Birmingham age-herald., 1895-06-09
SEES BUT ONE CLOUD.
MIR. CLEVELAND TALKS OF THE TIMES
President, While Going to Chicago, Said He Feared Free Silver Agitation Might
 Alarm Foreigners,

John W. Deane. president of the Mer- chants Loan and Trust Company bank, returned from the east on the Gresham funeral train, says the Chicago Times Herald. In the course of conversation along the journey President Cleveland dropped into a discussion of the business situation. In this he was joined by Secretary Carlisle, MT. Doane and other members of the party.
 The presidents only apprehension over the outlook grew out of the silver aglta- tion in Illinois He feared the free silver craze might spread to other states and eventually alarm foreign investors who have been purchasing bonds and other American securities. If foreigners should discontinue buying and sell out their enormous holdings in order to avoid be- ing forced to take 50-cent dollars, the result would be disastrous to the era of prosperity which has set in.
 Secretary Carlisle was of the same opinion as the president, but he believed the agitation was on the wane. He had just returned from the south, and thought there was abatement of the craze in that section of the country.
 In speaking yesterday of the great bus mess boom in the east and the journey from Washington, MT. Doane said
 "A much greater boom in business is prevailing in the east than we are ex- periencing here in Chicago The feeling developed earlier and continues strong CT. I suppose in the beginning 1t was helped along by London capitalists pur- chasing American securities. But there are other reasons than that. Eastern mills have started up. A Hartford gen tleman told me that there was not mill in the state that had not resumed busi- ness. The same is probably true throughout New England.
 ''The good feeling is gradually eX- tending westward. There is more confl- dence in New York than there is in Chicago and there is a more marked re- sumption of business here than west of the Missouri. This confidence and re- sumption of activity will gradually reach the Pacific coast
 "Now, She Sonly possible disturbing element in the continued growth of con f1dence and better times is the free sil- yer discussion. There is some fear that the agitation here in Illinois may gain too much prominence and spread into other states. This is the one thing that disturbs the present national admins tration President Cleveland fears that the extent of the free silver agitation may possibly be overrated abroad and foreign security holders be alarmed. The feeling of English capital toward Amer ican securities is doing much. Money in London can be borrowed at F of l per cent. With the large accumulation of capital there it is but natural it SnOuId seek more pfoltdpie lnNeslileill'
 Under prevailing conditions per cent security is attractive to London buyers, and so long as they have confi- dence their money will come to this coun- try. There is no doubt about the feeling abroad toward us now. Of the last gov ernment bond issue $35,000,000 was taken abroad A short time ago $7,000,00O of New York Elevated railway bonds were placed abroad, as also $4,000, ,000 of New York Central securities. This is unmis- takable evidence of confidence.
 "Altogether several hundred million dollars of American stocks and bonds are held abroad The greater portion of the Illinois Central stock is owned in Hol- land Germany holds a great deal of northwestern securities. British capital has been invested in our breweries, and if foreign capital should become scared the rising tide of our prosperity would be checked. !"