The Republican. [volume] (Oakland, Md.) 1877-current, 1897-02-04

Because the business of the country
has not Immediately and fully recov-
cred from the depression that has so
long afflicted it the free-silver journals
are noisily claiming that there has
been no improvement at all since the
election last November. And they
are confident, of course, that there
will be none. The motive of their
croaking Is plain to everybody. They
are still mourning the lost cause of
the fifty-cent dollar and vainly dream
ing of its resuscitation in 1900.
Outside the ranks of the Bryan par
tisans, however, considerable impa-
thence is being expressed of an unrea-
sonable kind because the business re-
vival does not proceed faster. There
tation in some quarters that the mere
vote of the country in favor of main
tanning sound money conditions would
of itself instantaneously restore pros
perity in full measure. A little reflec-
ton only is needed to satisfy sensible
men that there is no magic power in
the casting Of ballots on election day,
no matter which party prevails, to
transform in a day or month, or even
in three months, the whole face of in
dustry and trade. The country did
not touch the bottom of the pit of
dull times in a single month or in
many months. 1t was a gradual
decline, which began some months be-
fore President Harrison went out of
office in 1888, and went on from bad
to worse until with the appearance
of the free-silver spook at Chicago
last summer, it reached it's last point.
That the recovery will progress faster
than the prostration there are excel
lent reasons for believing, but it can
not and will not come all at once in a
great flood.
1t may be protitably reflected that
it is better that the good times should
come upon us as they are coming, with
a steady and conservative movement
toward complete convalescence, be-
cause that is the only way in which
prosperity can be brought back to stay
There is no method by which indus
tries long depressed can be suddenly
and completely revived, nor by which
trade conditions, long demoralized can
be made entirely sound as ''in the
twinkling of an eye" To produce
any such violent transition from bad
times to good there would have to be
a resort to initiation processes and to
the stimulant of excessive specula-
ton. That would be the wildcat way
of reviving business. 1t would sim
ply mean a short period of delusive
good times while the speculative de-
bauch lasted, and then would come
the inevitable smash and a slump
downward to worse depths of depres-
sion than before.
Nevertheless, the silver organs are
wasting their ink and space in their
futile efforts to deny that there has
been any improvements at all in the
business situation since the election
Of Mckinley. The evidences of a very
decided improvement are seen on all
hands and are cheerfully recognized
by the business world and by all in
telligent observers. In the first place,
it is certain that our credit abroad,
which was under a cloud so long as
Bryan's election seemed possible, has
been firmly re-established since his
defeat was announced. American Sc
cnrities are as strong as the strongest
in London market to-day. They find
equal favors there with the gilt-edged
bonds of Great Britain herself. This
in itself worth many millions to
American borrowers. 1t means that
money from Europe is ready to pour
into this country for investment in
all forms of legitimate enterprise at
lower rates Of interest than have OBJ
tanned during the gloomy years that