Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1894-02-02
"a BROAD STREET.


NEW YORK, Jan. 30, 1894. {
In the writer's last letter he protested
that the government would undoubtedly
have to issue bonds to help our treasury.
An issue of S50,0O0,0OO has been an
nounced, and it would seem only a ques-
tion of time when another issue would
have to take place. The bond issue, how
ever, is receiving no little opposition from
labor unions and populists, and its legality
is being questioned in many quarters
Mills seem to be starting up, confidence
is slowly returning, and many believe, re-
gardless of future legislation, that the hard
times are behind us, and that any change
which may take place will be for the bet
ter. There are some negative conditions.
however, such as continued shrinkage in
bank clearings, WHICH, for last week, as
compared with year ago, show a decrease
of S521, ,000O 600 Then again money con-
tinues to pile up in the New York banks,
the amount now being S11O,OOO,OO0 above
the legal reserve
Again, until the food of the world
wheat-sells for more than it cost it would
hardly seem possible that we could have a
decided improvement in business. The
wheat market during the past week caused
great disappointment. There was a mark
ed improvement in wheat and flour ex-
ports, a notable falling off in western re-
ceipts, and adverse weather in the North
west; all of which conditions demand a
good rise in wheat. The necessity of
getting money has forced the farmer to
sell his reserve wheat, regardless of the
price, hence the belief that the farmers
hold less wheat than ever before at this sea-
son of the year.
In connection with the mill assumptions
it must be borne in mind that the slight
improvement has been at the expense of
values; that is, the employees have had to
accept 10 or 10 per cent reduction in wages
in most cases. This seems to be a period
of false starts in the way of improvement,
but, like a balky horse there will be a
start some day from which there will be no
stoppage until business prosper.y Y is once
again at full tide.
The American sugar refining company
has received severe blow from Congress-
The con gressional vote stood 16l to So in
favor of placing all sugars on the free list
If the Senate voices the same sentiment
regarding sugar the foreign refiners will
surely find good sugar market in this
country. Despite a general protest from
the conservative Democrats of the country
the Democratic caucus voted to incorpor-
ate the income tax in the Wilson bill. Let
the good Democratic work 90 on and the
Republicans will reap the benefit in 1896.
Certain officials of the treasury depart
ment are trying to get at the total gold
production of the whole world for the year
1898. From the approximate returns thus
far received the total gold yield will surely
be $50, ,000, ,000 gain of S11 ,000, 900 over
1892. In 1878, "A and 10 the total gold
production was 90 odd millions, respective
ly. Since. those years there has been a
steady increase in the gold production, and
the returns for 1898 bid fair to cap the eli
max by passing the $50 million mark.
This gold data is of the greatest impor-
tance at this time, owing to the recent con-
troversy regarding the continued purchases
of silver. The free-silvcr advocates have
claimed that the supply OF gold was being
| exhausted, but the retuns do not substan-
! tiate this claim. No doubt, however, it is
grave question whether the yearly pro-
duction OF gold will be able to keep pace
with the worlds necessities, as they ex-
pand from year to year, The near future
will undoubtedly bring on another big
fight between the single and double stand
ard factions. Both sides have good argu-
ments, and neither side knows what would
result if its theories were put in practice.
1t is easier to see the evil than it is to ap-
! ply the remedy.
w. T. EAGER,