The Republican. [volume] (Oakland, Md.) 1877-current, 1894-02-22
THE FINANCIAL REVIEW.
Henry CIews' Circular on the Condi-
ton of the Country.


street remains in it's late quiet
mood, with no great expectations
aud no uneasy apprehenslons, but
prepared to take the present I'M
tractable conditions patiently and
wait until some new impulse comes
from some unforeseen quarter. Val
ues are anchored to two fixed ideas
that prices are low and safe at
current quotations, and that the
country has lost none of its native
vigor and recuperative power. On
these points there are no misglylngS;
and the only open questions are as
TO when these forces tending to re-
covery will assert themselves, and
in what direction their effects may
be expected to appear.
In all such depression as the
country is now experiencing, there
comes a stage at which men Of cap
Ital find tempting opportunities for
buying something or other at prices
which will weld a handsome profit
when the phase of recovery comes.
There are certain conditions which
always indicate the arrival Of such
opportunities. One of the indlca-
ti0ns is exceptionally low prices;
another, a low condition Of supplies;
smother. general reduction in
wages and raw materials and costs
oil transportation; another, the be-
ginning of Il better demand from
consumers; another, IA condition of
she foreign exchanges in which
ahere is no prospect of an outward
drain Of gold; another II state of
the money market in which ii Is
aasv to borrow on ordinary coIh!-
4ral for long periods and 1T favor.
able rates; and another, djSp ISL
5iou all around t. take Il more Nnpr-
Tul view OF prospects. When these
conditions are fond all existing
together, it is pretty safe to co'l-
ciudr that the depression has
gouched its lowest point, and that
she recuperative forces are begin
ming to act. The recovering ten
tency may seem feeble at first and
may be sensitive to check, from
slight causes; ont the force crows
steadily and without relapse until
s5orInal conditions are again estab- |
'iShed. This is the stage at which |
men of reserved means come into !
the markets: and wisely, for there
"a hardly 4 thing they can b0y which |
is DOT reasonably calculated to yield |
ghrm Il profit. There are sgnp- |
fQms that this turning stage i'll the
aow prevailing depressions Of bust |
ness has been reached.
The impression is pretty general
&lIat the senate will not raise serious |
obstacles to the final passage Of a
modified tariff measures; but it is
y certain that considerable oppo- !
n may not arise to Incorporate
sith it tie income tax; and |
ca contingency that throws
FIN upon impOr ant matters cor
! with the tariff bill proper,
0ubt these uncertainties put IL
upon the disposition to buy !
,eculation to which reference |
ust been made. This particu-
eis"S source of suspense. however, Is
likely to be cleared away within the
uext thirty days by the final action |
At Congress upon these matters.
When this distributing element is
disposed of II great relief will be felt |
IN every branch Of trade and enter
9rise; and that. whatever may be !
t.he final settlement. If the wilson |
bill, or something Ike It, becomes
Z law, she conditions of the future
will be distinctly known, aud bust
less can proceed accordingly. If
the bill is defeated, confidence will
De restored by business continuing
vt its old basis. In any case, there
fore, it has become only Il matter Of
iaYs before IA great source Of national
suspense becomes an affair OF the
7iast,
1t is a matter Of far more than
acre regret that Congress is again
1rionsly entertaining the question
Z y initiating our silver currency.
B he Bland bill proposes not oaly to
A ia the scignoraga SILVER, amount
q q to 50 millions, butalso to trans
: ! I.