The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-04-04
Instead OF leaving the duty Mgwshers they
should remain themselves S--- cavalieres
servente Of their wives
CARRIE CARELESS.
BANKER cLEWs' VIEWS.
Tho Financial Outlook as Seen From
Wall Street.

wall street.
New York, April 2.-Ths action OF oou-
gress on the question Of free coinage of sill
yer is an important gain In the direction OF
confidence. The silver faction in congress
had summoned its whole forces to the last
man, and its defeat puts q quietus ou the
agitation, not only for the present session
but in all probability for permanency. 1t
is likely to be followed by falling off in
the adherence of the class Of politicians who
have mistakenly regarded iV as a winning
political issue and who will have no use for
it now that mother political party can
be expected to commit themselves to it in
the coming federal elections The silver
producers, who have been the main movers
of the agitation, have met their Waterloo,
aud are likely TO accept the conclusion that
their interests can be secured only by
policy which links the silver Interests Of
the United States with those Of the rest Of
the world-a policy which it Is passing
strange they should have failed to long ago
adopt as the only safe aud wholesome one
for their own branch Of industry.
The silver vote has other advantages the
value OF which 1t would be difficult to over
estimate. 1t means beyond all question
that there is a point beyond which the people
OF the United States are resolved not to 60
in committing the country 10 the silver
basis. it means that there is no longer any
real danger of our being landed upon an
exclusive silver basis-which was the log
ical and inevitable issue Of the Bland bill.
And the Significance Of these aspects Of the
vote amounts to a very important gain
to ward the ultimate consammation Of an
international agreement for the mainte-
nance Of the double standard, So long as
Europe saw possibility OF this
country being committed to the coiu
age Of whatever silver bullion the
world might SEQ ft TO send TO our minis.
there was naturally a disposition TO post
pone any suggestions looking 10 an inter
national bimetallic conference; for such
action on our part would make 10 possible
for foreign countries to procure cur gold
and thereby set themselves up on the single
gold basis--a policy which would be, no
doubt, very acceptable to more than one
important natien. Now that 10 is made
plain 70 the world that the United States is
not 10 be caught iii any such folly an Inn
portAut factor Of uncertainty in the Euro
peau branch of the question is removed, and
the chances for an early international con-
ference arc so far improved.
This new stage in the silver agitation is
not without its Importance 20 the stock
market. In my previous weekly adYices, |
have shown that there is good reason 10
suppose that from 125, 900, 900 to 150.000,000
of our securities have been returned from
Europe since the government purchases OF
silver bullion were increased to 81, ,000, 900
ounces per yehr; the inference being that
foreigners regarded the drift OF our leGtsls-
tion 40 calculated TO result III our invest
ments becoming largely payable in silver OF
uncertain ysluo. This weeks congress onal
declaration that Americans see the danger
and will avoid it, is calculated to assure
foreign investors that tue danger which
has alarmed them is more apparent than
real; aud IL is therefore reasonable to ex-
pect that this rehux OF securities will halt,
II indeed IL may not be succeeded by a re-
purchase OF stocks and bonds whioh have
been sent home. Taking the vote on tho
silver question as a whole. therefore, IL is to
be regarded as the most important gain TO-
ward confidence that has befallea Wall
street for Il long period.
With those two drawbacks-tho silver
bill and the Bering sea question-tempo
rarily out Of the way ut least, the market
| is left moro free to respond to natural in
hueuces. The low prices of wheat, cotton,
iron and silver discourage import interests,
and offset the advantages of abundance TO
| many producers; but IL should not be over
| looked that many other interests are likely
to be stimulated by cheap iron, and the
great body Of consumers benefit by cheap
whest aud cotton. In truth the masses are
prosperous, being we'll paid and having
cheap living. This being 50, business must
be accepted as sound in optic OF the COM
plants Of small profits. 1t is quite certain
that no Legitimate cause for serious de-
cline ia railroad stocks can be found,
particularly while earnings continue SO
satisfactory There is sound reason
for confidence in the values of many rail-
road shares, aud either manipulation or out
side buying will sooner or later assert itself
The difficulty now is in digesting the heavy
amounts of securities returned from Europe
If this movement continues we may be
called upon TO again exp .r5 gold, as the
tendency Of the merchandise movement is
now towards increased imports aud di-
minished exports. The foreign demand for
Americans will, thsrefore. be closely
watched for some weeks to come. AT the
moment, tae market is in dull but sensi-
tive condition. The chances appear to favor
improvement after the April settlements are
fully completed.