The free silver men of last falTs memorable campaign seem to tal great pleasnre in asking their Republican friends abont the goed times that were to follow the success of the Re publican ticket. They forget, or choos to Ignore, the fact that the president and congres elected last fall only conjmenced their terms of office on the 4tk of March, and have not yet had tiru for any legislative or administrativa acts. We are still living under th laws enacted by a Democratie congress, and nntil within three or four days administered by a Democratie executlvi witli a strong leuning toward free trade. It will be time enough to hold the Republicana responslble for thosa business conditions that are affected by a taiitï when they have had time t pass an act. If they don't get at the work of tariff revuion more speedily than the Democratie congress did after its election four years ago, they will be open to just criticism, and if their tariff legislation does not have a better effect on the business of the country than the Wilson act did, they will invite defeat in the next congressional eloction. There were two things which the Republicans proposed to do if they were successful in last fall's election; first restore confidence in the flnancial system of the country, and second, revisa the tariff on the nrotective instead o) the free trade theory. Upon the eombination of these two tbey based theil predlctíon of a return of business prosperity. ïhe result of the election alrnost immediately aceomplished the flrst. "YVitbin a fortnight after the result waa known, gold carne out of its hiding places, hoarded money was depositetl in the banks for use. and the rate ot interest began to fall. The fact waa almost immediately demonstrated that there was money enough in the country to do all the business there is to do and gold enough for every use that is required. Kvents since have demonstrated the fallaey of a number of the free silvet claims, among others the claim that the continuance of the gold standard would further reduce the price of sil ver, and that the price of wheat invariably followed that of the latter metal. As a matter of fact, while silver has remained nearly stationary during th pást four months, vheat has advanced more than 50 per cent above last Xovember's price. ïhe expectation that business would spring at once from the prostrate condition in which it was last fall into a boom was unreasonable. The recovery from severe illness does not come as suddenly as that. But the recovery has already cominenced. The commercial reporta have, every week since December last, brought accounts of the starting of manufactories that havfl been closed, and the reports of the last two weeks have been especially encouraging. In the whole range of iron industries work is more active than it has boen before for two years past, and the eastern cotton and woolen milis are showing similiar signs of activity. Our exports are again increasing and labor flnding increased omployment. All these things must very soon add to the demaml for the better grade of agricultura! products. The rapid progress which the house wáys and means committee are making in the bilí for tariff revisión has been an important factor in bringing about this result. The passage of the bill, which is lifcely to occur within three months, will, unless expectations are greatly disappointed, complete the worL of restoratkJn. Ir is believed by many of the best business men that the triumph of the free trade, free silver ticket last fáll, would have brought the country to almost universal bankruptcy. Whether that is true or not is matter of opinión th.-u cannQt be absolutely proved or disproved. One thing however. is certain, the inauguration of a free trade administration four years ago was speedily followed by industrial depression. that lasted through the whole term. The inauguration of a protective tariff Kepublican administration is accompanied by the most encouraging signs of a revival of industrial activity.