Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1903-07-23
HOW .Lo1o WILL IT LAsT7

HOW LONG WILL IT LAsT7 {
The question Of how long the pre-.
sent era Of prosperity will last IL now
giving our leading business men and
Ananciers no little concern. When Nc
Kinley Was elected . second time. !
Mark Hanna made public proclamation
that prosperity was here to stay. mean
ing thereby that it would stay ~ long
~ the Republican party remained in
power. In this, however. he spoke -
. politician and not as . business man.
and his extremely optimistic views
were not shared by the business world
in general.
Those who have studied industrial
and business conditions on scientific
principles understand perfectly that no
man can safely affirm the permanency
of this or any other prosperity era.
The business of the world has always
moved in cycles more or less distinct
ly marked. The conditions which pro
duce what is called boom" will also
sooner or later cause a reaction. The
prosperity which existed throughout
the commercial world from 1850 to
1873, was followed by a period of de-
preston which lasted until 1895 in
Europe and 1897 in the United States.
The severity of this depression was in
tensified by monetary changes, but
there is no room for doubt that with
out such changes there would have
been some subsistence of the prosper
ity tide which rolled over the world
during the first named period.
The revival in 1856 and Z, also
had a distinctly marked cause in the
new supplies Of gold flowing into the
channels Of trade. There might and
probably would have been some re-
vival without this cause. The business
Of the world had become measurably
adjusted to the gold standard, and was
being done upon q lower range Of
prices. Those who had contracted
debts on the basis Of the higher prices
of former years had, in large degree,
been forced to the wall, their proper.
ity had passed into other hands, and
the business of the world was about
ready to make a new start. The gold
discoveries of South Africa and Alaska
furnished q strong stimulus and q
veritable boom set in not in the United
States alone, as our Republican friends
would have us believe, but all over
Europe as well.
During the long period of depression
the markets had been swept bare and
had to be replenished; the growing
spirit of confidence naturally led t.
the accumulation of new stocks BY
merchants; long delayed repairs were
made. calling for immense supplies
of material, and new enterprises, hell
in allegiance for years, we're set OF
foot All Of these things combined t
increase the prosperity Of the world q
q whole, while in the United State
conditions were further improved by
series of splendid crops, rendered NOR
valuable by partial crop failures i
other countries
But it is morally certain that thes
various elements have partly spen
their force. Signs of over-producti0
begin to appear speculation has bee
carried too far; the new gold hs
reached the maximum of it's effec
and nnanciers are beginning to CT
for more money"-banknotes on
large scale, precisely as the greel
hackers and Populists called for mol
United States notes. Besides all tn
labor is becoming more dissatisfie
feeling that few capitalists and eI
ployers are getting the lions shal
Of the prosperity which is said to e
list.
Everything indicates that the Pre-
perity wave has reached it's heig
and that it may break at any tim
Leading fnanciers quite generally re
ognize these conditions. In a rece
interview. Marshall Field, the ma
times millionaire and merchant prin
Of Chicago, said:
Il would like to say that the wo
precarious is the one that would b<
At the situation as 1t stands at prese
While have no desire to discoura
the public, yet ] am afraid that
have reached the topmost point Of Q
great prosperity, and that for . til
ct least there will be need for
greatest care among business men
The chief danger to the great int