The record-union., 1897-06-15
HOPE INSPIRES CONFIDENCE.

The calamity press still keeps up its
grind of the question, Where is the
general prosperity that was promised
with the election of Mckinley" On
that question as a text the opposition
press continuously tells of increasing
distress and gathering woes and hard
er times, and by implication would
lead its readers to think that if the free
silver advocate had been elected we
would have instantly had general
prosperity" booming business and
clamorous demand for labor in excess
Of the supply. Stripped of its mask
this plea and implication is disingen-
uous. 1t is little short of a lie.
The Republican President has been
in office but three months. Almost
the same length of time Congress has
been in session under the Presidents
call wrestling with one of the very
problems that was a vital issue in the
campaign of 1895. That it has not
been able to agree as yet is vexatious,
nay deplorable, but the act of the
President in converting the houses, was
in line promptly with promise of his
party. AS speedily as could be done
he named commission to consider In
ternational monetary agreement, and
sent it to Europe to enter upon its du-
ties. That, too, was directly in dis
charge of the promise of the platform
upon which Mr.. Mckinley was elected.
During each of the three months since
Mr.. Mckinley took office, the national
debt has been decreased, during the
month of May not less than million
and half dollars being paid on that
account.
There have been no deficits and no
forced loans since the administration
took on responsibility. There are
signs on all hands. says the New York
Mail and Express" that prosperity is
returning to the country, cavil as much
as the calamity grumblers may at the
slowness of the movement.
If, as the croakers have been so per-
sistent in saying, Wall street is a Their
mometer by which the pulse of the
money movement of the country can be
counted. then in the mouth of that wit
ness are found evidences of improve
ment, for the foremost operators in that
quarter are agreed that the upward
tendency of prices is a positive sign of
increasing confidence in the business
situation. If the stock market, as one
of the largest and most skilled opera
tors of Wall street asserts, forecasts
changes in business conditions, then
there is every reason to believe that the
tide of prosperity is running in. He
declares that not for the three years
has there been such general confidence
and trust among investors, nor has
money ever been so cheap as it is to-
day.
The volume of actual transactions in
the United States, says the New York
Tribune" are shown to be not one
tenth in value smaller than in the years
of greatest prosperity ever attained
by the United States although the vol
ume of payments represents a much
lower range of prices. It adds:
This decrease, whether a little more
or less. is greatly to be regretted, but
it is not paralysis. Whatever else may
be with reason said of the difficulties
in the way of industrial recovery. it
cannot be said that business is par
alyzed when the earnings Of all rail-
roads reported for May are only % per
cent. smaller than in the same month
of 1892.
Intense phrases sometimes defeat the
praiseworthy motive for which they
are employed. 1t is exceedingly i'm
portant that Congress should not delay
one day longer than is necessary in set
Ting the tariff question. 1t is true that
heavy impertations of some products
have so far clogged the markets that a
return to normal conditions can hardly
be expected for some months.
The difficulty is that croakers do not
or viii not pause to consider that there
has been woful depression for several
causes for nearly four years, and that
recovery must of necessity be slow,