to the wise Republican policy had
not favored it to the utmost.
The opponents of q protective policy
will treat these suggestions with derisioD,
as is their habit. They say that a tariff
enacted in July could not have caused the
large crops in this country, or a shortage
abroad, but such talk is deceptive and
begs the question. According to the
government reports there was larger
crop Of wheat in this country in 1899
than may be expected this year. That we
will have larger foreign demand for
wheat than We had five years ago, when
exports were but little lees than 200,-
100000 bushels, is not at all certain. The
course of the stock market must not be
some weeks past to cover its grain re-
quirements by selling securities, but con-
fidence in the future is so strong that
prices have steadily increased in spite Of
foreign selling, and the net result has
been large buying by new investors in
England and Germany. Five years ago
the situation was entirely different. The
selling then met no defeating confidence
in the future of American securities.
The sum aud substance of the whole
business is the strong faith foreigners
have in the reouperative powers of this
country. We know they are right now,
as we knew they we're right when they
! figured on setback five years ago. 1t
was no idle dream nor mere guess work
at that time and today this country is
rapidly returning to the level of business
done in 1892, after five years of free trade
disaster.
The voters who will give these facts
careful consideration will arrive at the
conclusion that the Republican policy of
protection means national prosperity,
and that conclusion will not be far from
right.