St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-30
BUSHES WILL BOOM NOW.
AT LAST THE SILVER INCUBUS rs TO
Be REMOVED.
FAITH SPRINGS EVERYwHERE

That the Nation Will Henceforth
Be on a Sound Financial Basis
bankers Beginning to Lend
More Freely - Relief Already
Being Felt-Wall Street Prices
Move Upward.
Special to the Globe.
HEw YoRL, Oct. 29.-At last the
silver incubus has been lifted from the
markets. The opposition have split
upon methods of cooperation for OBJ
struction, and that has given them
good excuse for the surrender which
they all now acknowledge to be ineyl-
table. Voting will therefore be under
taken Immediately, and with certainty
OF good majority for complete and
permanent suspension of treasury pur-
chases of silver. This is national re-
lief, the benefits of which it is impossi-
BILE to overestimate. The country is
now placed in a position for protecting
itself from the unknown future conse-
quences of the depreciation and de-
monetiZation of silver. The nation is
free to provide for itself currency sys-
TEN based upon the common money of
he world, adapted to its peculiar wants
and elastic and Self-regulative in its
movements. A doubt has been re-
moved-we may hope Iorever-from
our credit with the large holders OF our
investments in foreign countries. A
solid assurance is now given to the
world that American obligations will be
paid IN gold or its equivalent; and this
means that, whenever in the process OF
our marvellous national development it
may be advantageous to borrow Euro
pean capital, there will be no difficulty
in procuring it. We henceforth rank
among the nations not only first as to
productive resources, but also equal
with the foremost as to
SoUNDNESS AND STABILITY
of monetary arrangements. Ever since
the Bland-Allison law was enacted,
there has been, among European au-
thorltieS and the great bankers who con-
troll the currents of investments,
steadily growing misgiving as to what
w IhO OobSOLuO VI Jul OhO1 Az
creaSing commitments to silver money.
That doubt is finally settled; and it is
impossible to assign limit to the sub
seQuent elevation of the status of our
securities at the European centers. The
resumption of gold payments so bene-
fitted our foreign credit that, within the
two next succeeding years. we made
net import of s167, 100000 of gold. The
country has now emphaticaliy declared
that its ability to maintain payments in
gold shall never be impaired by an an
due admiXture Of silver; and it remains
to be seen how far this momentous as
surance will conduce to new influx of
the yellow metal. Already, in anticipa-
ton of the action of the senate, foreign
exchange has reached the point at which
the Importation of gold is possible. and
London is making shipments for New
York. As yet, there has not been time
to show what effects upon general bust
ness are likely to follow this great res
toration of confidence. The late depres-
sion has, of course,
EXTINGUISHED SOME CONCERNS
and crippled others; but the proportion
of this Injured class TO those which re-
main strong and retain their former re-
sources is very trifling; and it always
strengthens a situation to have its weak
er elements weeded out. Some remnant
of caution must remain, but there is no
reason why it should have any impor-
tant retarding effect upon either indus
try, trade or finance. Two all-important
facts are to be kept in view-frst, the
material interests of the country are in
a sound aud conservative condition, en-
tiIely exempt from either speculation or
initiation of values; and, next, credit is
sufficiently restored to enable all legiti
mate borrowers to get what funds they
may need. while capital is beginning to
seek employment at low rates. A fur
Their important factis that stocks of mer-
chandiSe have been reduced to an eX-
ceptionally low condition, so that there
must soon be movement for replenish-
ing them. Under these circumstances,
it seems almost inevitable that the en-
actment of the repeal bill will be fol-
lowed by general revival of business.
Indeed, we notice already the extension
of credit accommodation to class of
mercantile borrowers who have been
long
EXCLUDED FROM THE MARKET,
and the banks are becoming as anxious
to lend and discount as they have been
disinclined to those operations. Wall
street has promptly put its estimate
upon the new conditions by an advance
of soc points in the prices of stocks.
Nor is this purely speculative rise.
Those who sold out their securities dur
ing the pauic are HOW buying them back
again, and these investment transac-
lions sustain the rise against any reac-
ton arising from realizings by specu-
lative holders. The conviction appears
to be general that, as prices have not
yet recovered the level at which the
panic struck them. still further rise
may be expected. This view is strength
ened by the consideration that an i'm
proYement in general trade will in
crease the earnings of the railroads, the
business of which has been showing
steady gain during the past month. We
regard this hopeful view of the Ike
as warranted by the new condition of
off oon6dapt11r ovnoot efin