The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-08-12
TO CONGRESS.
The Business Of the Nation Needs
Legislative Relief,
THE NEEDLESS CURRENCY FAMINE.

IL Is Caused by the Unpatriotio Attitude
OF Those who Have Withdrawn Mill
ions from the Banks for the Purpose
of Hoarding 10.
NEW YORK, Aug. 12.-R. G. Dun G. Co.'s
weekly review Of trade says; The long de-
sired meeting Of congress, a presidents
message which fully answered expecta-
tions, and the arrival of Sl9, ,2s0, 600 gold
from Europe, with $4,000, 600 more on the
way, have not brought the improvement
many anticipated. Stocks are stronger,
but failures continue, and the closing of
industrial establishments; lille hands null
tiply and silent shops, and the disorgan
izatiOn of domestic exchanges is even
greater than a week ago. Yet there is a
more hopeful spirit, though the nation
looks to Washington with some impatience
when the senate seems disposed to rival
the mills in working short time
While 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
Of banks, including one in this city and
several in Nashville, number "a, while RS
iusals to pay, except through a clearing
house or with limitations, are becoming
more common. The commercial disasters,
594 in number, include such names as II.
IL. Coleman, the Iron King;" j. II.
Walker 81 Co., of Chicago, in dry goods,
and II. l.. HotchlIlss, 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 S15
Or $50 at other western cities, settlements
between the east and the west, which or
iinamly amount to SO, 600 900 in year,
become extremely difficult. Even the
New York Central could not get currency
here on checks of the Boston and Albany,
and was obliged to send to Boston for the
money.
The root of the trouble is that accord
ing to reports of July 10 to the comptrol-
Ter Sl31, ,000, 600 of deposits have been with
drawn in two months from part of the
national banks, and probably Sl77, 600, 600
from all, besides unknown sums from
savings, state and private banks, and the
withdrawal and boarding musS have
5een relatively even greater. The gov
ernment is printing 81 600 bank notes
daily, the clearing house has issued So, ,000,-
JOO more certlhcates and the hope Is that
confidence may be revived and hoardings
unlocked
The arrest of industry goes so far that a
third of the iron production ceased in the
month of July, and the consumption of
iron in manufacture diminished 46 per
cent from May to July1. Not even this
shrinkage stimulates demand enough to
support prices which remain the lowest
on record.
If only confidence in the future could be
restored the monetary troubles might
soon be relieved. But at 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-
tations of late, so that prices of grain have
somewhat declined
Failures during the week number 394 in
The United States against 100 last year,
and % in Canada, against 30 for the same
week last year. The number for the past
week shows a decrease from the previous
week of 40. The west still contributes the
largest number, 19l, for the past week,
against 237 for the previous week. In the
EAST there were 149, and the south 81