Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-08-24
PhiIndelphIa Ledger special.

fhliadelphla Ledger special
New YoRK, Aug lS-The65. 600 900 inhab.
itants of the United States are not going to
submit tamely TO adverse conditions. They
are not going to give up business entirely
and drift into state OF abject stagnation.
They have wonderful gift OF adapting
themselves to circumstances, and in times
OF national crisis they are In the habit of
rising to the full measure Of heroic action.
Whatever Congress may or may not do in
the present emergency, this country will
find some way out of the difficulties which
now beset her. Even free silver coinage
will not break her. The people will adapt
themselves TO theconditi0ns that surround
them, however nnfavorable they may be,
and, by a supreme effort, work out their
solution in one way or another. This is
nation of enormous resources of intellect
ual and material wealth. She is young YET,
and she can recover from blow that
might crush another country. Therefore,
whatever may be the outcome of the
pending struggle in Congress and
there can be no exaggeration of its
Importance to the welfare of the nation
the country is not going to rack and ruin.
If Congress fails to do its duty we shall
suffer many pains and penalties, but as n
man can, IL he must get along with only
one eye or one arm, or one leg or one lung
with fair degree of success, although two
eyes, two legs. two arms and two lungs
would enable him to achieve more, so the
nation will manage TO create out of adverse
conditions certain measure of prosperity.
So those who are inclined to be bearish on
the situation, as ID appears now, ought to
be bulls on the country. Her career of
glorious achievements is but just begun.
But this consideration relieves but little
the prevailing depression which is caused
by the weary waiting upon tardy Con-
gress. Disguised by the long and appar-
emily useless debate in Congress, some
people less courageous than others are
already beginning TO say "Give us some
thing, even free silver, rather than
proloug this uncertainty. Let us know
the worst and then We can adapt ourselves
to the conditions" But, Notwithstanding
the strength of the silver men in the Sem
ate, strength so great that at present they
seem to constitute a majority, there is in
creasing evidence that public opinion is
working SLOW but sure conversion to sound
money. A little more object lesson and
the conversion ought to be complete. Every
day of business depression will make the
pressure on the Senate for the repeal of
the Sherman act the stronger. While the
present outlook for repeal seems doubtful,
the ultimate triumph of sound money
is inevitable There are already indications
that public opinion is at work in the Sem
ate. The introduction by the finance COM
mittee of bill providing for repeal of the
| Sherman act, coupled with mild declara.
ton in favor of bimetallism, is one of the
most encouraging events of the week, and
gives strong ground for hope that the
Senate, following the prompter action of
the House, will vote for the repeal of the
| Silver Purchasing act and await the estab-
lishment of bimetallism by international
! agreement.
WAITING ON CONGRESS.
| Meanwhile everything is waiting for
Congressional action, and business and
| speculation are necessarily stagnant. There
is little change in the situation, but that
little is for the better. Nearly SO, OOO, 600
| gold has arrived this week; more is ex-
ptcted on the steamers to arrive tomorrow
| and sunday, and these amounts will make
| the total gold imports for the five weeks
ending tomorrow in the neighborhood of
S9, 100000 This does not include 9906. 0O0
taken from the Bank of England to-day
Il for shipment to the United States and
Canada. The bank circulation has been in.
creased $1,000 100, a nd it is pity that the
bill to enable the banks to take out circu-
lation to the par value of the bonds de
posted to secure IL has been blocked in the
Senate. The gold importations have given
relief to the situation, and. it is believed
Will make favorable showing in to-mor-
rows bank statement. but nevertheless.
premiums are paid for cash and for gold
TO arrive and there is no relaxation OF the
stringency in the loan market, Stool,
speculation is at a standstill and even the
gold imports and the declaration OF
the usual Chicago, Burlington &
Quincy dividend have failed to revive il
while the passing of the Northern Pacific
into the hands of receivers has on the
other hand failed to produce panic. Tn.
event had been largely discounted. The
announcement that the Atchison Com
pany had arranged for an extension of tn,
S9,OOO,OV0 guarantee fund per cent notes
maturing In November next also failed L
have much effect. The situation is essen
TALLY waiting one. The gold that is ar
irving IS attracted here by the premium
bid for it, and has been obtained in spit,
of the advance in the Bank of Englant
rate of discount. Tho operation appear
to amount really to u loaE of the gold. II
receipt is essential to the moving of thu
cotton and grain crops. More loan certiii
Gates have been issued this week, mainly
/ it is said, to aid mercantile concerns
whose situation Is described by banker
as growing more acute. The outstanding
certificates amount TO S37, $4,000, an,
! none are likely to be cancelled until ney
money is received by the banks aud tn
deposits are increased. Their cancellation
/ now would rcessitate the calling of loan
and this would be attended with mucl
hardship. 1t is estimated that the ont
standing sterling loans amount to abou
| 100000, and the renewal of these, il i
, believed, depends very largely OH tn
! action Of Congress, If free silver prevail
these gold loans will probably be called.
( EVIDENCES OF ACTUAL INCREASE.
. BrddstreeFs tomorrow will say ,Ther
are evidences of actual increase in deman
. in several lines, such US that for dry good
4 at Chicago and for shoes at st. Louis. a
Cleveland, Cincinnati and Louisville, also
|, improvement or expressions of returnin
confidence from merchants are a featur,
. Even at Detroit, Milwaukee and Omaht
where there is no tangible improvement
in trade or banking circles, there are r,
< ports of better feeling, based on conf
/, dence that Congress Will repeal the pul
l. chase of silver clause With the excepto
8 of this better tone in the West, the gencr,
d situation is unchanged, except that Pitt
o burg, Richmond and a few other point
e find encouragement in temporary feature
n Widespread use Of certified checks us Gu
0 rency is feature of the week. The d.
= nand for currency at New York is sti
e strong, though the premium paid Huct,
/. ated between one and three per cent, tran
n actions being mainly in large block
# Heavy decreases in railroad earnings Q,
e cite unfavorable comment, and cause d
6 preston in Pacific and Southwestern raj
It road securities. The list of mercanti
lie failures in the United States this wee
i shows sharp falling of, the total beir
!. 100, as compared with 474 last week, wit
Al 1877 III the second week in August, 1883
and us contrasted with 1871, 100 and q
respectively, in corresponding weeks
three preceding years. Available stocks
nj wheat continue to show weekly net d
n crease for Australia, the United State
n Canada and Europe, notwithstanding
~ gain Of more than 100000 bushels
!, Stocks ahoat for the latter Last week al