The San Francisco call., 1897-09-12


lem, but earlhly prosperity. enduring as
long as human nature would permit. New
York Central was 112, and went to 130
Northwest common rose from 90 to 81;
preferred, S5 % 104; ST. Paul from % 10 79 /;
preferred from &C 20 100. and all the rest o.
them in like proportion. Of course, Green
back leaders explained that this was all
tenn porary. because no real prosperity
could come without greenbacks. Never
theiess, the world went on. There was no
lack Of money, because we had business
which paid, and whenever nation has
business which pays it can draw on the
money Of the whole world.
How like those are the events of the last
twelve months. Prior to the passage of
the tariff act, we had schemes like those
which preceded the first day OF 1879
Offerers of the patent remedy stood by
and jeered. They Knocked at us when our
fear came. But when due legislation had
been had and there was ofurther change
to be looked forward 10, when business
had reached its sound basis and there wa
q reasonable chance TO calculate the
future, there came repetition OF the phe-
nomena OF 1879. Stocks have gone up not
cause mems minds have changed and the
whole Nation takes utterly different views
of the future. A stock which is worth 40
when everything seems on the down
slope easily becomes worth 80 when
people feel We are on the UP grade. When
YOU are going down into the dark nobody
knows how far down you may go, and
when you go up into the sunlight nobody
can tell how far up you may go. Fear in
creases the fall; hope increases the rise.
What makes prosperity and what makes
hard times?
Way down to the base of things. causes
may be different each time and perhaps
incomprehensible. but on the surface they
are 10 only results OF states OF mind.
What is prosperity for a nation2
Ii IS to have all its people at work.
When all the peopIe are at work the
nauon is adding TO its wealth all that is
possible in its dag and generation. New
inventions might have made it. more, but
for eacn year the labor of each nation is
the sum Of that years creation OF wealth.
What make men work.
Their own mental condition. In the
cid savage state, when any man
made up h.s mind 10 work, be could go
into the forest aud by a stream alone, and
his wigwam had 6SA and flesh and fowl
and blankets and Scalps and other neces-
sarles OF life. Bat modern life is not so
simple. Civ,iiz .loa Is complicated De-
ycnd ell hope u Unravelins. For mo
part al ven Can 90 : 10 let il unravei. Ii
is : knot waloh must unite itself. No
sword, even 0: Alexander, can cut it.
all no1eEn making Of things require
the union o. many men. The pros perity
OF modern society demands the simulta-
neous actsoa Q: aL. When that comes,
everything comes After great smash
like thai OF 1895, or that Of 1873. there IS
nothing 10 90 bat wait ana let the busi-
ness OF the world settle itself, carefully
keeping, mean while, the medicine men
of finance with their feathers and rattleS
out OF the way OF the sick man. When
public confidence is profoundly shaken it
must re-establish itself. 1t has been
shaken by causes, and those causes must
be removed.
Men and nations and the whole civil
lied part of the race go from one extreme
10 another. These alterations seem as
necessary as the ebb and flow or tides OF
the ocean. When those of the world gets
inflated at certain periods ii will, go too
far, and then there must be a settlement.
1t must be settled who owns the property,
and until that Is established nothing else
can be done. Those who nominally own
property resist this. They hope some
miracle will help. Then, after settle ment
if any laws be deemed necessary they
delay. Some false starts may be taken
ike that 10 which the Venezuelan war
cloud gave spch chilling frost.
But, finally, when all things are ready,
something always happens which devel-
ops the fact tnat confidence has returned,
and 10! the whole world has a ifferent
aspect. Wheels begin turning, freight be-
gins moving, commerce resumes her full
sway, one by one each employment TAX S
up its march, and the Nation as a whole
goes TO work again, urged on by the never
dying yearnIng for an increase of wealth
TO be consumed for pleasure, or wealth to
be boarded for reproduction, until the
time comes when all stand fearful on the
brink. When it will come no one can tell
beforehand, but that it will finally come
every wise man knows
Has 1t come now? Is it close upon Us?
1t Is always unwise TO prophesy about the
immediate future, for it may be remem-
bered against you ii you go wrong and as
you are only mortal the chances OF being
right are against You. 1t is better 10
prophesy about things TO happen in a
hundred years or preferably in a thou
sand, for then II you go wrong you are all
dead and distributed
Nevenheless all sym ptoms OF prosperity
are here. Men are willing to lend money,
and sensible men are wiling 10 take IL and
risk 1t IN new enterprises. In word, it
looks like 1879.
Another encouraging symptom is that
the financial medicine men are now ex-
Ilainlng in q low tone of voice why what
they'said IN such loud tones last year was
not so. This is prelude to the utter
silence which will fall upon them in due
time-a silence which will be signal that
the world has settled another financial
problem in the only way it can be settled,
and that is in the minds of the people.
A good many questions have been set
tied these last few years. In all debates
IN the House this past session there was
but one man who even mentioned the