The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-14
Confidence Beginning to Return at
Last to Everybody.
FOLLY OF BOARDING REALIZED.
Bank OniciaIs OF the City Are More
Hopeful Than For Many Weeks Past.
Next Week.

Everybody will be glad to learn that n
change for tho better has taken place in
the financial situation. There il no
longer any reason TO doubt that the high
water point of distrust was reached n week
ago aud that the inevitable reaction in
favor OF increased confdencs and conse-
quent improvement in the general busi-
hess world has already set in.
Bankers and business men of the city
are beginning TO wear cheerful faces for
the first time In many weeks. The
probability hat congress will re-
peal the purchasing clause OF the
silver act has contributed mate
rally to better feeling among
. depositors, and the haunting fear OF "A uni
versai bank panic that has caused SO many
TO foolshly withdraw their hoardings
and thus precipitate the very crisis
they sought to avoid is gradually giving
plac, to feeling that the banks can take
care OF themselves IL given fair oppor-
tunlty. The result is noted at the banks
by a suspension Of the miniature runs
that have annoyed bankers during the
past week.
Good Sense Prevails Again.
Many people who grew frantic two
weeks ago aud wanted to withdraw all
their hoardiDgs have seen the error Of
their ways and are as anxious TO re-
deposit as they were to Withdraw.
The poor bank statement OF last week
should not be ed with fear by any body
The same thing has occurred in seasons
or unexampled prosperity, aud is
likely to be followed next week by
the very reverse. 1t cannot be construed
rs an indication OF continued stringency.
What the banks need now more than sill
yer legislation or any other reactioaary
measure. Is the confidence OF the people.
Such confidence is absolutely indispensa-
bic. People must release their money.
There is no lack of currency in any part
OF the country. and il AL the old stock
ings and rusty stoves that are now doing
a destructive banking business of their
own should be forced To suspend and
their contents put into circulation
through the medium of the old and ap-
proved banks OF the country. an instant
relaxation OF present tense conditions
would follow. John j. Massey OF the
Peoples bank attributes most of the
present stringency to this | ok of conf
dence and the Inability of the banks to
compete with the old stocking.
Everybody's Duty.
at is the duty Of every man, woman
and child TO make every possible effort TO
increase public confidence" he said, to-
day. 'The reaction has already set in and.
with their eyes opened by the disastrous
experience of the past few weeks, be-
lieve that the people will take hold and
help us ont OF the financial hole. To
Ger, ain exte The present depression is
q ne To tie silver bill, but that IS not the
principal cause. 1t is proven by the
fact that since depositors have ceasel
their runs on the banks better
state OF things has prevailed The people
have learned that we can pull ourselves
out of the hole IL only given fair chance,
and that tie worst feature of the
situation was the fear that existed
In the minds of depositors that
the banks could not hold out. am free
to state that there is "a better feeling to-
day than Heretofore and 1 believe the
worst to lie practically over"
The officials of the First National bank
also expressed their belief that better
state of things already prevails. The
repeal Of the silver purchase law is prob
able, and from that fact some encoul-
agement for the future is drawn.
About Two Weeks to Wait.
'It will take probably two weeks for
congress to settle the fate Of the BILL"
said President Little6eld. after that
we may look for return TO our old con
dtion of prosperity In the meantime,
believe that much better feeling is pre-
vailing."
The officials at the American National
bank express considerable encourage
mept. They believe that the bank state
ment next week will make good show
ing in spite of the many causes
that still operate against it.
Currency will be easier this week that at
aLy ime since the panic set in. Paper
is still hard to get and commands
exorbitant rates, but the worst has u n
doubtedly been passed.