The Owosso times. (Owosso, Mich.) 1897-1926, 1897-03-12

Plenty OF Money I'm the Country
Manufacturing Industries Re-
viving-Prospect of Tarin
Revision.
The free silver men of last falls
memorable campaign seem to take
great pleasure in asking their Repub-
lican friends about the good times that
were to follow the success of the Re-
publican ticket. They forget, or choose
to ignore, the fact that the president
and congress elected last fall only COM
menced their terms Of office on the 4th
of March, and have not yet had time
for any legislative or administrative
acts. We are still living under the
laws enacted by Democratic congress,
and until within three or four days ad-
ministered by a Democratic executive
with a strong leaning toward free
trade. 1t will be time enough to hold
the Republicans responsible for those
business conditions that are affected by
a tariff when they have had time to
pass an act. If they don't get at the
work of tariff revision more speedily
than the Democratic congress did after
its election four years ago, they will
be open to just criticism, and If their
tariff legislation does not have better
effect on the business of the country
than the Wilson act did, they will in
vite defeat in the next congressional
elections.
There were two things which the Re
publicans proposed to do If they were
successful in last falls election; first,
restore confidence in the financial sys-
TEN of the country, and second, revise
the tariff on the protective instead of
the free trade theory. Upon the COM
bination of these two they based their
prediction Of return Of business pros
perity.
The result of the election almost i'm
mediateIy accomplished the first. With
in a fortnight after the result was
known, gold came out of its hiding
places, boarded money was deposited
in the banks for use, and the rate of
interest began to fall. The fact was
almost Immediately demonstrated that
there was money enough in the coun-
try to do all the business there is to
do and gold enough for every use that
is required.
Events since have demonstrated the
fallacy of number Of the free silver
claims, among others the claim that
the continuance of the gold standard
would further reduce the price of sill
yer, and that the price of wheat invar-
iably followed that of the latter metal.
AS matter of fact, while silver has
remained nearly stationary during the
past four months, wheat has advanced
more than so per cent above last No
vember's price.
The expectation that business would
spring at once from the PROSTATE con-
dition in which it was last fall into a
boom was unreasonable. The recovery
from severe illness does not come as
suddenly as that. But the recovery
has already commenced. The CONNER
cial reports have, every week since De-
cember last, brought accounts OF the
starting of manufactures that have
been closed and the reports of the last
two weeks have been especially encour-
aging. In the whole range of iron in
dustries work is more active than it
has been before for two years past,
and the eastern cotton and wooden
mills are showing similar signs of ac-
tivity. Our exports are again increaS-
ing and labor finding increased employ
ment. All these things must very soon
add to the demand for the better grade
of agricultural products.
The rapid progress which the house
ways and means committee are max
ing in the bill for tariff revision has
been an important factor in bringing
about this result. The passage of the
bill, which is likely to occur within
three months, will, unless expectations
are greatly disappointed, complete the
work of restoration.
1t is believed by many of the best
business men that the triumph of the
free trade, free silver ticket last fall,
would have brought the country to al
most universal bankruptcy. Whether
that is true or not is matter of opinion
that cannot be absolutely proved or
disproved. One thing however, is GER
tain. the Inauguration of free trade
four years ago was
speedily followed by Industrial depres-
sion. that lasted through the whole
term. The Inauguration of a protec-
tive tariff Republican administration
Is accompanied by the most encourag-
ing signs of revival of industrial
activity.