The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-09-09
BANKER CLEws' VIEWS.
The Financial Outlook As Seen From
Wall street.

New York. Sept. THE course of the
financial market Is indicative Of a steady
growth OF public trust. Each succeeding
week, the wave Of confidence gains in
creased force and is steadily carrying be-
lore iJ all the distractions Of distrust.
II is more and more recognized that the
clements which are making for improve
ment stand ASSOCIATED with natural
forces; while those which have been I'M
settling cOnndences have been connected
with the mere instruments Of commerce.
1t stil remains a question whether the
latter tors,-especially the condition of
the treasury and the silver agitation
can materially obstruct the great natu-
raj recuperatiYe forces that are now as
sorting their influence from one end of the
country TO the other and through the en-
tire range of our industry. Perhaps the
best answer to this question is in the fact
that, for the last six months, the recuper-
ative forces have been steadily gaining
ascendancy over those tending to de-
rangement and distrust
A more positive argument for confidence
than this fact affords could hardly be
conceived. 1t implies a settled convic-
ton in the public mind that, with a sound
condition of the material interests of the
country, the way will ere long be found
for removing the fiscal and monetary
conditions that now stand in the way to
absolute confidence And that conviction
is a rational one. For although ii may no.
be, al this moment, generally apparent
exactly when or how these financial de-
rangements will be readjusted, yet there
is nothing like an impossibility or even
substantial difficulty in the way of that
achievement The gold question is beset
by no such serious difficulty as a sub
stantial deficiency of supply; the trouble
there lies simply in a departure from the
usual distribution and reservoirs and cir
culation and use of the metal.
That disarrangement has arisen from
no uncomfortable cause, but simply from
a mistaken course in the fiscal usages of
the treasury, which had the effect of de-
priving the banks of their customary re-
ceipts of gold from the government at
the clearing house, thereby compelling
them to almost entirely suspend gold pay
ments and throwing the whole gold move
ment into suspension, to the detriment
chiefly of the treasury itself This confusion
is susceptible of remedy the moment the
treasury and the banks can be brought
into conference, with a view TO the res
toration of their old relations in this mat
ter, with such notifications or safeguards
as. under the circumstances, may appear
advisable. In the meantime, the loan syn
dictate continues its valuable services 20
the government by supplying the treasury
with gold fast as II is taken from the
reserves for export; ana having persisted
IN lndI course TO the extent lneN Already
have, it seems safe TO assume that they
will continue this support until the for
eign exchanges have turned in our favor
Judging from ordinary precedent, the
current exports of gold may be expected
to be followed, within moderate period,
by imports of specie. Arguing from the
way in which the syndicate has been able
to control the exports of gold and the
foreign exchanges for months past, it is
reasonable to assume that, If it were de-
sirable in order to achieve an important
purpose, they could, under the present
plethora of gold in the European banks,
swell the refiux of it to this SHE the At
lantc The result of these movements
would appear in a material increase of
the stock of gold at this center. This re-
punishment of the specie in the city
banks, would remove the chief practical
objection they have felt to a resumption
of their former relations with the treas
ury.
My information leads me to look for
ward to this approaching situation as
the point at which the banks will return
to the payment of customs duties chiefly
in gold and to providing gold for export,
the treasury at the same time settling its
balances at the clearing house in gold;
while the syndicate will retire from its
services, leaving the circulation of gold
restored to its normal condition.
The gold question having been thus set
tied. there need be little further fear
about the silver agitation. The treasury
reserve having been again placed upon
a safe foundation, the consequent recov-
cry of confidence at home and abroad
will produce revival of business and a
rise in all values which will annihilate
the pretense that the depression of bust
ness and the fall in prices have been
caused by the decentralization of sill
ver;" and the free coinage of that metal
will be relegated to the dead issues of
popular ignorance.