The Washington times., 1909-08-10
GOOD TIMES HAVE ALREADY
- RETURNED.

In the interest of keeping history
straight, it might be well to note the
fact st this time that good times have
already returned to the United States.
Prosperity has been doing business at
the old stand for some weeks, and the
tendency is for it to flourish at an ae-
CELEBRATED pace. If, a year hence, the
country attains TO a record breaking
degree of prosperity, there viii not be
lacking a multitude of those who will
sscribe it all to the Aldrich- Payne tariff
law. It might be advisable to stick a
plh in the fact that prosperity was
already at hand in this country when
the tariff law went into effect.
This fact is easily proven by glance
at the trade statistics for the month of
July. These statistics TEEN with ex-
amples of the steady improvement in
trade. The figures on iron production
for July, for instance, are significant.
The July output in the iron trade was
2,l0l.579 tons, which compares with
100000 tons in June and l,2ls,000 tons
IN July, 1908. Iron production is now
running at the rate of 100000 tons
per annum, and it is to be remembered
that in the record breaking year of
1907 the total output of the furnaces
was only 25,TsI, OcO tons. The demand
for structural steel is strong, especially
in the railroad business, and on the part
Of the companies which supply the rail
roads, as the car and locomotive
builders. In July the orders for cars
amounted to nearly $4,000, as against
1900 in June. These increased car
orders are easily explained when one
turns to the figures, which show that
in June there were largely increased
gross earnings on the part OF leading
roads, such as the Union Pacific, the
Southern Pacific, the Pennsylvania, and
the New York Central.
When the bank clearings are con
sidered there, too, is equally strong
evidence Of the revival of trade. Ex-
changes at all points for July exceeded
those for the same month in July, 1908,
by over q per cent, and of July, 1906,
by nearly Is per cent. Business
failures for July were the smallest re-
ported, both as TO number and amount
of liabilities involved, since the financial
crisis Of the fell of 1907. The crop re-
port showing is excellent, and the
securities market strong.
In other words, the country IS already
al high tide Of prosperity which gives
every indication of running higher The
revival has been on for a number OF
weeks IT has come without reference
10 the tariff, without regard 70 when it
was to be revised, or just how it was
10 be readjusted. Long before the tariff
bill had passed the Senate, and weeks
before it was known how it would be
adjusted IN conference, the signs Of an
abundant prosperity were numerous.
lac. revival Of business has come with
out regard TO the shaping Of the Aid
1icii-Payne bin. and proof Of this can be
found by anyone who will look into the
tEade and business facts for june and
3nly Doubtless the politicians who
noted for the new tariff measure VII
have different story TO tell to their
constituents. and viii sscribe all bless
ings 20 the new measure But IL viii
Tot be- so. and it viii be Just as well
10 remember what conditions were
when the new law went into effect. IL
IS true that with the tariff policy pre-
sumaby now settled for some years
10 come. and with every business in
icrest knowing what to depend on, there
'ril be everything TO bring about
focord-brcakiug degree OF prosperity.
lat the inevitable revival OF trade came
j. advance of tariff revision.