The Republican. [volume] (Oakland, Md.) 1877-current, 1893-09-21
BUSINESS SITUATION.
The Trend of Trade Points to a
Marked Improvement.

says: During the past week. there
has been IA continuation of the i'm
provement in Wall street interests,
and marked recovery in the tone
and amount of business at large IN
all parts of the country. The res
toration of the banks to something
approaching a normal condition has
contributed much toward this i'm
provement; inasmuch as it has
removed the money blockade, re-
stored confidence in credits, renewed
discounting and prepared the way
to a general return of ease and low
rates in money. The acting of the
house of representatives on silver
has made a still more important
towards the recovery
of confidence; for it has given
strong assurance of the remedy of
the evil from which all the derange-
ments monetary, financial and
commercial-haye primarily arisen
Unfortunately, the recovery is
INSTRUCTED by the needless delay of
the senate in confirming the action
of the house on silver repeal. For
the ordinary purposes of trade, the
strong assurances coming from the
house and the probability of the
senate ultimately giving a like ma
jority may be accepted as a suffi-
cient guarantee of moderate
business; for trade Obligations do
not usually extend over period
longer than a few weeks or months.
But with the larger operations of
capital it is different case When
OUTLAWS for large products have to
be provided for, those who are to
advance the capital need to be as
sured that nothing will interfere
to prevent the due payment of
their loans; and when doubt exists
as to the XIII 4 Of money in which
liquidation may be ultimately made,
the capitalist refuses to lend until
the radical doubt is removed. 1t
thus comes to pass that the tactics
of delay so resolutely persisted IN
by the senate are infcting upon the
larger operations of finance and
upon new undertakings of industry
as complete paralysis as has exis-
ted at any time since the depression
set in. Equally is it holding in
restraint the disposition of foreign
capital to seek employment in this
country, providing our money of
account is made satisfactory. How
ever much, therefore, business in
terests may owe to the prompt
action of the house on the silver
question, it owes it to the reckless
trifling of the senate that the re-
covcry of confidence and of COM
mercal activity is very far from
being complete and that vast
amounts of capital are held stag
nant or but monetarily employed.
Another serious effect of the OBJ
structive attitude of the minority of
the attitude of the senate is that it
is holding in suspense other meas
ures IN which the country is ur-
gently interested. The action of
Congress on the large prospective
deficiency of revenue, upon the
impending tariff legislation, and
upon measures necessary to provide
a better elasticy in our currency
system, is delayed to the detriment
of business interests universally.
While the country insists upon
being finally exempted from the
dangers connected with a deprecla-
ted silver currency, yet it does not
overlook the fact that, when that
source of currency supply is cut off,
it is necessary that some other
means of sustaining the volume of
the circulation must be supplied;
and, in view of our late experience
of the effects of currency famine,
the people are not willing that such
provision shall be postponed any
longer than is really necessary. To
deal with that measure, however,
before the silver problem is disposed
of would be but to put in the hands
of the silver minority the means of
deferring legislation on silver pur-
chases and of throwing the whole
currency question into confusion.
1t may not be necessary to under
take at present any broad scheme
of currency reform; but whatever
has to be done must wait until the
senate has voted on silver.
1t is true that, when confidence
has been restored and the whole
circulation has thereby been
brought again into free activity, we
shall find the supply of money
equal to immediate requirements,
and the more so as the new tariff
policy will establish, from this time
forward, lower range of prices,
which will proportionatel5 reduce
tha op,Ourt Of orcro,o .onIod