The sun., 1897-04-19

sndeayor by negotiation 10 erect an internhr
,ional bmetallic agreement confirms what
cas- said in this column last Monday OF his ro-
irctanco to mako any serious effort at present
ar The reform of our currency system. One Of
.hs ENJOYS, Senator wolcott. has only recently
hecn over tho field which he II no1 again to
.,p,orc. and II he discovered in It anything
favorable to the restoration by the Governments
a, Europe OF silver to its former eminence, he
has not reported it. Tho latest declaration by
Nr. Bnlfour. the leading bimet allist member OF
the British Cabinet, is to the effect that Great
britain will do nothing for silver, the officials
ot France and Germany are silent on the
,uhicct. whilo Russia and Austria are steadily
moving toward a resumption Of specie pay
mcnts in gold. Outside of Europe, Japan and
peru are preparing to adopt the single gold
,tsndard, Chill and Brazil have already done 1t,
and II there is any country ready to declare for
bimetallism 1t has not mado It's intention known.
Tho step which President Mckinley has taken
IA therefore, rather formal and perfunctory
compliance with the promise of tho party plat
form uron which ho was elected to promote"
an International agreement for the free coinage
of silver. than n serious attempt to bring such
an agreement about. The ultimate effect OF 1t
will be simply to demonstrate that international
bimotallism Is n chmera that the currency
issue in this country is solely one between tho
all efforts to mako 1t anything else will be futile.
Meanwhile, the adoption of a new customs tariff
act more distinctly protective to home industry
than that which is now in force. proceeds slowly
but surely to its consummation. Tho act has
passed the House OF Representatives, and the
opposition to 1t In the Senate has been so far
overcome that its passage there is confidently
predicted before tho end of this month. Then
the efficiency Of the measure in producing the
prosperity which 10 now said to be wanting, and
upon the return of which the political future Of
the nation for the next four years depends, will
be put to the test. II the measure succeeds in
accomplishing what is expected Of II, the DOM
nation OF the party now in power and the main
tenance of the gold standard are assured for an
other Presidential term; II 1t fails. q Democratic
victory in 1900 Is possible, and with It the over
throw OF the gold standard and the substitution
In its place OF that of silver at the ratio Of 10 to l.
Unfortunately. the efficiency of the new tariff
in restoring prosperity is con iectural. Itmay
vve certain branches Of homo industry now de-
pressed by foreign competition, and 1t may thus
furnish labor with moro ample employment, but
that 1t will go further than this and Immediately
increase the volume of all kinds OF business It
would be hazardous to predict. Just so far as It
Increases the demand for articles Of home pro-
duction it will diminish that for articles pro-
duced abroad, and thus tho importer will lose
some OF the trade which he now possesses. Tho
less, too, we buy abroad tho less We can sell
there, and thus tho exporter will have less to do
and. of course. will have his profits lessened.
The net addition to tho wealth Of the country
will consequently DO small. and as any addi-
tional revenue resulting from increased duties
will be drawn from the pockets Of our own citi-
Irns the only benefit we shall receive from the
increase will be exemption from further Govern
nent bond issues.
On the other hand. the moral effect of revived
Industry under moro protective tariff will bo
very considerable. 1t is true, as the free traders
Insist, that protection benefits . comparatively
few at the expense Of the great mass, but those
few as long as they arc dissatisfied, arc q cause
OF disturbance out of all proportion to their
numbers, and when they are contented and cheer
ful they diffuse cheerfulness in wide circle all
around them. Tho multitude arc not complain
Ing of hard times. They are as well OF as they
usually are. They arc reasonably we'll en-
ployed and arc well paid; and their eIpendi-
lures keep the ordinary industries Of the coun-
Try going on IN tho ordinary manner. Tho talk
about millions OF people starving in idleness, of
thousands OF factories standing idle. and Of uni
yrrsally prevalent desolation and decay. is
rhetorical exaggeration. INDUCED In by men
who are more desirous Of producing an effect
than they of telling the truth.
Depression. as Gen. Porter recently said of
Boston, is a state Of mind and like all states Of
mind, 1t is produced by the contrast Of present
conditions with those which have been or those
which are desired. While to a laboring man
earning 81 day, an assured income of S3 a day
seems great wealth, to man who has enjoyed
the spending Of 100000 year a reduction to
$4,000 Is poverty. DR.. Kane tells how his
sailors. when they came down from the Arctic
regions, where they had passed the winter in q
cold Of 40' below zero, to Labrador, where tho
thermometer marked 10' above, found the tenn
perature oppressively hot, but we here In New
York think that 1O' above zero is pretty wintry.
ills all q matter of comparison. People COM
plain OF hard times, not because the country is
devastated by famine pestilence, or because
they suffer for want Of the necessaries of life. but
because they are not all getting rich as fast as
they were few years ago. Our harvests are
good and our exports of agricultural products
Immense; our mines yield abundantly; our fac
tories turn out more goods than can be con-
sumed; the building OF new buildings, here In
New York, at least, goes briskly on. tho streets
are full OF vehicles, foot passengers and bicycle
riders, and hustle and activity. during business
hours, everywhere prevails. From . superficial
view of things nobody would suspect the exist
ence OF the commercial depression about which
80 much Is said
sence OF which gives rise to complaint, Is a con-
unuaIy increasing expansion of enterprise like
that which began with the resumption of specie
payments in 1879, was checked by the Barring
catastrophe in 1890. and was finally stopped by
the crash OF 1893. During these fourteen years
thousands of miles OF new railroad were built,
Yielding fabulous profits to tho original build
ers; new towns were laid out by the hundred.
ana lots in them sold Ut inflated prices; mines
were opened which. for a while, paid handsome
dividends; all sorts OF industrial businesses were
prned into stock companies and their securities
marketed at high figures; wages steadily ad-
.Ahced and everybody felt happy except tho
farmers and planters whose products, under the
.ompetition stimulated by the multiplication of
transportation facilities by land and by water.
pseiined in value The tide was rising, and those
VINO were borne along upon it thought, as men
u'ach times always think, that 1t would go on
rising forever
warning OF the prccariousness OF this fever
nn prosperity came In 1890, when tho failure of