The chronicle=news., 1913-12-31
HARD TIMES NOT so
HARD As SUPPOSED

MkU rs SuPPNtu
Chicago. De,. si-rher. ar. some
r.asons Shy The question of u sharp
decline in business might b. STUFFED
with profit Just at this time. Earii
snisris as misiOrtuh.s oI that sol,
usually al. much greater in III. fore
casts ahd the imasinaiions al p.o-
~. than ia actually, such u period
il MT nearly so bad as III. ioxi. al
the situation would ,o'nm"Uis s.sM
to require,
Tine Disorder ia eur suff-n.N sSs-
There Mas every reason la fear tina,
ih- .oan,iy would Lee brought ,o u
silver basis. for our gold had been
passing Out of ia. sounirs. an.I the
heard IN ,h. government .oif.rs sas
.sir.m-iN small. requiring r.sorI iu
,h- m.~i -n,n.ht finansi-rs Of III.
ini,"i States I. r-habiiiisi- il, ""
zn' through without national bank
rlptsy, and IL, ~as no, long s@Eor-
able .onai,,.s,
s.nii,i.ns ai the so,-IHni-atai
.rntsf 1 TIE "oupirN, at -'.h IEs
financial .-hI-r. arr. ho-.s"r. oais
ons asi--, :. ta- sssr til. s,atus
.f the I..oli.- b. IL" main lhihs, That
Nas saa- enough In 1888 sui in ;H.
G"uf sa.ssNsiinEs A-ars. les, i, 49,. an
extremely .niaii tra.ii.s, .eis -, our
I--og'I" Tia, ..n- 4" actual ~aH, tn.
re, .f ,h-n,- -.rr simpN i.s~rs "'
pF.i-TiA. as measured bS -urs..i
Naiuss. .ni TERRIBLY alarmed l.~s al
fairs sis.siii su even -"r.-'. II r
the .ana" sh-r. as ~iih Ih- ~. -ia,.r
/ in sh. stock 'aarL-t u. san ,s-.sr
tic lass h~ has already snig-F-vi. bat
,n- contemplation "t iurih.s a--lin-
give. hi,. a '"s-r. sna ,h.r- sT- .sn
slant pii.ur.rs ~ h,s mind 81 hi. go,
.4riit becoming ai.-,ia,-i, a.thr
i.sx
The sh.-i tins .t th- La.L si-ar-
iEss is onr inst mat- = sr.s, I'M
Ir-.ei-n on tn. publ. niinis Tor
->snpi-. IN 1879. III. .i-srass ~
, 'h- ini,.'i s,s;-. -sI. s.i.sI..,
".-.-ot. the f.l,.r.'ias S..r u,.Y
~-r asaiy sss..,: ..".. .,r.. aud IN
1875, bu, sis.si. .""e. .""". iturs !.
= aii9rrnv- between isss ans i.rs
:. YER .-";. ssa "~s..-n i.,:
ssJt tAst at /. per cut ii.i ,H.
n~se exchanges i,~t~s-a hsaks da
aos tell the whole slorJs Tue, elm,
piy toll the worNs iss, o' IL,
stsssi.s nj shss S1sss ~. I.ssSsIs
the a,s..i nuns~sp1s ris.. .f oar
~.ekss,. --r- =, shcir nu.,ssss si
raisins .r.l.s. f-~siinS tho world aaa
f.s.t,ss 'L-m.-is~. II .s.nas i'-
said ihss ,h-S ~-r- aaaftr-s-x ~
the f,aanriai deficiencies Of the ,im.
f.f sru- "f them ~-r- "hIis.,i Ia
deprive ih.nSesis-. of IuSuri-s Ia
-Li,h sh-Y ~-r- accustomed bu'
they -.r- little hurt. snd u .as =
common 'hiss 4. hear then, say ,ns'
They .ouii me-, s.- that any thths un.
usual ,ra. zoias on. In . Il. sr'-
the ssm- -. re- sail "f Other c's.s s
.f work L-rs. though IL the indur'risi
line. th~ .f.~, .I hsri ,ini-- vas
marked.
On. should never i"si .izh. II size
..'niurtiIr is', that periods "f d-.
PRESTON s,r. period. us ""n.-.,st,oo
and production. wh'r~as y riotis OF
a.,isir arc i-',ioJs Of waste aud dis.
.si-r.. IlI.r all ih- iarm 'H-r" was
proc.-. .f creation watch. ~h-,.
ih- spirit .f the time did change.
was pro-I'rtiN" nf -uurniu'ss ''s'n"fit
anni from 1898 this country hsJ
prosperity si,hou, precedent.
Making slIowar.. for tue .>as.
z-ra,c'I r-pr"s-n,siiun NJ depressed
ri-arinas. u fairly may h" rsiinat =
ed that tho Lif'-ncc between stp,i
timc~ and bad times Ia not more
than 1" per cent. anL that I" pcr
cent " not lost. but held in ab.y-
anc" Nor doc. that ~ per cen:
apply to the whole number of pco-
~. in the United States. II I, did
We would have approximately w.
oo".oo" either out OF employment
or impo, ,crishc,i to an .Ntcn, ~hiCh
We -an hardly imagine
Tho hard times c,ii applies itself
mainly to a small pcrccu,ae" o: the