St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-01

| the flnancfers of Europe that this country it
| drifting into free silver they will at once be-
| gin TO realize. on all classes of American Sc
curities which are not specifically payable III
gold There is no doubt that the present
outflow Of gold has been largely caused by
| fear that the popular cry for free silver coin
age would finally he heard to such an
extent that congress would be carried
away with the craze. No doubt the attl-
tude of some of the American representa-
tives to the international silver congress has
had much 10 do to make the European MIND
uneasy OH the question. 1t is well-known
fact that the lighter or cheaper currency of
money will always drive out the heavier and
more substantial. / am of the opinion that
the further coinage of silver should be
stopped for the present. Generally speaking
the outlook for business. with wise legislation
on the question stated, is good. There is no
need of any apprehension as to the future in
a country as rich in natural resources as
ours.
D. A. Monfort, cashier of the Second Ma
tional bank, said:
The banking outlook depends so much
upon the action OF congress upon the silver
question that ] don't feel competent 10 ex-
press an opinion. without knowing what the
action will be- In the absence of any action
and the continued purchase of St,500,0O0
month of silver bullion and the issue of
notes against it, as is now being done
by the government. the result will in my
With such modification By congress OF that
law as will prevent the further purchase OF
silver. nd with The settlement of the tariff
agilati on almost any reasonable basis, so
that the business community may know
where it stands and what IL may depend
upon, see no reason why the outlook is not
encouraging for business prosperity. The
finances of the country generally believe to
be in healthy and sound condition.
A. c. Anderson, cashier of the st. Paul
National bank SAID: II am always some
thing of an optimist, is likely to be the case
with cashier when his note box Is full CT
good notes. and his reserve fund is entirely
adequate for all needs. Last year l took
more somber view of the banking outlook
than do this, and for the reason that we
had harvested au immense crop the general
expectation was an immediate revival OF
good times l felt that while good times
were in store for us. they would not
come so soon as people expected.
Good times almost Invariably follow close
times, because of the greater economy
practiced in close times, which lessons the
cost of production and lays new basis
for improvement. a legislature Is soon 10
| convene, and the fact is always disturbing
element in financial and business circles.
" late yer clouds there are in the sky lie in
the East. There they are afraid OF the
| financial policy now prevailing, which is the
| purchasing of silver by the government and
| the virtual attempt OF the government TO
| be called cornering it if adopted by mer-
camille concern. The feeling OF the Eastern
bankers. which has always reflected itself in
| the West will probably affect us less than it
would have done some years ago, when a
| very much larger per cent of the mercantile
indebtedness was held by the East
| ern bankers. The time was when
| our Western men, as soon as
| they secured sufficient financial credit to
| find the thing possible, went down East and
| nlaceQ their DaDer largely as possible,
! The result WAS that when there was such
| failure as the Grant Ward their paper was
| thrown out in the East instead Of being dis
! counted and that which was placed there
| had to be paid at maturity so that they were
| compelled to exhaust every resource at their
| Western homes to save themselves. AT the
| time of the Barring Bros. failure IN En-
| gland In 1892 the bankers and business men
| of Chicago found that the second class busl-
ness men Jared much better than the So
| called first-class men, whose paper had been
scattered far and wide i'll the East The sec
| ond-clasS men had done their business with
| Chicago bankers and were taken care OF by
the Chicago banks.
William .Bickel cashier of the Ger
mania State bank, said: l have made no
| study of the silver question, ana hence do
| not think am an authority upon the subject.
With my limited knowledge of the question
| am unable to see anything serious upon the
| subject. The onlg thing which might look
suspicious is the fact that the New York
banks are boarding gold. This, however,
may be the result OF the fact that we are
about TO have q change of administration
and a disposition on their part to be cautious.
! Until the special session or congress and the
| new administration show what they Will do,
business will be somewhat unsettled. Other
| wise The business outlook is fair. There is
| good demand for money for legitimate pur-
| poses.
Banking Summary.