The Meridional. (Abbeville, La.) 1856-1906, 1890-08-23

LIlC UluuClut H(SSOOAIlNC " MAN VI
Great Britain. AS things stand,
the ability of the business a to
borrow five hundred or a thousand
dollars, or to renew his note for
half such an amount, is often deter
mined by the question as to whether
Great Britain needs pore gold or
not. The financial institutions of
the different counties of the world
are so connected that one can not
suffer without the other feeling the
effects oft. For the week ending
August I'd, $6,5OU,000 in gold were
shipped to Earope. This unsettled
our entire monetary system. 1t
weakened confidence, inducing
bankers to restrict their discounts
and call in loans wherever they
could. 1t is not right that the
interests of the great body of bust
ness men in this country should be
dependent upon the wilkins of foreign
financial magnates. 1t would be
better if the United States were
perfectly Independent of foreign
control or influence; but under exis-
ting conditions. this is, of course,
impossible. All that the Bank of
England has to do, iE certain emer.
gencies, is to advance the rate of
discount, and gold flows there from
all points where it is worth less.
Of course, 60 long as the government
has bonds to buy, it can disburse
money in this way, and thus prevent
financial disaster; but when it has
no more bonds to buy. and is unable
to come to the rescue Of the money
lenders and money borrowers, what
will result ? All thinking men
recognize the fact that our banking
system is not upon a stable basis;
that a better. deeper, and more
far.reaching systhm is needed.
Various schemes have been proposed
by statesmen of greater or less caIib-
er, but none OF them seem to answer
the requirement Is. Perhaps the
time has not yet come, and some
emergency will develop a remedy.
The business of the country is
being conducted on a profitable and
safe basis; margins are narrow.
Railroad traffic is very heavy, and
gross earnings continue to show
Q remarkable increase over those
Of last year. During the second
week Of Jolly, eighty,six roads show
ed an increase Of nine and one half
per cent over the corresponding week
of last year. During the second
week Of July twenty.three reporting
roads showed an increase of eight
per cent. The lower freight rates
have depressed earnings somewhat.
bat shippers have had the benefit.
The railroads are all expanding a
good deal of money on equipments
and betterments of various kinds.
The iron and steel works of the
country are all working full time,
many of them double time. There
is an active demand fer all kinds
of iron and steel material. Pipe
lines are being built 10 carry oil
and gas long distances. One line
is being built from West Virginia
to the sea board; another from the
Indiana gas fields to Chicago; and
still another from Indiana to New
York. A dozen other long lines
are under construction in the inte-
rior.
The jobbing interests in New
England and Middle States report
a heavy demand for all kinds Of
textile goods, hardware, machinery,
and equipments. locomotive build.
ers are buster than they have been
for years. The car builders have
orders from railroad companies all
over the country. The manufac-
turers of electrical machinery,
equipment, and supplies, are all very
busy. Saw-mill machinery, mining
machinery, and mill and shop equip,
ments of every kind arb being freely
ordered. There is a growing
anxiety upon the part Of capitalists
to invest in industrial, rather than
speculative, channels. All this
sounds very encouraging; but, after
all, il requires the very best Of man.
agement to come out even. The
wealth Of the country is rapidly
Increasing. There is very little