The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-13
THE BUSINESS OF THE NATION.
Looking to Congress For Leg
islative Relief.
The Needless Currency Famine Caused by
the Unpatriotic Attitude of Those Who
Have Withdrawn Millions From tho
Banks For the Pu, pose of Hoarding 1t.

New YORK, Aug. 12.-R. G. Dun G. Co. g
weekly review of trade says: The long de-
sired meeting of congress, q presidents
message which fully answered expecta-
tions. and the arrival of $l3, $50 900 gold
from Europe, with $40, 900, 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-
ization of domestic exchanges is even
greater than week ago. Yet there is n
more hopeful spirit. though the nation
looks to Washington with some Impotence
when the senate seems disposed to rival
the mills in working short time.
w hlle statesman consider merchants
and bankers and unemployed thousands
anxiously wait, knowing that the wrecks
OF each passing week make the task of
recovery more difficult. There has been
no startling crash, but the formal failures
Oh banks, including one in this city and
several In Nashville, number 81, while re
1usais to pay. except through n clearing
house or with limitations, are becoming
more common The commercial disasters.
804 in number, include such names as II.
II. Coleman, the Iron King" j. II.
Walker g. Co., of Chicago, in dry goods,
and II. l.. Hotchkiss, in stocks Whatever
relief congress has power to give may be
less fruitful for good if long deferred
The machinery of exchanges has almost
stopped. When $50 per 81 900 is paid for
New York exchanges AT Chicago, and sl5
or SO at other western cities. settlements
between the east and the n st, which or
dlnarily amount to $,.20O,U~ ,OO0 in Il year.
become extremely difficult Even the
New ork Central could not get currency
here on checks Of the Boston and Albany,
and was obliged to send to Buston for the
money.
The root of the trouble is that accord.
Ing to reports of July II to the comptrol-
Ter Sl3l, 600, GOO Of deposits have been with
drawn in two months from part of the
national banks, and probably SIT 600. 900
from all, besides unknown sums from
savings, state and private banks, and the
withdrawal and boarding mus have
been relatively even greater The gov
eminent is printing $l,950,oOO bank notes
daily, the clearing house has issued 81 600
UoO more certificates and the hope is that
confidence may be revived and hoarlinrs
unlocked
The arrest of industry goes so far that n
third OF the iron production ceased in the
month of July, and the CONSUMPTION of
iron in manufacture diminished 4G per
cent from May to July1. Not even this
shrinkage stimulates demand enough to
support prices, which remain the lowest
on record.
IL only confidence in the future could be
restored the monetary troubles might
soon be relieved. But ut present want of
cash. 1t Is said, accounts for the retarded
movement of wheat from farms TO western
markets, and exports have not met expec-
tHtl0nS n 81 hnt ~
somewhat declined.
Failures during the week number 9o4 in
the United States against 100 last year,
and rs in Canada. against 20 for the same
week last year. The number for the past
week shows decrease from the previous
week of 40 The west still contributes the
largest number, 1871, for the past week,
against 237 for the previous week In the
east there were 149, aud the south 81.