The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-02

could be trusted to prove faithful to the
policy of the repeal act, no serious harm
from the unsound money danger could
come for the next three years,
which would cover these contingencies
far enough ahead to serve all present pur-
poses. The assurances sent across the
Atlantic that the President could be de-
pended upon to veto the Bland bill, have
had the effect of bringing large London
orders for bonds and stocks during the
past week, thereby stopping the export of
gold. 1t is reasonably argued that if such
important transactions have been made in
simple anticipation of the Presidents
veto, the demand is likely to prove much
larger when the expectation is confirmed
by the fact.
This matter of the possible London de-
mand is more important than might be
supposed at first sight The continued
increase in British trade and the active
speculation on the London exchange are
accepted as clear evidence of a new era
of confidence and enterprise in Great
Britain. The suspension of new creations
of corporate capital for the last two or
three years has resulted in a real scarcity
of investments. and prices of certain kinds
of securities are becoming abnormally
high. Alert bankers and promoters are on
the lookout first for bargains in existing
issues, and next for opportunities for new
enterprises. London agents are now
in this country prospecting for business
of this kind. They are likely to find
plenty of chances growing out of the very
marked curtailment of railroad construc-
tion during the last four or five years
Schemes of that character are now in
process of formation; and, at a later
stage, European capital is likely TO nave
its opportunity for participating in their
fruition. Evidence, as yet beneath the
surface, indicates that, so soon as pend
ing obstructive legislation is out of the
way and business has resumed its normal
course, there will be a launching of new
enterprises that will give employment to
the large amount of now idle home CAPT
tai and at the same time attract active
cooperation from foreign money centers.
1t, therefore, would not be surprising if,
twelve months hence, we find the United
States and Europe in the midst of a
marked revival of investment and specu-
lation. Wall street begins to discover
the dim outlines of this future. The
prospect is contributing to more hope
tul,not to say sanguine, feeling and as the
out workings of these tendencies become
gradually more apparent, the spirit of
speculation will develop and values will
cOrrespondingly advance.
The Presidents veto of the Bland bill
is an invaluable gain towards the recovery
VI NOiluhOACO. IL 10 uOb Ouly Il
tion of the conservative monetary policy
written large on the face of the repeal
act, but it is an assurance that the policy
is safe for the remaining three years of
the Presidents tenure of Office And
that is an immense assurance; for, if the
silver craze can be held in restraint for
three years, ways will be found for neu-
Trailing it subsequently,, if indeed
it does not expire from its own
inherent weakness. Senator Stewards
introduction of free coinage bill, though
annoying, is not to be regarded as threat
oning in a monetary sense. 1t may run
into causing obstructive confusion of other
pending legislation, for the completion Of
which the business interests are impa-
tiently waiting; but no one better knows
than Senator Stewart that his scheme
would be squashed by the President, and
that it cannot be carried over his veto.
1t is simply new display of the reckless
and eXasperating tactics by which the
silver faction seeks to worry the country
into concessions which it is resolved never
to grant Whatever annoyance, there
there, the senator may intlict, he can only
score another failure.