New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-04
THE DISASTER TO BE ATER7ED.

This vear the cloud Of dust and deception raised
ahout minor ISSUES must not be suffered to hide
the key Of the whole National contest the sirug-
gle for upright loyal and sound-lnoney Con-
crcssmen There il to he "A tremendous effort
This wear TO blind the eyes of voters by great
fuss about State issues. Army questions. city
questions. excise laws anything except the
control of Congress. which the enemy needs
above all else If It cannot strike down conn
dence. and break public prosperity. and bring
about reaction and angry discomfort the silver
Democracy well knows that the Presidential
election will he decided by prosperous people
against the party Of dishonest and revolutions
arv schemes But to capture Congress trckery
offers the only chance. II Congress is judged
by the work done by the restoration OF general
prosperity instead of prostraton. the Demo
cratic minority will be small. Only If the peo-
nle can be fooled into forgetting Congress. ana
diverted by stories of canals and hospitals ana
non portisanship in cities and taxes OF liquor
saloons, there a chance that Democratic
Congress can be elected which. when II gets
TO Washington. will be a free-silver Congress.
AT the outset the minds of voters need to he
fixed upon the consequences OF such Demo
cratic success For be it well understood. the
disaster will not wait until such congress
can do anything. 1t will begin the instant con-
fdence is destroyed by the election or Demo
cratic majority in the House ard Senate Inc
financial and commercial world does not know
in how many ways the maintenance OF souhu
money and the protection OF home industries
NAV he undermined or broken down ny the Cd
structions which hostile Congress has power
TO offer In spite of the Administration. Il does
know that few more Democratic votes would
have blocked the tax and bond bill last SUM-
mer. and forced a choice between Nati0nai
bankruptcy or Spanish success. and That the
future will he full Of peril If the party Of revo-
linton and dishonor gets power enough to block
the work Of the Government.
Because distrust of the future would come
at once instead Of confidence the disastrous
consequences Of such success wonld inevi-
tably begin long before n new Congress could
meet The present Congress might so legis-
late as to prevent much mischief were there
not now a ma iority in the Senate composed ot
Democrats Populsts and Slverites. which
would then have every inducement TO act to-
pether for the defeat Of measures Of precantlon
and security. The worlds fnancers would
know at once that confidence would no longer
sustain the values Of American securities. and
would begin 10 sell. What effect the selling OF
such securities on foreign account and by eau
tous American investors would have upon the
markets and currency can be judged Ivy the
effect which was produced after the election or
1892. Manufacturers throughout the country
would realize that the future had become full
of uncertainty, and would begin TO get ready
for closing works. as they did I'm the winter and
spring six years ago. The fears or many would
go far to create the disasters they dreaded.
From S65 ~ share, the average price OF
railroad stocks In the last week OF October.
1892 the fall 10 Sal II at the end of the next
July took 364 per cent from the value Of
stocks. or about 81 200 100000. besides nearly
az much from the value Of bonds, and threw
into bankruptcy great corporations having
many thousands Of miles Of railway. The stop
| mage of Industries disclosed by Investigations
in the last half Of 1893 and in 1894 by Il. G.
Dun & Co showed a decrease Of 294 per cent
in the volume of business done: In wO0llcn
| goods. 4G7: in knit goods. Az; in iron and
steel manufacture, 39S; In cotton manufacture,
! 81; In silk manufacture, AZ, and In all wages
paid to manufacturing labor. ~ per cent.
| That would mean difference Of about $1,000
| 100000 a year in the volume Of business done.
| The decrease In all payments actually made
through clearing houses In the last half Of 1903
! COMPARED with the last half Of 1892 was
! 81 1896. 100000, covering operations IN securi
/ ties and produce as well ms in the great indus
tries
These facts serve to indicate the sort OF
/ changes which the mere prospect of n revolu-
ton in the National policy did produce in
1893 and which, having once been experienced
would be produced the more easily and In great
or measure II the revolutionary party which
threatened National safety In 1896 should gain
control Of Congress. The people who forget
all this. In potterng about local issues In this