Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-28
THE BUSINESS OUTLOOK.
Promising Prospects for the World OF
Commerce and Man ufactures A
ROseate VIew-The Good Time
Coming.
Increase OF the Currency by Demo
cratic LegislatfOn-What Is to Fol-
low upon it-speculation to be
Revived.

Chicago Tribune: The Graphic'S course
in the past warrants its claims to good deal
of consideration for any estimate it may make
of financial and commercial probabilities of
the future. 1t now ventures the following
predictions: "As the repeal of the bankrupt
law goes into effect on the first of next Sep
TENDER, we may expect business enterprise to
take advantage OF the assumed soivency Of
those who remain in trade, and to see an un
precedented volume of business next fall. We
believe that all the signs of the times indicate
not only return to prosperity, but an era OF
immense speculative activity. We have
ready all the machinery for the transaction OF
a gigantic business. We have cheap food,
cheap coal, cheap labor. We are tolerably
well assured OF cheap transportation; we are
reaching new markets all over the world;
more land is being bought, and more new
manufactures attempted than ever before in
the history of our country; our marvellous
wealth in minerals is about to be oevelo ped
upon a gigantic scale; the pulses of trade al
ready beat high, and the advancing prices ID
the stock board tells the story of the prosper
lty which every one anticipates The roseate
view of the long deferred improvement in
business has AZ more substantial basis than
mere hope. A very marked expansion of
the stock of money is bound
to ensue as a consequence OF
legislation and non-legslatIoD, which
have been secured by persistent and untiring
attacks ON congress. The legislation COM
prises the silver bill, and the bill recently
signed by the President forbidding further
retirement of the greenbacks, and providing
for their reissue after redemption. The nom
legislation is the refusal, by tacit agreement
between the two factions, to further disturb
the redemption act. 1t may be reasonably
expected that within year from the present
time there will be one billion dollars of avail
able currency with which to transact the bust
Of no ha
stated as follows:
Greenbacks (now outstanding. rs 346,OOO,OOO
National bank notes (now outstand-
Gold and silver (after resumption 2O0,000000
New supply of gold and silver. 100000 600
New supply of national bank notes 10,000000
Total. 81 ,OO7, 600 600
About the two first items there can be no
dispute; no more greenbacks can be retired,
and it is scarcely possible that the volume OF
bank notes will be reduced by the voluntary
action Of banks below the present COMPARE
tive low figure. Secretary Sherman estimates
that the present stock of gold and silver
(which will be brought into active use for cir
culatlon and reserve purposes after resump-
tion) is two hundred and fifty million dollars,
but we have reduced this estimate to two
hundred million dollars. The new supply of
gold and silver will come manly from the
American mines, the products of which for
the coming year may be safely estimated at
eighty million dollars, but good deal more
will come from Europe In part payment on
balances due In this country. The estimate of
the new supply of bank notes, Is of course,
speculative; but the free-banking act will
undoubtedly induce the national banks to in
crease the volume of their notes of issue rap
Idly, as soon as it shall be evident that more
money can be proitably employed 1t is
probable, too, that the banks will be encour-
aged in this direction by more liberal legisIa-
ton IN regard to taxation, and the excessive
rate of security exacted from them
in the deposits of bonds The effect on bust
ness and investments of such decided ex.
pansion of currency cannot lie doubted. The
capitalists who have been boarding their
money will begin to look for investments.
Land, stocks and collaterals of all kinds will
rise in value. Something of this kind has
already been noted A comparison between
the price of ocks on the last day of May
an increase OF one hundred and forty six mil
lion collars in the value of the stock of
twelve leading corporations. If other secu-
rites have followed in the same line, it is
probable that the whole mass of stocks and
bonds are worth Que billion dollars more now
than they were last year. A general distinc-
ton to invest supplantlng the general lndis-
position to invest that has prevailed for the
past five years, will work arevolutIon in trade
and enterprise. 1t will change a falling mar
ket into a rising market, and this means new
speculation, new enterprises, new employ
ment for workingmen, new confdence-in
short, good times.