The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1890-12-12


ness. it produces scarcity of money, but
the present condition Of affairs cannot be
accounted for on that ground. l think
that for the greater part of the hundred
millions which have been expended by the
treasury in the purchase of bonds, you
must look in the private tills and in the
vaults o. Tie safe deposit companies, and
until confidence is restored and those who
are now boarding money can he induced
to let go OF ii, IN enormous amount OF
moncy would he required to give adequate
relief.
WHAT THE FINATCIERS SAY.
Bankers and business men said ycstcr
day that the effect Of Secretary Windows
circular calling for proposals to sell So
Coo. 600 4 per cents would he felt immedi-
ately. President II. w. Cannon of the
Chase National bank said concerning the
present situation and the sccrctary's cir
GUAR:
Il think the action Of the secretary in
beginning to buy per cent bonds ought
TO improve the situation very materially.
! have 10 doubt that he will easily obtain
the $1,000 coo worth of As he has adver-
tiscG fer, and at the present prices for the
bonds that vii! give us S6,G00,0G0 addi-
iional currency for use in our business.
have no doubt. that the secretary will
almost Immediately purchase another
S. 600. 900 of the as In fact, think the
poicy OF the treasury will be to pay out
bv the purchase OF bonds all the surplus
revenue as it is received. This will pre-
vent the absorption of money by the
treasury and will assist greatly in restor-
ing confidence. think the people of the
country are beginning to understand the
situation OF affairs, and to understand that
we must rely largely on our own resources
to conduct our business. 1t was natural
that our people should he greatly dis
turbc,i, and that confidence and credit
should receive great shock on account
of the disturbances abroad. But ne have
as much money TO do business with rs
! before. In fact. NC have more currency
per capita and in proportion to the husi-
ness ol the country than every before in
its history. have no doubt that the
good sense of the people will overcome
this feeling of disturbance, and that
matters will return to a more normal con-
dition very soon. | notice in connection
with my own business that country bank
crs understand the situation better and
are adjusting themselves 10 the somewhat
changed condition Of affairs. They are
getting over the shock which came when
it was decided to issue loan certificates in
this and other cities. | think the events
of the past week have proven to the pub
lie thai the bankers here can and will
render the necessary assistance TO mcr-
L. 4 IL, hat ~ N
continue their business in the usual way.
While might say the condition OF affairs
is still serious. sec no cause for alarm or
= panic
Mr. Russell Sage said that he thought
the situation looked brighter than it had
looked for some time.
LAS far o. the railroads are concerned,
he said, things have not looked so well
for eighteen months. We are getting
along rapidly in the adjustment of the
Union Pacific matters, az was shown in
the circular the company issued on Sat
urdav night. Secretary Window has
helped things along with his circular call
ing for tours. and that indicates DISPOSE
ton on the part of the Government to come
to the aid of the business of the country.
No doubt the policy Of buying bonds will
he continued will say that il meets my
hearty approval With the improved
monetary outlook in Europe / see no
reason for the distrust that seems to have
seized hold OF the minds of some people
on Saturday night. look for steady
Improvement Of things from this time out.
President j. Edward Simmons of TIE
Fourth National Bank said that he thought
things were looking better all the time,
and now he saw no occasion ut all for
alarm.
The Governments published call for
proposals to sell per cents" he said, sis
a step in the right direction. 1t will help
To restore confidence. In view of that
and other things, think AIN justified in
saying that things arc looking very en-
couraging.'
NV opinion" said Cornelius n. Bliss
sis that matters look bettor fer to-mor-
! row. The Secrctary's circular and the pur-
chase of bonds that will take place imme.
diately will relieve the present situation
to Il considerable extent. The coming of Q
large amount of foreign gold, which is or
: The way here now, will also help matter:
along. | don't think there is any seriou!
thing the matter with the money worlt
except lack of confidence, and thinl
VIC will see decided improvement in tina
line Tomorrow
at is not so much money that we meet
/, now" said banker. ut is confidence il
paper. We have all the money We eve
/ had to carry on business with. Tn,
trouble is just here: In this country, a
, in other countries, business men carry OF
, their business with 80 per cent Of paper
and seldom more than 10 per cont cash
olong as the people have any con6denc
Z in paper this is all right. Destroy or i'm
pair confidence, and at once 80 per cen
5 cash and 10 per cent paper is the rule, an
. then comes the stringency. Restore con
/ fdence, and things will take care Of them
e selves again. The Secretar9's action 1
3