Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-02-14
The Financial Outlook.

Saturdays N. Y, Financial Chronicle.
There is little change to note in the
situation this week. Almost all in.
terests continued to an extent dis.
turbed by the agitation of tariff re.
vision in Congress, by the neglect tc
decrease taxation, and by the de,
termined opposition which is mani.
tested TO the suspension OF the coinage
Of the silver dollar. Congress appears
disposed to give no heed to the warn
ings of the press or the suggestions
either Of the Secretary of the Treas
ury or the Director of the Mint, and
it now seems probable that this coin,
age will progress until silver further
displaces gold in the Treasury and
serious trouble follows. 1t has been
suggested that the revenue and tariff
measures may meet with prompt So
luton toward the close Of the
present session by the passage by the
House Of the Senate bill, provided
that the measure gets through the
upper branch Of Congress. Such a
course would be practicable, and il
pursued would doubtless have qui-
citing, ond perhaps a decidedly exhil-
arating effect; but unless something is
done to curtail the coinage of silver,
the improvement resulting from the
settlement of these revenue questions
can only be temporary. If we could
only hope for wise legislation by the
present Congress, regarding both
the revenue and the finances, and
especially the latter, the future would
indeed appear extremely promising.
The December returns of our for.
eign trade indicate an export for one
month of about $93,OOO,O0O, and yet
prices were all very low, and the move
ment of corn and provisions by no
means equal to that of 1881, or of
previous good years An examination
Of the figures themselves brings up the
question again, why with such exports,
and with such a result in our favor as
these, and the later trade figures re-
cord (about S0,000,000 net on mer-
chandise for thee months, with prob-
ably a good balance for January aiso)
has foreign exchange ruled so as
to prevent a movement of gold to
this country from Europe? There is
only one way of accounting for it,
which i that it is the working or ma
tural action OF the Silver Coinage Law
and Of the Silver Certificates issues,
We attempt to force into circulation,
side by side, two curreDoies, one worth
sixteen cents more on the dollar than
the Qther.-the less valuable in exoes.
Of the power Of the people to absorb
it--and the law is just as fixed as the
laws of Modes and Persians, that the
power will, under any circumstances,
crowd the better out,
The discussion has continued quite
actively during the week respecting
the last bond call of Mr.. Folger about
which we remarked at considerable
length last week. We see no reason
70 change our opinion then expressed
that If the SECRETARY has reason to
believe that his balance will meet
to call when due, his action is clearly
judicious. Every ono interested in
the government bond market would be
very glad to know the ACTUAL truth as
to future disbursements under the
appropriations Of last year. Certainly
at present the government balance,
though larger than on January /, is
still low enough, amounting only to
Sl22, 263977.
AS to the stock market, it has shown
GONE slight improvement during the
week, especially in tone. The specu,.
lators for DECLINE have been less de-
monstrative in their efforts to force
prices downward and within few days
they have manifested a disposition to