Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-02-21
lEMFT CAPITAL,
no THE DEPREssloNs on mann
TIMES,
For Everything IS Cheap and the
Turning Point is about to
be I,eachcd.

New York, Feb. 1T.-wan street re.
mains in its late quiet mood Mn no |
great expectations and no uneasy appre.
tensions but prepared to take the present
untractable conditions patiently, and wait
until some new impulse comes from some
unforeseen quarter. Values are anchored
to two fixed ideas-that prices are low
and safe at current quotations, and that
the country has lost none of It's native
vigor and recuperaiiye power. On these
points there are no misgiyings; and the
only open questions are as to when these
forces tending to recovery will assert
themselves, and in what direction their
effects may be expected to appear.
In all such depressions as the country
Is now experiencing, there comes stage
at which men Of capital dud tempting
opportunities for buying something or
other at prices which viii yield hand.
some profit when the phase Of recovery
comes. There are certain conditions
which always indicate the arrival Of such
opportunities. One of the indications l.
exceptionally low prices; another. n low
condition of supplies; another. general
reduction in wages and raw materials
and cost Of transportation; another, the
beginning Of better demand from cus.
toners; another, condition Of the for
eign exchanges In which there is no
prospect of ~, outward dram Of gold;
another. n state Of the money market In
which IL IL easy to borrow on ordinary
collateral for long periods and at favor
able rates; aud another, disposition all
around to take u more hopeful view Of
prospects. When these conditions are
found all existing together, it Is pretty
safe TO conclude that the depression has
touched i,s lowest point and that the
recupcrative forces are beginning TO act.
There are symptoms that this turning
In the now prevailing depression Of bust
ness has been rcachcd At any rate.
there are not few shrcwd observers
Of the signs Of the times who have come
10 that conclusion and are acting accord
ingly. In some of the more staple kinds
Of cotton goods Of viii there Is some &C.
cumulntion, manufacturers would find no
difficulty in dispOsing Of large amounts
80 speculative buyers, " the holders were
willing to make moderate concessions Of
price. There are symptoms also that the
hardening tendency IN the coffee market
Is due 10 carefully concealed efforts TO
buy large lois for a relc;ionary advance.
During the past week important appli-
cations have been made 10 tho banks
for advances on wheat collateral. which
the banks, contrary to their usual indif-
ference to such loans. have readily enter
tained. Most of these operations are
undertaken by men Of capital, outside Of
ordinary market transactions. upon the
conviction that prices have touched their
lowest point and must yield profit upon
purchases. These unmistAkable facts
are the first rays Of Hight INeaking from
gloomy siluaIlnn----7Tn may be fnirly
construed rs The beginning Of general
briehtening-up of the prospects OF BUSH
ness.
of course, the still unsettled state of
tarif legislation holds this tendency to Il
certain extent In suspense. The impress
sion is very general that the senate will
not raise serious obstacles TO the final pas.
sage Of modified tariff measure; but II
is less certain that considerable opposi-
tion may not arise to Incorporating with
Il the income tax; and that Is contin.
gency that throws doub. upon important
matters connected with the tariff bill
proper This particular source Of sus
pense, however, is likely to be cleared
away, within the next thirty days by
the final action of congress upon these
matters,
It is a matter Of far more than mere re-
greet that Congress is again seriously
entertaining the question Of initiating ON
silver currency. The Bland bill propose,
not only 10 coin the segniorage silver
amounting to fifty-tive millions, but also
| to transform the issue of Sherman notes
now payable In either silver or gold. int
silver certificates This would increase
| our silver currency by about $4,000.
! 600, or 10 Per cent. If we have a con
| gross capable Of such reckless de
| parture from the spirit and principle Of
| the repeal act, what is that act worth L
| the country MS basis of confidence OF
| this most important question?
The conservative element In congres'
has made a great blunder Of management
in neglecting TO concentrate al its force
on passing a bank currency bill, OF sucl
| nature as. while insuring the mos
| absolute safety Of noteholders, would ais
remove the existing vcxatious proliibi
don Of issues by state banks. Th1
could he done so as 10 provide for boil
national and state banks as sound a cur
rcncy as Is to be found In the world
Had this been done the reaction in favo
Of silver could never have appeared
for q large portion of those who ar
now ready to vote for silver, plead ii
defense that they are driven TO tina
means OF getting more currency ELASTICITY
by the fact that the banks of their state
are prevented from issuing notes. If thi
element were conciliated, there wonl
be no possibility Of getting n majority 70
more silver money N either house o
congress. HENRY CLEWS.
AN OUTRAGEOUS LAW.