The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-08-12
LOOKING 70 CONGRESS.
The Business Of the Nation Needs
Legislative Relief.
THE NEEDLESS CURRENCY FAMINE

II L. Caused by the Unpatriotto Attitude
of Those who Have withdrawn MILL
ions from the Banks for the Purpose
of Hoarding t.
NEW York, Aug. 1a-R. G. Dun & Co. Is
weekly review Of trade says; The long de-
sired meeting of congress, q presidents
message which fully answered expecta-
tions, and the arrival OF s13, ESQ, 900 gold
from Europe, with $40, 0O0, 900 more on the
way, have not brought the improvement
many anticipated. Stocks are stronger,
but failures continue, and the closing Of
industrial establishments; idle hands null
tiply and silent shops. and the disorgan
iEation Of domestic exchanges In even
greater than week ago. Yet there Is a
more hopeful spirit. though the nation
looks to Warrington with some insnatience
when the senate seems disposetiao rival
the mills In working short time.
| While statesman consider, merchants
and bankers and unemployed thousands
anxiously wait, knowing that the wrecks
Of each passing weak mako the task of
recovery more difficult. There has been
no startling crash, but the formal failures
Of banks, including one In tbs city and
several in Nashville, number "a, while re
y
house or with limitations, are becoming
more common. Tho commercial disasters,
894 in number, include such names as r.
II. Coleman, the "Tron King;" J. H..
Walker q Co., of Chicago, in dry goods,
and H. L. Hotchkiss, in stocks. Whatever
, relief congress has power to give may be
less fruitful for good II long deferred.
i The machinery Of exchanges has almost
stopped. When $50 per 81 900 is paid for
New York exchanges at Chicago, and $i5
or go at other western cities, settlements
between the east and the west, which or
dinarily amount to q. 200, 600, 900 in year,
become extremely difficult Even the
New York Central could not get currency
here on checks Of the Boston and Albany,
!. and was obliged TO send to Boston for the
money.
i The root Of the trouble Is that accord.
ing to reports Of July 10 TO the comptrol.
Ter 1871, 900 900 Of deposits have been with.
drawn In two months from part of the
national banks, and probably Git, o0o, 00t
from all, besides unknown sums from
savings, state and private banks, and the
E withdrawal and boarding must have
been relatively even greater. The gov
ernment is printing 81, $780, 900 bank notes
j, daily, the clearing house has issued q, o0o
600 more certificates and the hope is that
J confidence may be revived and hoardings
!, unlocked.
The arrest Of industry goes so far that Q
third Of the iron production ceased in tn,
month Of July, and the consumption o.
iron In manufacture diminished 40 pei
cent. from May to July l. Not even thi,
shrinkage stimulates demand enough :,
support prices, which remain the loves
:, on record.
II only confidence In the future could b,
restored the monetary troubles NIGH
soon be relieved. But at present want O
cash, It is said, accounts for the retarded
Q movement of wheat from farms to western
. markets, and exports have not net expec
tations OF late, SO that prices Z. grain hav,
somewhat declined.
Failures during the week number 3o4 II
the United States against 100 last year
and Is in Canada, against 20 for the Aam
I week last year. The number for the pas
: week shows q decrease from the previou
week Of 90. The west still contributes tn
largest number. 1ol, for the past week
against 237 for the previous week. In tn,
east there were 149. and tho south "a