Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-06-15
Better Feeling and Outlook.

improvement in the tone ofbusinees
in Wall street, mainly consequent
upon the formal intimation of Pres
ident Cleveland that he will as-l
semble Congress in September
next. As the President indicates
that the express occasion for Cons
gress meeting three months in adj
vance of the usual time is the fnans
cial arrangement consequent upon
the silver act of 1890, it Is to be
presumed that he will urge the res
peal of that law, with such other
legislation as that action might
seem to call for.
The language of Mr.. Cleveland
in announcing his purpose can
leave no room for doubt that the
administration earnestly favors
the suspension of silver purchases.
The fact of his determining to call
an extra session also affords a pres
sumption that he has reason to
hope that Congress will receive
favorably his recommendations. 1t
is claimed to be certain that the
Senate finance committee-a MAJ
Ijority of whom have heretofore
been free silver nlen-nov' em>
braces a safe majority who favor
the repeal of the Sherman act Of
1890, and that those Senators have
so assured the President. Ir seems
reasonable to assume that the ef-
fects of that act, now so patent in
distrust, financial disorganization
and failures throughout the conns
try, must have brought many pro-
silver Representatives TO reconsider
their attitude on the question; and
that therefore seems to be good
reason to hope for a satisfactory re
suit OF the special session.
Thus far, the effect OF this official
intervention has been not only
negative, in staying the further
progress of the prevailing demon
alization, but also positive in rest-
oring confidence in a considerable
degree. The effect in the specially
disturbed districts of the West is
especially important. At Chicago,
there has been a complete cessation
of the run of 1epositors upon banks
and savings banks, and business
there is reenming a comparatively
normal aspect. Of course, the public
have, from late experience, come to
regard the effects of our silver
laundering also fundamentally i'm
portant that they are unwilling to
be entirely satisfied with
hopes Of those tors being cors
rected, and it may consequently be
expected that credits will be kept
within conservative limits until the
actual meeting of Congress reveals
some tangible indications Of the
prospect.
The Presidents action has had
a conspicuously favorable tffec'
upon our interests in the foreign
financial markets. At London, on.
securities have shown distinct re
Spouse, which, however, has moi
yet had It's tull effect on prices
simply because New York faileo
to respond Immediately and equally
to that improvement. The effec1
upon the foreign exchanges hat
also been very apparent. Although
considerable shipments of gold had
been anticipated for this week, the
amounts actually sent out have
proved to be comparatively hight
and it now looks as though the
outflow we're now nearing it's end
The unexpected reduction of 1 pei
cent, in the Bank of England rate
of discount comes in as an impor,
tantant contribution to confidence
for it not only shows a recovery
of steadiness in London finance
but is favorable to the employ
ment of foreign balances a
this centre and therefore te
curtailment of the foreign de-
m.and tor our gold. An
other factor tending to the same
result is the large export move
ment in grain that has set in with
in the past ten days which, from
all appearances, is likely to as
sumo still more important dinen'
sions. A point has been reached al
which SPECTATORS have neither the
motive nor the ability to hold OF
to their large stocks of produce
and const quently engagements
for exl ort have been made which
viii occupy all available ocean
+: eight facilities up to the middle
of July. This may be expected
to settle the question of future
shipments of gold, if it does not
suggest probability ola rcfux oil
that metal to this centre at no very
ditant day,
There can be no question that
the withholding of an enormous
amount of produce for its natural
course of export has been one inns
portant aus of the extreme
stringency OF money at the inter-
ior. Now, the forwarding of these
products to the seaboard is causing
a large drain of currency to the
West-the Chicago rate of exc
change on New York being 81 Is
discount; which will prove a quick
source of monetary relief in the
agricultural sections, OF course,
one incident of that movement
will prove to be a considerable re.