13th Jan, his opening article, "The Futility of the McKitiley "Triumph," Mr. A. J. 'Wilden takes-a most pessimistic view of the situation in the'United States; but the reader will, of course, remember that: there is something to be said on the: other side, and though a great nation whose' basis is Anglo-Saxon may low' itself to be misled for a time, it will makeup -and pull itself together and getstraight'again before the right way is irretrievably lost.
Mr. Wilsot begins: by showing: that -the'vietory of McKinley came dangerously near being a: defeat; a transfer some 50,000 votes from McKitiley to Bryan in the doubtful States would have placed the latter in the Presidential chair. " Meanwhile, the moral, or sentimental,'effect of the victory has been immense, 'I'he triumph of the. silver party "would have been the signal for a decline in prices (of Stocks) that might: have' caused more than one breakdown in credit both in England and Germany. In the States themselves soniething approaching a general liqui—dation was to be looked for, 'I'here is, Hin fact, tio guessing where-the disastrous consequences of the panic would have stopped.- When mere sentiment ib the woving force behind popular out bursts, their sweep and extent never can be gauged."
The Republican: victory, however, °Mr, Wilson thinks, gives assurance of no important change. Mr, Cleveland came'in: foor years ago on the top of a similar wave. " Men's hopes rose high on this fanions victory. A new era had dawned on the Great American Republic, we-were told; abuses were to "be swept away, freedom was to take the: place of slavery, monopolists were no' longer to ent up the people's bread, leaving'it but the husks that the swine at." "In two short years all these hopes were falsified; in the Congres-"sional elections of 1894 the pendulum swung buck: again; Mr. Cleveland and his Cabinet were thwarted bya Protec-"'tionist Seriate; and the' promised reforniation was an "impossibility. "In "the: United" States, the - plutocrats, who'have developed -since the Civil War-into a body -of enormous power and cohesion, "cotistitute, not the ~-ruling ¢lass ostensibly, but the. real nomninators of the rulers, which is infinitely: worse.. As the men with the purses, those wealthy masters of the nation put forward their creatures and -order'the helpless masses to vote for them..\What were the two candidates fu the Tate contest but the servants of their masters, and these masters in no sense the voters whose suffrages they Solitited Al the time the fight went what did McKinley do but spout ultra-Protectionism, in the interests of. the monopolists who were finding the millions _with which the contest was won for tim If these magnates spent the fight. And was Mr. Bryan any penny they spent 6,000,000 over better, the popular hero, the missionary the lost and landless, the Jack Cade ihe promised the hungry abundance of bread and "no "more small beer"? Not one whit,. Towards the {close of the struggle, when any tactics la ere grabbed at by which it was hoped the popaler vote might be swollen \to success for him, he enlarged on administrative defects, and even went so far as to attack the pensions swindle,—by which good 2,000,000 votes at least are always safe for the Republicans; but most ofthe time he harangued onthe blessings of cheap silver money and the infamy of forcing people to pay their debts in vold. This he had to do because his masters were the "Silver bosses," headed by Senator Jones of Nevada. Yhe Presidential campaign thus resolved itself into a fight between two sections of the plutocratic masters of the nation, whose interests had become divergent, for the time being, on the Currency question."
This it is which, to Mr. Wilson, makes the out-look for the United States so melancholy. 'I'he democracy knows its own bad-case; it is supposed to govern, but it does not govern, and in its search for better government, it-planges sildly, now this way, now that, only to find after each effort that it has been led astray into the wilderness. In the present case, McKinley was himself a Silverite until the exigencies of the party compelled him tocome out for Gold, and then he hedged on "sound money," a phrase that may mean anything.. His. great theme was the blessing of Protection. He made no promise to reduce the cost of government, nor was it even hinted that the monstrous load of the fraudulent war pensions should be lightened. In fact, the Republicans gladly see the expenditure of the nation increased, because that increase demands an increased tariff. It is just possible that McKinley, once President, may turn out a strong man, as he is known to be a personally honest one; but his record does not give much ground for this hope. "I'he aim of the party which' has placed Mr. McKialey in the Presidential chair is to continue the policy which has failed in the hands of Mr: Cleveland; to. shirk, in other words, the duty of economizing so as to make good the frightful loss the country has sustained by its attempt to keep a depreciated metal, plus. an enormous mass of greenbacks and. other paper motey, ata fictitious. value. 'I'he only possible. end to such' cowardice is disaster.... The -evil day may be postponed for some. time. Evil days ever come quite according to prophecy. At present, the.. United States are enjoying -@ passing flush of prosperity, the- outcome of other nations' misfortunes; and they will be materially assisted in their endeavour to work up a great revival of trade'by the higher prices obtained for their raw produce It is reassuring to. know that Mr. Wilson still refuses to despair of the future of the Union, for the nation may have been set thinking by a sight of the abyss into which it was nearly plunged. "And might there not another hope? As has been said, the cost of the election to the plutocrats—headed by Mr. J. Pierpont Morgan, whose praises are being laidly sung: by the lately terror-struck capitalists, now. so jubilant—must have been frightful. As mach as possible of this cost is always thrown: upon the nation, bat if: the wealthy got off with an outlay of $30,000,000 (!), they got off easy. Might it not chance that a little more of this excessive drain may-disgust them' especially" when it is accompanied by recurring spasms of paralysing fear, always of heightening intensity? Already some among them have left the country, sick of the perpetual strain and drain, Supposing the rest become exhausted, or so weary of the never-ending conflict that they decide to let the democracy have its way? I'he burden of excessive wealth is becoming intolerable to most of them. It brings the owner no enjeyment,—ench generation it descends to is more weedy than the one before, What if these heavy-laden millionaires resolve to let go. their. hold and to be satisfied. with: a smaller share, and peace of mind therewith "Vain hope! 'Whose men will cling to power to the last; until some irresistible-upheaval of the masses rolls up like a tidal'wave and sweeps them away. It may be: long till then; but the wave was' terribly threatening last November, and-nearly swept the dykes of dollars down."
Finally, Mr. Wilson asks what is likely to be the effect of the Republican victory on Averican trade and Aterican Stocks. 'I'he trade will certainly improve, "the Stocks not so certainly, 'There'is'still a considerable distrust in Europe of the situation in the States, and the market cannot be kept up without European support. On the other hand, speculators may be' tempted to buy by the sight of a' rising market, "A time'of inflated markets is -therefore possible, but there will be no'solid foundation for the high quotations, and prudent folk will take the opportunity to sell and bring their money home. Many dark days are in store yet for the great Anmeridaa' Republic ere it wins its: way to inter tial peace and the security of pure government. 'I'he victory may be stire—we think, is sute—in the long run; but itis not near, not by any manner means, A mere upset in banking aid mercantile credit on a large scale would be very likely to throw everything into tke melting-pot of change, and perlisps of revolution."
We have given so much room to the opening article that we must. pass rapidly over: the rest of this issue, 'There is an interesting article on- "The Use "and Abuse. of Millionaires,", in the course of which the writer. éays—and this cannot but be a comfort to those who, ate' not millionaries—
Text read from the printed page and cleaned; old type leaves the occasional error.