St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-01

/ for the issue of the silver certificates, the
condition of the circulating media Of this
country would be at this time. 1t cannot be
denied that on account of the very rapid lie
yelopment that is now taking place of that
section OF our country lying betw cen the
Mississippi river and the Pacific oc can, the
demand for an elastic circulating currency
will increase from year to year-saying moth:
| ing OF the natural increase or the busln eSS or
| the entire country.
| | think, however, that the expectations of
gold will TO very large extent cease, on &C
count of the large cotton crop and the In
crease Of nearly so per cent i'll the price OF
| the same since the market opened.
Referring to our own state, must repeat
| what have often said before upon being in
| terviewed, that, on account OF the present
very low price of wheat, what we need Is
more diversified farming If our farmers
would turn their attention to the raising of
pork, beef, poultry, and dairy products
which are now bring ing very good prices
they would be very much better off fnan.
tally.
Gov. William r. Merriam, president of the
Merchants National bank, SAID: 1.-THE situa-
! ton, so far as the general financial and
commercial interests are concerned. is ex-
cellent. There is no prospect tor cloud to
loom up unless it comes from the silver
question. There has been large produc-
i ton of cereals, and our railroads are taxed
to the utmost eXertion to convey the crop 10
market. The manufacturing interests OF the
country seem TO be in excellent condition,
and the great transportation companies
of the country are having on9 AL the
see but one un fortunate situation in the
financial outlook, and that is the one brought
about by the Sherman law, by which the
government Is purchasing 1850. 0O OF silver
bu lion month and issuing silver certitl
Gates against it. This is looked upon as
| menace to future prospects. Foreigners who
! hold large investments in this country are
! inclined to the opinion that we cannot con-
tinue on gold basis if the policy of pur-
| chasing white metal each month Is not dis
| continued. There is therefore desire on the
part of the merchants of Europe 10 draw
| from us on every possible pretext as much
of our gold as possible. AS the af
Oh the mind that the government
cannot meet its demand obligations in gold
and will be compelled to resort TO liquida-
| ton in silver. The consequence of this bouDt
as to the future financial policy OF tins coun-
| try is that it is quite impossible to float any
new enterprises of magnitude, and to induce
people to embark upon large schemes. Every
| body prefers 10 wait until the future deyel-
opes some settled policy. The bankers pre-
I fer to pursue a conservative course, and are
! advising their customers against engaging in
new enterprises of importance. 1t can be
! safely said that we're this one question set
| tied and we upon gold basis the general
outlook for future prosperity would be most
I
Joseph Jockey, of the National German
! American, said:
| do not regard the financial outlook as at
| all discouraglng, although we have now. and
think we are likely to have for the winter,
a rather close money market. The very low
price of wheat has a bad effect in portions OF
| the country devoted exclusively to wheat
| raising. This applies particularly to the
| country north and west of us. In other
! localities, where farming is more diversified.
| the low price of wheat is Offset by the liberal
prices commanded by other farm products,
such as oats, corn, barley, hay, potatoes. etc.,
! all of which bring fair prices Legitimate
| business is in healthy condition generally,
| some lines perhaps are little overcrowded.
! but well established houses are not disposed
| to complain of the volume of trade.
| Speculative operations are somewhat de-
pressed European shipments of gold, al
| though not excessive, have been sufficient
TO occasion some alarm: this, in connection
with the uncertainty as to the course of
silver legislation, have rendered operators
cautious and caused disposition to IN
load rather than TO invest. | believe these
causes will soon cease to disturb us. thi NIX
gold shipments have reached their maximum,
and | have considerable confidence III the
ultimate wisdom of congress in dealing with
questions of finance. | am. therefore. dis
posed to take hopeful view of the situation.
Hon. Albert Scheffer, president of the
Commercial bank, said:
The moment that it becomes apparent to