The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-02
THE SUFFICIENT CAUSE.


Concededly trade and financial condi-
lions are quite as bad today as at any
time since the panic fell upon the coun-
try in 1898. Even the slow, recuper-
alive processes that had been mending
conditions, clearing away the wreck
age, seem to be checked. The promises
of restored confidence, invigorating in
dustry released from the thralldom of
fear. should the election decide the per-
manency of the gold standard, are yet
unredeemed, and no fund appears for
their redemption. Why is this? The
chief cause of this Industrial relapse
appears, upon a review of antecedent
conditions and events The nation is
going to school in that stern school of
detectives, experience. and it is getting
today and all. these days one of the
primary lessons.
When the cyclone of 93 had swept
the country the work of clearing away
the debris and beginning the rebuilding
began. Progress was naturally slow
and painful. Legislation could only as
sist by removing burdens and obsta-
cles. So habituated has the American
man of business become, through his
blind worship of our American fetch,
to look to the state either dreading it's
injurious interference, or praying for
its aid, that the ensuing session of con-
gress, on the whole, impeded rather
than helped restoration. Individual re-
Operative effort waited or slackened
to await the action of congress. That
passed, the work went on. Conditions
were plainly mending. Then came the
silver craze, joint child of industrial
distress and a vicious monetary sys-
TEN. The contest of the standards alb
sorbed general attention and interest.
Time and effort needed in the restora-
1--WE processes were given to politics.
Again the palsying touch of politics
in business was laid upon industry.
The election over. carrying the assur-
ance that there would be no immediate
tampering with the standard of values
the repressed industrial energies bound
ed into instant and vigorous activity.
The first weeks Of November filled the
news columns with accounts of mills
starting, factories resuming, furnaces
going into blast. The great danger
had been avoided. The sole issue of
the campaign was a gold or a silver
standard. All other questions were set
aside. The confidence that alone was
wanting for complete convalescence
was to come with the triumph of the
gold standard. If Republicans spoke
or the tariff it was in subdued tones
about moderate protection subordi-
mated to revenue.
The last week in November brought
the startling announcement that the
presldent-elect would call congress in
special session soon after his inaugura-
ton, for what? To give effect to the
decision Of the polls and reform or
Wfetched monetary system so as to
insure the permanency of the gold
standard? Not at all. But to restore
the only policy which gave him the
presidential nomination, while ignoring
completely the one that gave him the
presidency. Thereupon industry Quit
work. Confidence folded her wings and
moped. Doubt spread hers and croaked
The future became certain only Of I'M
certainties. Change was coming in the
cost of the materials upon which indus
try wrought, but what they would he
none knew or could know. Prudence
dictated marking time. When a pa
tient is convalescing there is no halt
ing place short of health; if there is
not Improvement, there is relapse. That
IS our present condition. It shows ev
eryWhere. Assets that were quicken
ing have become slow or dead. Trade
goes on from hand to mouth. The con-
Stunning power of the people diminishes
AND, meanwhile. down at Washington.
the Dlngley committee are diligently
striving to devise ways and means for
still further diminishing the purchas-
ing ana consuming capacity Of the
mass. There, too, is the chief cause
of the relapse. Puck's motto should he
the national one: What fools these
mortals be-"