St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-21
STOCKS ON THE MEND.
HENRY cLEWS ReGAR9S THE SiTUa.
TON As IMPROVING FAST
LESS APPREHENSION FELT.
Much OF the Failure VIII Depend
Upon tho Action OF Congress
on the silver Wants
No FiddIing Neros in Finance
at This Most Critical juno.
ture.

on the silver Question-Wants
No FiddIing Neros in Finance
at This Most Critical juno.
ture.
Special to the Globe
New YORK, Aug. 19.-The general
situation may be said to be on the
mend; but the recovery is so slight as tC
be scarcely observable from day to day.
There is certainly less apprehension
than existed week or two ago The
number of bank failures and of mer-
camille suspensions is declining, and
about as many banks are reSuming op-
erationS as are closing their doors.
There cannot be said to be any lmpor-
tant distrust as TO the soIvency of mer.
camille firms, and such fear as exists in
that quarter is mainly against the
possibility OF sound houses becoming
embarrassed through the continued ex-
traordinary scarcity of money. The
trouble among the banks seems to be
less acute than it was a week ago.
There has perhaps been no material
abatement Ill the applications for cur
rency from the interior banks; but, as
those demands now meet with but re-
Stficted response, the city banks may be
presumed to be getting their resources
Into better shape. This result is ap-
parent i'll some increase of discounting
pflhe paper and in a disposition to lend
more on call. There is also evidence of
an abatement of the extreme scarcity
OF currency, and the opinion seems very
general that the premium on money has
brought into circulation a considerable
amount of horded funds. The continued
arrivals of gold from Europe have made
large contribution to the local stock of
money. which must have favorable eff
rect through restoring the reserves of
the banks; but as the banks may be rea-
sonabiy expected to first of all husband
their resources in view of the weakened
condition i'll which they are now placed,
these new supplies of money have not
yet had the effect of extinguishlng the
premium on currency, though they have
materially reduced it,
The chief interest and dependence
however, centers in the action of con-
gress on silver. All eyes are fixed with
intense anxiety upon the capitol. The
been that of waiting to see what esti-
mate congressman put upon the situa-
ton. The impression so far received
has been one of intense chagrin and dis
appointment. AS rule, the represent
atlveS OF the people seem to have no
more serious idea than that they are as
Sembled to debate over again an already
over-argued and settled question, and
to make display of their oratoricaI
proves. In neither house does it seem
to be realized that congress is sum-
moned to execute promptly a specif,
and expressly defined behest from
four fifths of the people of tn
United States. Few members seem to
understand that the country is brought
to the present seriously depressed state
by Its silver policy, and that their sole
business, as Enthusiastically prescribed
by vast majority of the nation, is to
prohibit at once the increase of silver
money under the so-caled Sherman
law. The disposition shown during
the past two weeks to consider alter
natives and compromises in place of
this simple repeal remedy, and the tri-
fling with the public demand, especially
i'll the senate, are producing a discour-
agement that will rapidly resolve itself
into profound national evaporation;
and 1t now remains to be seen how far
the seuate will really dare to carry its
defiance of the public will. That COM
mand now needs 10 be expressed with
a force of personal representation
from the leading centers of the country
that will bring reckless senators to their
senses; and the signs are gathering
that. in few days, the popular demand
VIII be uttered with majesty that will
compel the respect of those who now
dare 10 set their own theories and petty
sectional interests in hostility to the
highest national welfare. The time for
debate and Speechmaking display IS
past. The confiagration flames all
around us, and we want no fiddIing
Neros to insult the public suffering.
The hour has come when the supreme
sovereignty of the American people
must be absolutely obeyed; ana
if there should prove to be
majority Of the higher
house who dare to defy it to the last, it
Will be but for moment that such
traitorous exercise of legislative func-
tons will be allowed to prevail. If it
is possible that the country cannot de-
pend upon the senate in its hour of su-
premeSt peril, let that body dare to say
so by denying the demand now before
them; but salvation from a debased
currency could be but momentarily de-
ferred by such presumptuous folly.
AS matters now look, the silver session
is likely to become an intensely exciting
one at an early daY; and we are far
from expecting that. when the public
resolution becomes properly understood,
the senate will persist in its present
defiant attitude. HENRY CLEws.