Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-17
The Situation ImprOyinr.

While the recent closing OF mills and dis
charge Of labor in various parts of Yer
mont would under ordinary circumstances
indicate that the stringency had just begun
to make Its influence felt In this State, 1t is
a pleasure to note that the general situation
throughout the country Ia improving.
so far as can be judged from the
reports to the commercial agencies
and advices from tho larger cities
There are many ard assuring indi-
cations that the currency famine is much
less acute than it was; for the high Prem
iums that have been paid for money during
the past few days are growing beautifully
and encouragingly less. Over $25, 600, 900
in gold has arrived from Europe during
the past five weeks and the addition OF this
large amount of coin TO the moneysin circu-
lation has already made itself apprsciably
felt. This influence is Of course more marked
In the larger cities where the precious metal
is first paid out, but If gold continues to be
imported at an equal rate for few months
all parts Of the country must soon feel the
effect
AS was indicated by ex- Comptroller Tren-
holm in an interview published Saturday,
there is an immense amount OF money in
this country and all that is needed is to
bring public confidence to such point as
will prevent a continuance of the boarding
Of money. 1t has been shown that in
round numbers there is in existence in
this country about s475, 900, 900 of green
backs, 1885,, 000,0O0 of national bank
notes, about $500, 600, 900 of treasury
notes issuel under the act of 1890,
about $780, 600, 900 of silver dollars, max
ing OF what may be called government
money an aggregate of 81, $50. 900, 600, to
which must be added the gold coin in the
country, which, exclusive of that in the
treasury, is estimated at about $3.50, 900, 600
to $500, 600, COO II this latter estimate is
correct, there would appear to be about
e, 600, 00O 600 ready money, of which 80
large part has gone suddenly out of
sight that what remains as a visible supply
is being bought and sold like merchandise.
1t is easy to account for the boarding Of
go much money when the conditions which
prevail In leading financial circles as well
as throughout the country are taken into
consideration. Timid people are not only
Withdrawing money from circulation them
selves, but they are causing the banks ali
over the country 10 do the same
| thing to protect themselves against
possible unreasonable run. 1t can
thus be seen that the national
banks of the United States must alone have
many millions locked up which under normal
conditions would be in scirculation. 1t is
therefore ar encouraging sign that the people
are regei az confidence In the banks, for
when th confidence is fully restored, 1t
will be possible for banks to loan much more
freely than they can with safety at present
and there will be more money In circula
| tiop.
1t is also worthy of note that the stock
markets during the past week have resisted
all attacks OF the bears with a deter nina
| tion that speaks volumes for the confidence
of operators in the immediate future The
stock markets are In ons sense a mirror Of
the situation, and while 1t 10 not Away,
safe to be wholly guided by the reflection
seen therein, the market furnishes many
valuable straw f'r 40 Nr. IL of tho pub
lie at large.
While ths Improvement in tho general sit
uation is worthy of consideration, it shoult
not be exaggerated in Importance. Their,
are reasons for encouragement but the sit
uation remains acute, and extreme care ant
watchfulnsss are still necessary in all deal
ings. There will probably continue to he
slight improvement in financial circles a.
money In circulation increases in amount
but confidence can not be fully restored o.
any improvement be regarded as wholly
permanent until all doubt is removed con