The Republican. [volume] (Oakland, Md.) 1877-current, 1893-09-07
MARKED lMpRovemENr.
Henry CIews' Weekly letter on the
Business Situation,

ment, not only at this centre but
throughout the country at large.
The bank statement of August
Goth, showed that. upon the week S
average, the reserves OF the banks
remained &c, 750 900 below the legal
minimum; but the actual deficiency,
at the end of the week, was prob
ably not over S4.0O0,O00. Since
the date of that settlement, about
S11, c00,0O0 of gold has been re-
ceived from Europe, the major por
ton of which has gone into the
banks; and the receipts of money
from the interior have probably
sufliced to offset the shipments
thither, while the sub-treasury has
continued to be debtorsat the clear
ing house. Thus, whichever may be
the showing of to-day's statement
based upon averages, ehere can be
little question that the banks hold,
at the end of the week, an amount
of lawful money in etess' of the
legal reserve requirements. This
has naturally producedh more con.
fident feeling among Il banks, and
though they are not alphabetically
extending their loans OF discounts
nor retiring certificates, yet they
are getting affairs into form for CIV
ing the public the benefit of their
improved condition at an early day.
Everywhere, the interior banks are
getting into better shape. Many of
those that have suspended are re-
Stunning business; and bank draw
ings upon New York have fallen to
nominal dimensions.
The nearby country banks are
appearing again as buyers of mer-
camille paper, which is significant
expression Of returning confidence
among very cautious class of
leaders. The savings banks have
informally CONSIDERED the propriety
of offering to prepay deposits the
withdrawal of whicl has been mott
fed, but seem to have preferred to
wat until the expiration of the
thirty days notifications. The
thirty-day period Terminated this
week, the result beng that only 10
per cent. Of that cass of deposltors
withdrew their mpnev. The notl-
fications for withdrawal at the end
of sixty and ninety DAYS are being
fast cancelled. It is thus clear that
it would be quite safe for the saw
ings banks to make the suggested
offer of prepayment; aid that fact
suggests u probability that these in
stltutlons may soon begin to return
more or less of their cash funds to
the custody of the regular banks.
The dealings in currency have vir
tually ceased and the premium upon
it has disappeared; which Is evil
dence on the one hand of tbscessa-
ton of boarding and on the other
of freer disbursements in money at
the banks. The foregoing facts
afford the best possible evidence of
the return,of monetary and banking
affairs TO an approximately normal
condition.
The great event Of the week, and
the one which more than anything
else, has contributed to this i'm
portant recovery, has been the over
whelming vote of the house of rep
resentatives against any increase in
our silver currency under the Sher.
man law. That is an immense gain
towards future confidence, 1t
means that, under no circum-
stances, will this country tolerate
any loose experimenting with this
form of money, but will insist upon
it as fixed policy that gold shall
be the national standard. This re-
stores to the national credit rock
foundation that will save it from
such shocks as it has lately sus-
tanned. 1t also carries the advant-
age of dissipating the doubts among
foreign holders of our securities
which sent home probably $780,
900, 900 of them since the Sherman
act took effect.
Mondays vote, carrying with it
the certainty of like action by the
Senate, has been followed by a
steady stream of buying orders for
stocks and bonds from London,
Frankfort, Amsterdam aud Paris.
The extent OF these purchases may
be inferred from the fact that,
although some SIS, 900, 900 of ster-
ling bills borrowed 60 days ago have
matured within the week, yet the
rates of exchange, instead of being
thereby adversely affected, have
been weak and vergiug on the
specie-producing point. 1t is to be
presumed that in Europe, as we'll
as at home, there is among cautious
investors Il disposition to defer buy
e