The National tribune., 1893-08-24
THE FINANCIAL SITUATION.

Infinitely the best thing that Congress
can do is to simply repeal the purchase
clause of the so-called Sherman law, make
a declaration that it will not tinker with
the tariff for a year, at least, and then
promptly adjourn.
Most important Of all is the declaration
in regard to the tariff If this were made
it would Immediately render saleable $780,
100000 pounds of wool now in the farmers
hands, and unmarketable, because of the
uncertainty as TO whether the country is TO be
flooded with foreign woods and foreign goods.
If this wool could be sold at or near
last years prices, it would put many million
dollars into active circulation among the
farmers. This would only be the beginning
Assured of non-interference with the tariff
every factory in the country would speedily
start up, because the stocks of manufactured
goods of all kinds have been run down very
low since the results of the elections last
Fall hoisted the danger signal, and warned
the business men of the country to look out
for breakers. From 100000 to 2,O00,00
men now out of employment, without means
of obtaining food and clothing for themselves
and families, would be given work and wages
and once more there would be a ready sale
for all that our farmers can produce.
Even with the powerful discouragements
of prospective tariff slaughter, the great
recuperative power of the country will mani
fest itself, and the sentinels on the watch
towers can see unmistakabe signs of i'm
provement Z. 6. DIM & o's Weekly ReUiew
Of Trade, which always leans to the cautious
side, says Of The aspect of business last week {:
There is a rift In the clouds Faint and vet
definite signs OF improvement are all the better
because they come, not from possibly delnsive
hopes or from momentary foreign aid. but from the
good sense aud wonderful recuperative power Of
the people themselves Business is trying TO 20
ahead without waiting for Washington. Imported
gold, S9,0OO.00O or more during the week does not
go to the right spot but the people are creating
homemade currency for themselves by using
certified checks in paying employees settling local
accounts and purchasing grain and cotton Little
money comes back yet from timid boards and
the paralysis Of exchange is nearly as complete as
ever; but that very fact pushes each section and
city into relying itself and less on Govern
ment and Wall street.
Assumptions now becoming somewhat fire..
quent, and In the very sbrinkage of production
| men evidence that demand must soon oyertake
supply.
Pig-iron does not rally but sells at sl4 here and
sl3 at Pttsburg for No. j, though the weekly out
| put has been reduced 4G per cent. since May l.
| Though five concerns have failed and "a have
| stopped during the week, IA have resumed.
Sales of wool in seven weeks have been only
l75750OO pounds against so 37 $50 pounds last veal
| and 81 $50. 500 pounds in 1891.
/ Somewhat fewer cancellations are met In dres,
/ goods, and there is more buying Of Fall woolens
| Shipments Of boots and shoes from Boston sine.
| the end OF June have been a decrease OF I7l% De,
| cent, but a little more demand is now seen
| With such shrinkage in the great industries. 4
Is surprising that railroad earnings do not ecIin,
more, the decrease roads reporting In Angus
| thus far being IL per cent The decrease of Is Del
| cent in clearlngs outside New York last week aut
| 30 per cent. this week is only natural. A it'll.
| more money is now found for commercial loans
| and failures of banks have become both less i'm
pOrtant aud less frequent. though the creates
| caution is shown in accommodations. The re
ceivership for the Northern Pacific had beer
so fully discounted that IL produced little effect
though this is the third great railroad default ih
year. and the aggregate stocks and bonds Of Tia,
three roads amount to Ss5o. ooo.o0o