The Providence news. (Providence [R.I.]) 1891-1906, 1891-12-31
The FINANCIAL NEWS.

The business of the year closes quiet to-
day, but Ii has been more than satisfac
tory considering the gloomy. opening or
the year, The previous year had peen sig
the Republican party in the November
elections, the possible change In economic
policy of the government had caused "a
halt in enterprises and threatened to
spread panic throughout the country.
Early in the year the coal and coke
strikes in Pennsylvania caused great re-
duction in the output of coal and the iron
output fell over 100000 tons in six
months. Then followed the agitation over
the eight-honr day, delaying building all
over the country. Western land specula-
tion companies became shaky aud invest
ments in Southern enterprises collapsed.
The Senate passed Its free coinage Dill In
January and Secretary WINDOWS death
started distrust in financial ci cles and
started the exports of gold, which reached
over S73, ,0O0, 900 by the end OF August. Ihe
Treasury was charged with bankruptcy
by the opponents OF the administration,
and IL was m, nths before Secretary Foster
could convince the panicky people To the
contrary. :,
In spite, however, of these evil in
fiuences the seeds of prosperity had been
sown and their germination could not De
stopped. The splendid crops grew TO har-
vest time. The country that could with
stand the withdrawal of s7S, 10000 of gold
without a panic stood as the financial
bulwark of the world. and foreign powers
and capitalists could only point to the
fact in silent wonder. The Tarit biL
grew in favor as its results became known
and industry, which had been haltlng
began to grow and new enterprises be
came fact of daily occurrence
Apprehension was felt for short time
while the movement of the enormous crops
begun, but the redemption of the ~ per
cent. bonds by the treasury and the bene-
ficient operations of the silver law by
which about 5000 per month has been
added to the circulation, enabled the
country to move the largest crops in years
with the least trouble. lt was by these
legitimate means that the country was
kept in monetary ease while the treasury
balances became somewhat reduced
As matter of fact this question OF cir
culation is of more vital Importance TO
trade than Is the treasury balance. The
circulation has grown and fallen OF course,
but since January of 1887 IL has increased
from 1874 million to l,5n millions at the
present time. This year on January LIST,
the circulation was .535 millions, show
ing gain of 80 millions for the year to
December 1st.
The south has suffered from false ap-
prehension In regard to prospective prices
FOR cotton and for lack Of money. The
iron industry during the past six months
mas surpdsseu III pre'ious rccoiuS' anu
has exceeded the output of any previous
half year by over 100000 tons.
The recent State elections did much to
encourage business. and stocks show an
advance of about ten points above the
prices of a year ago.
The foreign trade has been enormous,
and the quarter, IL present indications :
prove true, will show value of exports of
$325, 100000. These results, with the
splendid prospects in sight, should en-
courage business for the coming year and
make it certain that the present fiscal pol
icy Of the government should remain un-
changed.