Iron County register., 1898-08-25

It is true that the number Of busi-
ness failures during the last has been
smaller than for the same months in
any year since 1858, but the number
is larger than for the first six months
in any other year since 1879. We grant
that in four of the years included
the amount of liabilities was larger.
But the number of business concerns
failing is a much surer test of condi-
tions than the amount. That is to say
the failure of 100 small business men
for $4,000 each, making 81 100000 in
the aggregate, would speak worse for
general conditions than the failure Of
two men for ST 1000, 900 each, making
s., 900, 900 in all. The best business con-
dition is not always that which repre-
sents the greatest aggregate, but that
which enables the greatest number of
individuals to do business safely and
with a fair and reasonable return for
The manner in which wealth and busi-
ness are distributed count for much
more than mere totals, because the
latter may represent the operations
of the accumulations of only very
few individuals.
But the point to which we especially
wish to direct attention is this: In
order to make good showing for busi-
ness conditions, comparisons are in
stituted between 1898 and the very
worst years we have ever had, at least
since the panic of 1857. During the
years 1S93-4-5-6, and the first half of
1897, the condition of general business
was simply appalling and the suffering
among the poor was almost without
precedent. AS matter of course 1897
shows up fairly well, when compared
with such years. The wonder is that
the showing is not better, for there
have been many elements at work
which have operated strongly In our
favor. First was the extraordinary
shortage of food products in Europe
and the countries that are generally
our greatest competitors. As a conse
quence we have probably sold from
500, ,00O, 900 to $3.50, ,6O0, 900 more bread
stuffs than we otherwise would. This
itself is tremendous item. Then
the war has certainly been to our ad-
vantage. The direct disbursements of
the government on the army and navy
cannot have been less than $75. .000, 900
another immense item. Henry
Clews, in recent circular, says that
by reason of the war this summer
American travellers will probably
spend abroad s5o,OOo,OOO less than
usual-another tolerably good-sized
sum for use at home. Turning to the
other side of the account it is difficult
to see where the war has made ma
terial cut into a single important in
dustry. Excepting with Spain, which
is a small matter, our commerce has
been wholly uninterrupted. and busi-
ness has gone on just as If nothing kad
occurred out of the ordinary. In
deed, many eminent fnanciers con-
slider that the war has been positive
advantage. Under such circumstances
the existing conditions are most as
suredly less favorable than they should
be. The question naturally presents
itself: What would they have been
with normal crops in other countries.
no war expenditures, and with the
usual amount of American money car
ried abroad? 1t is perfectly safe to
make answer that without these un-
usual adjuncts business would have
been at its lowest ebb.
These observations have not been
made in a spirit~of pessimistic croak-
ing. We have no desire to belittle any
real prosperity that the people may be
enjoying. Our purpose is merely to
call attention to the fact that the
great victory for sound money" In
1896 has not caused the whole land to
flow with milk and honey. 1t is not
possible to point out single improve
ment that can be fairly or even hon
es:ly ascribed to the triumph of the
so-called "sound money" principle in
the last presidential contest.
The country, a S whole, has simply
reaped certain benefits from the mis-
fortunes of others, while among our
own people the abnormal conditions
have enabled few producers land
few speculators) to profit at the ex-
pense of nearly everybody else. That
we are right upon this point is conclu-
sively shown by the circumstance that
for eight months after McKinley's
election business grew worse and
worse. ana only showed symptoms OF
reviving when it became clear that
there was an extraordinary scarcity
Of food products abroad. Nor can the