The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-04
BANkER oLEws, Views.
The Financial Outlook as seen
From Wall street.

wal street,
New York, Feb. 2.--The appearance Of
the market during the week has indicated
that there were some stocks shaken out.
and prices were forced down so as to buy
them as cheaply as possible. The worst
of the squan, think, is now over. Some
/ people have been more frightened than
hurt. II the United States treasury
should by chance suspend gold payments.
! which Is the worst that can happen, and
/ that is not likely, even in that event
the holders Of legal tenders would most
| likely want TO get out of their money and
I take stocks and bonds instead, as at the
/ present prices OF the most active market
l able securities are about down to a solid
/ gold basis while the money they hold
| Will lose its gold value, for a time at
/ least, If the treasury should discontinue
/ gold payments.
/ The business interests Of the country
/ have gone down 10 a gold basis. II is
/ so with manufactured goods Of every de-
! seripton. II Is so with iron. steel, cotton.
| grain, and securities also The threat
/ now is that the circulating money of the
country is going TO drop from a gold basis
/ to a silver basis, which would be so II
sold redemption, of,its, notes were stopped
/ by the treasury; in which event the next
\ turn would be for sPgacious people to ex-
! change their non-redeemable paper
money into manufactured goods, or raw
material such as iron, grain, ana cotton:
also Into securities or anything else that
has dropped down to a low basis Of
value. The feeling would set in to buy
everything that looks like bargain,
which would be a forerunner Of bouyant
and advancing markets In all lines Of
business in this country on the other
hand, If congress passes a gold bill
| favorable turn will come by the sale
FE NaHa. L. To-
OF foreign gold to this country, which
would come in such quantities, II bonds
enough were sold by the government as
| to renapve the aep1HFsi0gI prevailing here
to they other side. Ftrhes APPROPRIATION OF
gold would encourage, confidence in this
country and the loss oft would depress
correspondlngly the people on the other
side the Atlantic
The holders Of legal. tenders who take
them TO the treasury and demand gold
/ for them discriminate against the kind
| OF money they surrender, and to meet
such discrimination the government
4 is compelled to make some provision TO
replace the gold thus drawn The only
means of doing this at present is through
the sale of bonds The government should
be provided by an act of congress with
another way, which would be TO exact
payment of part of the duties in gold As
1t stands now, no one pays into the GUS
lOAAl ADuSt any EOlu Whatever, ana this
Is a discrimination by the importers
against gold money, as they make pay
ments of duties in every kind of money
excepting gold coin One-half of the Gus
| toms duties at least should be required
by act of congress to be paid in gold coin
1 This would be the best means of replen-
/ ishing the government gold reserve and it
would be through a business process. 1t
is urged by some that such action would
be discrimination against the legal
tender money of the country Suppose
it is? Do not the people who present
/ legal tender notes to the treasury and de-
mand gold for them discriminate against
them? But in truth 1t would be a dis
elimination in favor of the notes, be-
cause it would provide gold with which
to keep them redeemable.
| The discredit OF the present handieapped
condition of the United. States treasury
is not so much a diseredit 10 the country
/ as to those who are administering its
affairs at WASHINGTON The peopIa of
! the country are simply stockholders: as
/ it were, in the great United States corhor-
4 alton, and they viii see to it that at their
next meeting to vote they viii turn out
/ everybody who has been defelict In his
/ duty and instruriental In bringing about
/ the present state of affairs. A good MANY
/ of the representatives of sectional and
/ personal interests. as against national
/ it Will be remembered, were voted out of
! office last November, and the balance
/ will receive the same punishment at an
/ early day when the people have the on
/ portunity of exercising their power. AZ
| ter the Augean stables have been cleaned
| OUT the millennium win have arrived.
| The following statement should be suf-
/ fcient to base confidence upon, notwftb-
standing the present period of gloom
The public debt of the United States gov
eminent was. on Jan. I, S1,O64, PA 900. as
against the debts Of the following Euro
| pean nations:
Austria-Hungary .............. 50, s86 339 $50
france .....-.......'s........... 4,446, 1893 39S
Great Britain ........,.......... $3.50 ll9. 563
Gernany-Prussia, etc ......... 1881, 400 112
Italy 1924 S26, 1923
Russia .......................... 2 al 0rs 074
The United States government. there
fore, has not only the smallest debt. but
is also the richest in resources. The debt
| of Canada per capita is $50. The English
Australian colonies of New Iceland and
! South Wales average $3.50 per CAPITA. and
| Victoria $500 per capita, while the United
States debt per capita is only SIS. The IL
| abilities growing out of the failures OF
1928 in this country, which was the
worst general panic period that the United
| States ever had, considering its prolonga-
ton and the fact that 1t covered every To-
cality without an exception, amounted 10
less than per cent. on the true valuation
of the assets of the 70QO0.000 population.
No one can appreciate these facts with
out having faith in our country. hone of
better times in the near future, and char
ity for the limited itellect Of many OF those
who obstruct the necessary national leg
islation which is the cause Of the pres
emf troubles