New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-27
NEEDLESS ANXIETY.

Certain people are worried about overproduc-
ton Of iron, cotton goods and some other prod
ucts, and the resulting weakness In prices. It
may be noticed that the people most worried are
those who neither hold nor produce, but exhibit
a deep interest as onlookers lest the progress Of
home industry should reduce prices. Such a re-
duction as to depress any branch Of manufact-
ure so far as to bring back the stagnation caused
by the Democratic Free-Trade policy would In
deed be unfortunate But a reduction which
springs from the free competition Of American
works with each other, stopping none but In
creasing the output, the number Of hands en-
ployed, and the wages paid would not seem q
disaster to anybody except foreign manufact-
urers or Free Traders To bring about that free
and wholesome competition Is the avowed OBJ
ject of the protective system, and to such COM
petition has been due a great part Of the cheap
ening Of products for consumers which has
marked the progress Of the last thirty six years.
1t Is true that defence against foreign COM
petition sometimes stimulates a production
which outruns the consuming demand. In the
iron and steel manufacture since great works
cannot be put into order for operation at mo-
ment's notice. but. In the nature Of things have
TO anticipate a demand some months ahead.
there is often an excess Of production in some
seasons balanced more or less accurately by
excess Of consumption in others, and the posi-
bility of error in judgment attends the industry
in this Just as In other countries But 1t Is
not by any means clear that the output Of pig
iron is at all IN excess OF consumption now, or
greater than 1t needs to be in order to provide
for the heavy demand usually seen after a new
year has opened. Up to this time the consump-
tion Is the largest ever known in this country
In the cotton manufacture there obviously
was excessive production, which raised the
stocks of unsold print cloths at Fail River and
Providence from 100000 pieces In November
1895. to 2,212,000 in November, 1895, and in
greater or less degree similar excess Of produc
ton doubtless occurred In some other branches
It may be well to observe that the whole Of
this increase occurred under the Democratic
tariff, and In the presence Of Democratic as
saults upon American industries and promises
OF lower prices which had influence to disturb
buyers. The naked fact is that the excess re-
suited from an unusual restriction of consump-
ton under the Democratic policy when a vast
number Of people were out of employment
That the manufacturers misJudged the situation
In the fall Of 1895, and thought they had last
ing good times before them when there was
no other gain than that due to an enforced re-
plsnshment of stocks, is doubtless true, and II
they had all listened to Democratic prophecies
OF prosperity under the Wilson tariff they
would have piled UP several million pieces more
Of unsold goods. The remedy for them, as for
all others who go too far In anticipating future
: demand, is to curtail production for time
But this the cotton mills In different States and
under different legal and other conditions do not
seem able to DO as yet. They hold smaller un
sold stncke Than when McKiniey was elected a
year ago, and yet enough to cause them EN-
5arrassment
Il is not pretended uhat tte1 h1s heea Svex