The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-01
SATURDAY, DECEMBER i. 1900.
DEMo.l;A, \ AND r.ANlCs.

PERHAPS some day the commercial ana
financial experience of the world will be
reduced to almost closed science II
that day over dawns. it VII be as iinpos-
sible to stir up & popular enthusiasm Tor
cheap money as it would be to get the
public to-day to adopt burning witches as
a means for preventing typhoons. II all
depends on the degree to which the eX-
perse7,ce of one generation becomes the
instincts of the rest. Darwin's law Of the
survival of the fittest is as potent in
teaching the multitude the advantage Of
savings bank over old stockings as IN
turning the Artic hare white in winter
or developing the big toe of the monkeys.
The artic hare who does not turn white
viii get caught, and the people who for
ever held to failacies will get left in the
race But the good part OF the law OF
ones profit from another's experience Is
that the better way comes after while to
be the natural and only way, and people
wonder how It was ever done otherwise
England was terribly disturbed two CEN
turies ago over the destruction of her for
ests to make charcoal for smelling iron
ore
To-day that burning question has been
settled without leg Station by the mere
fact that the public have found out that
hot blast furnace with coke is better
means Of accomplishing the same end.
History is nothing but a record OF the
discoveries that mankind has made in
Z.
is a matter of importance that these dis
cnreries be properly chronicled, that future
generations may not follow false gu des.
1t has Eaen popular for some time to
lecry Tive Democratic party az tho party
OF panics and 10 point to The fact that
even under that strong tower of sound
finance Grover Cleveland, the panic Of SO
came upon this country with all its force.
The New York Sun mentioned this panic
casually some weeks ago. and had the
asst rance to add that the pane was due
to the fact that the Democratic party was
pledged to reduce the Ubiquitous tariffs
1esied for the benefit of infant indus
tries" Tits Cry has since been raised by
Gul,ton's Magaz ne. one OF the best politi-
cad and public publications OF America
Gunton,s Magazine says:
When discussing Bryan. the New York
Times could see that his election in 1886
and In 1900 would have preclp.tated a panic
instantly, although It knew that he could
not do anything for at least six months
after he was elected. He would not be
inaIgursted until the fourth of March.
and II he called a special session the next
morning, it would probably take a month
or two before he could acconpl sh any
thing. Then why did the Times proclaim
that his election would mean an imme-
cIate disruption of our financial inst tu-
t.c,sc Because the Times knew that the
public. business men, and especially finan-
ciers. Will act just as promptly or not
moiIe SOP on an anticipated policy as on
an accomplished one. In fact, the Times
knows, and noaody better, that the whole
business, industrial and financial. ACT on
of the community is mainly based on an-
ttc,pation Of The future. Let an alarm
come forth OF a>disturbance in the bants-
ing centers of the world, and fright and
perhaps panic is instantaneous. That is
Why the ru1,u- Of a war will often dei,ress
securities in the money markets through
out the world. In the face Of such obvious
facts. for the New York Times to deny,
ana especially in the interests of political
integrity. that ,he panic Of 1888 was caused
~ -Aa. AieScials1 eiScison IN leS- SaNotS
of an ardac!tr that would do credit to
BRYAN or Croker. OF course it was not
what Mr. Cleveland did. il was what il
was feared he would do that usllered in
the panic. The panic came ahead Of him.
hut II came because it was knows he
was Ginning with disruption n his hands.
But Is II not rather true that the public
doubted the ability of the Government to
continue for an indefinite per cd ,tle ,ur-
chase of dollars Tor 100 cents tina, were
only worth ca We think SO. And we also
hope that every attempt to SO adjust one
tariff as TO put the least possible weight
to the farmer WHO. after al. bears the heat
and burden Of the day. w,a not be fol.
lowed by such panics as those Of 80 For
aSuredsy the farmer VIII .ns.s. on a re-
vision Of the tariff .aws. and he WI get
il.
Mo,sis 81 WGllisIs rolls,
& THIS Now York SIN has an eaiteria, in
s.1..