Arizona weekly citizen., 1893-09-02
FINANCIAL OUTLOOK.

Onoer the foregoing caption, Clapp
bankers and brokers in New York
under date of Aug. Is, issued th,
lwing statement:
b think the imports of gold thi
Fth will likely equal twenty five Oh
e5irty millions of dollsrs. The nationa
bank circulation will likely be increased
about nineteen millions. The New
York city bankers have 81 $4,000 GER
ti6cates outstanding. Boston has S11,
100000. Other bankers in the south
and west perhaps have enough more out
to make fifty millions OF bank cert Fl.
Gates. Adding these vgrlou, amounts
together, we find possible increase oi
about 100 millions sincs July 10 replace
the unknown amount OF currency and
gold drawn out OF baaks aad hoardad
in vaults and other places since May
last, "Where it resembied the one talent
more than the ten talents" Currency
commands three per cent premium, aid
has sold as high as i've per cent. Ex-
change on this city from many western
cities has recently ranged from five to
fifty dollars per $1,000. Many western
people claim the degree Of credit de-
sired by eastern bankers is shown by
their willingness to pay depositors.
Eastern banks appear TO have no
sympathy for the western methods in
not issuing bank certificates. Many in
dIviduals have sold their checks on the
street for funds to meet maturing
obligations or make needed purchases.
Credit seems to have been strained
from here to the Pacific cost, and at
tackled On all sides and benefiting but
few. Out of our thirteen millions Of
voters and laborers about one-tenth are
out of employment in consequence,
while many others in factories, mines
and shops are reported as 'up stump"
and desperate. Long continued pros
perity seems to have met severe "ob-
iect lesson" and will likely ensure the
buying of more property with dollar
the coming winter than 100 cents ever
bought 10 a century. Congress seems
made up of about two-thirds those who
demand more money and free silver,
but pave no way to effect satisfactory
change, except to prevent the repeal of
the Sherman act. 1t is to be regretted
the tariff is again disturber of Ameri-
can industries and manufactures, or
that state banking is urged in coniuuc-
tion with sound national banking. The
falling IF In imports and increase in
exports and further development of our
gold mines and better money system
will likely slowly regain credits and
revive general bushes. There is reason
TO believe tie worlds yearly product of
gold is three times the increase in
population; that we have nearly four
billions of gold and only about
three billions of silver. The average
annual production OF gold the past
thirty-one years has been 113
millions; last year it was 40
millions. Then our mints coined 34,-
$4,000 dollars, or about two and a
quarter per cent as much as We had
money IN the country, aside from about
SO. $780, 600 produced in god bars. Iu
1872 silver sold at three and half cents
premium over gold. We expect it TO
again repeat the operation before
another two years passes away. Its
value, Ike gold and wheat, is more or
less governed by the demand and sup
ply. All the naticns of the earth are
now again watching to buy if, and buy
it cheap. The recent advance of twenty
FIVE per cent from tbe panic price in
dicates it Will not be again mined for
many years on large scale.