Nothing happens as expected. The Repeal of the Sherman Act
has not produced the revival of financial animation that was hoped for, any more than it has produced the downfall of silver that was feared. In. the latter case, a new factor may be detected which nobody ever thought of,—namely, that Chinese and Indians alike, so far from turning away from cheap silver, are greatly attracted by its cheapness, and are buying bars wholesale. This has not, however, sufficed to restore animation to business, which is still greatly depressed by the losses suffered by the purchasing class. They have been bard bit of late by the South American failures, by the Australian failures, by the decline in American stocks, by the muddle into which most " Trusts " have got themselves, and by the losses in railways, ironworks, and coal-mines consequent on the great strike. That much money is still accumulated is proved by the rise in Trustee Stocks, India Gold Three-per-Cents, for example, almost touching par ; but nobody can get anything out of land, or sufficient interest out of bonds, while everybody fears Sir W. Harcourt's finance ; and expenditure is therefore restricted by all but the very rich, and it is not the very rich who make ordinary trade vigorous and profitable. Half-a-dozen men may be ready to give 21000 for a picture ; but it is the ten thousand who in ordinary times will give £100 that keep artists going ; and the same is true of every other department of life.
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