The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-30

| be seen that the gold movement Of toe last
two years has deviated from the prepon-
derant rule only in the sense that the out
| flow has been larger in volume than usual.
The late trade movement has not been such
as 70 occasion any large export OF gold.
Although, for the last two months
OF lSs2, there was no such excess Of
merchandise exports as occurred In the
same monthssof 1891. which was an alto
Rether unprecedented period for exporta-
tiOns, yet the two months movement shows
an excess OF exports Of Sal. 500, 900, which
should suffice 20 balance our current for
eiKn Indebtedness on accounts outside Of
purely trade operations. 1t, therefore,
seems warrantable TO conclude that the cur
rent gold shipments are largely due 70
special purely financial causes.
The now unfavorable prospect Of the
present congress repeating the Sherman
silver act has in a measure helped to check
the improving tendency In prices that set
in with the second week Of this month. It
is now evident that, while the House might
be depended upon to give a large majority
vote in favor of the suspension OF silver
purchases, no decisive action is hoped for
from tue Senate. Republican senators ap-
pear unwilling to assume any political re-
sponsibihties in the matter, and seem 20
think it good party policy TO leave the
question 20 be dealt with by their opponents
at the next session: aud. even were It other
wise, there is little doubt THAI some
two or three senators from the
mining states could and would defeat any
interference with the present law through
obstructive tactics Under these oircum-
stances, the hope has been surrendered Of
changing the status OF silver during the 1--WE
remaining weeks of tine expiring session.
The question arises whether Mr. Cleveland
may be expected, under the circumstances,
TO call a special session Immediately after
the adjournment OF congress- AS yet, there
have been no outgivings as to what may be
the new Presidents disposition in this mat
ter. There are, however. certain very OBJ
vlous probabilities that he might take that
course. 1t will devolve upon Mr.. Cleve-
lands administration TO continue next
spring the negotiations begun last Novem-
Der with the European governments for an
and 1t will put the United States at a
disadvantage in the conference, If we con-
tinue buying $500 900 ounces per month,
after having through our delegates
threatened the conference that, in case of its
accomplishing no satisfactory settlement,
we should promptly discontinue our pur-
cnases and thereby throw upon Europe the
whole burden OF our product of that metal.
1t would be misfortune if the conference
should resume It's deliberations next Nav
under such circumstances for It would so
deprive this country of moral force and
tactical power in the negotiations as to
make 1t almost impossible to bring the
european nations TO accept the policy of
international free coinage-the form of
settlement most acceptable to this country
Mr.. Cleveland will not go unreminded df
he needs to be told it that both the
financial and commercial interests are
seriously anxious to see the earliest possible
settlement of a question which is casting
dark shadow of doubt over every form of
enterprise in every direction. 1t is also to
be considered that the fiscal condition of
the government is such as to demand imme-
diate readjustments of income to expendit-
ures, so as to avoid an impending important
deficit And, again, there is feeling
throughout the country, too strong to be
disregarded, that the period of transition to
the new tariff policy should be made as
short as possible. The deferment of all
steps in that direction until the opening of
the new congress at the usual date would
certainly incur considerable public impa-
thence; special session called in March
could not be expected to enter fully on that
question, yet it might easily lay out a plan
OF preparatory work which would save
much time in dealing with it in the regular
session.
The foregoingS considerations suggests O
quite reasonable probability of a special
session being called soon after the adjourn
ment in March; and this probability has
done much toward abating the disappoint-
nent felt on Wall street at the discovery
that no action on silver could be expected
from the present session.