Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1893-11-10
TIE BUSINESS OUTLOOK.

Careful and practical observers Of finsn
cial conditions, like Mr.. Edward Atkinson
and the New York Financial Chronicle, con
cur In the view that better times are com.
ing, thanks to the repeal Of the Sherman
act, and will not be long deferred The re-
peal Of that act places the country 10 a
sounder monetary position than II has en-
joyed since the civil war. 1t Is long step,
and, according to Mr. Atkinson, so alters
the conditions Of national finance that bust
ness will soon revive, the receipts from Gus
toms and internal taxes will progressively
increase and the expected deficit of the gov
erhment at the end of the present fiscal
year will not occur. This happy result will
be furthered, he thinks, by material re.
duction of pension payments due to the
deaths of pensioners and the coming OF age
of their infant heirs. Such reduction has
already begun and II will 60 on Ut an acce
Grated rate hereafter. With this diminished
call for pensions and the increased revenue
from tariff and internal taxes, Secretary Car
Isle may expect to balance expenditures
with receipts by July next, and next year
turn his present deficit into surplus. Mr..
Atkinson is careful student Of the ques
tions involved and his opinion will com.
mand general attention.
The Financial Chronicle testifies 10 the
same effect, and says that "by the middle of
January next evidences of better conditions
will begin to multiply and will increase rap
idly In later months. The depression in
Europe is largely due to the condition Of
sffairs here, our purchases having been phe-
nomenally small. Trade revival will start
in America and will be taken up and re.
sponGed TO by trade revival In Europe
The clements Of our present monetary stu.
alton and the nature Of last summers panic
aud OF the present depression are discussed
by the Chronicle to show that the conditions
favor rapid revival Of enterprise. industry
and prosperity. As regards money, we are
now, by the repeal OF the Sherman act,
placed very much in the position that
France occupies. According to the mint
bureaus estimate, France has $3.50 900 900
In legal tender silver currency. while We
have $573,OO0OOO. France has 100000,
900 of gold; We had, October 1, $685., 800,
900. France is able 10 keep her silver at par
with gold because she many years ago
stopped the free coinage Of that metal. Now
that we have taken similar action We may
with confidence expect to do as well. with
the limit put on coinage" says the Chronscle,
I'VE can take care of our silver just as easily
as France can" 10 other words, we shall
easily keep our silver at par with gold. The
fact that financers may now again have
confidence In the future Of our currency Is
of capital importance.
viii the recovery Of enterprise b. pain.
fully slow or rapids Opinions differ, but
the ChroSicle inclines TO the view that the
recovery will be prompt Ordinarily" 1t
says, "the method of rehabilitation would
be through a long period OF REIMBURSEMENT
and liquidation. But there are phases of
the situation which make our case to-day
somewhat different from the situation ut any
other crisis" There have been big failures,
but there is not a general insolvency. The
mercantile and financial classes have shown
great strength. There Is not now cond
ton Of general weakness and embarrassment
The demand for time money Is light Oper
ations In many lines are suspended, but they
are ready for resumption at the first renewal
Of business spirit Many signs concur 10
indicate that great changes may b. expected
within the next half year.
A change has already taken place. The
iron industry-sn index Of business tenden
cies-again shows life. The Illinois Steel
Company, at Joliet; furnaces at Johnstown
and shops at Easton, Pennsylvania; mills at
Youngstown and glass and iron works at
Steubenville, Ohio; the mills at Fall River,
Massachusetts,; many industries ct Provi.
dence, Rhode Island; the Amoskeag mills
and print works in Manchester, New Hamp
shire; various manufactures In Troy, New
York. These are some Of the enterprises
now again becoming active. After the tariff
revision has been effected and manufacturers
find that they have not been injured by the
changes II Is not unreasonable 10 look for
q period Of great activity and prosperity
throughout the land.