The times. [volume] (Richmond, Va.) 1890-1903, 1890-11-22
THE sITIrAIION.

First of all, there is one thing very pecu-
liar about the present financial disturb
ance. Business men everywhere have been
anticipating. Accordingly bankers, hnan-
cial institutions, and leading business men
generally have been for months past reeiing
their sails and outstanding their resources.
Their slowness to lend money has compelled
merchants and traders to tighten their
loads and to restrict their operations.
The general tone of business has never
been more healthy. alive, and strong. The
south particularly has never before been
so familiar with wealth, present and prof.
pectiye. The tobacco crop especially Is
very large. The demand is excellent, and
prices are good and advancing. The cotton
crop Of the South is the largest ever known,
about 100000 bales, and 1t is beng
speedily turned into money at satisfat-
tory prices. Town making in many States,
and especially in Virginia, has turned
many an old held into ready money, ana
Aas made a blOated capitalist of many
man. Mining and manufacturing mas
brought a great deal Of new wealth into eX-
istence. AS general result wealth ana
money has been and is very generally dli-
fused, and the average resources OF The
citizen, especially in the South, has never
been better than il is now. Never was
the business community IN better condi-
tion TO stand a storm.
Moreover, the national banking law has
operated with great advantage. The strict
requirements in regard to their working
the close scrutiny Of bonded officers has
compelled them 10 be conservative and safe,
10 keep full and safe margin against sud
den runs or disasters. The wise way IN
which their interests have been inter
woven and identified has made them to care
Tor each other and defend their common in
ferests.
National banks are being safe centres and
depositaries all about the country. They
have the confidence of the people. They
gather, keep and wisely difiuse the re-
sources OF community. They fulfil large
ly ideal banking. They are safe defenees
Of the people, and they inspire and teach
the people frugality and good man
agsment. They have done so, and
the sense and good management and
strength OF the business world Of the United
States is largely to be credited to them.
Under ali the circumstances of this case,
and In view Of all that we have said, and a
great deal more that may be added, we
shall not be surprised TO see very speedy
recovery from the effects OF the trouble Of
90 great house as the Barings. They
have spent money; sent all they could get
hold OF TO the Argentine Republic.
South Americans have gotten 1t and
spent 1t, and no doubt a great deal of II
has foatad around and gone back 20 Eng
land and come TO this country. And the
house is bitterly rueing its imprudence.
The business world Of America is aston
ished, 10 sorry for them. offers its sympa-
thies, but has no time 10 waste in sorrows
or fears. In the face OF the immense re-
sources, business ability, courage, and en-
terprise Of this country, we have no
time 10 be boibering about the
Barings. We expect TO see busi-
ness in a few weeks moving on as Il
they had not been; and hear them and their
troubles talked Of as in the historic past.
Confrmatory OF all this we have the fact
that money is flowing into the centres, most
noticeably In New York, for the purchase Of
good securities at depressed prices.