St. Paul daily globe., 1895-09-09
EACH WEEK THE WAVE OF
CONFIDENCE GROWS
STRONGER.
DISAPPEARING,
AND IN IT'S PLACE PROSPERITY
AND ACTIVITY NOW
REIGN.
HENRY CLEWS OPTIMISTIC.
Believes the Gold Stream Will
Soon Turn Toward the Amer
Scan shore.

Special to the Globe
NEW YORK, Sept. SIN his week
ly report of the financial situation
Henry Clews says:
The course of the financial mar
kets is indicative of a steady growth
of public trust. Each succeeding
week the wave of confidence gains
increased force, and is steadily car
rying before it all the Instructions
of diStruSt 1t is more and more rec
ogniZed that the elements which are
making for Improvement stand as
Sociated with natural forces; while
those which have been unsettling
confidence have been connected with
the mere Instruments of commerce.
It still remains a question whether
the latter factors - especially the
condition of the treasury and the
silver agitation-can materially OBJ
struct the great natural recuper-
atiYe forces that are now assert
ing their influence from one end of
the country to the other, and through
the entire range of our industry
Perhaps the best answer to this ques-
ton is in the fact that, for the last
six months the recuperative forces
have been steadily gaining ascend
ancy over those tending to derange-
ment and diStruSt.
A more positive argument for con-
f1dence than this fact affords could
hardly be conceived. It implies a
settled conviction in the public mind
that, with a sound condition of the
material interests of the country, the
way will ere long be found for re-
moving the fiscal and monetary con-
ditions that now stand in the way to
ABSOLUTE CONFIDENCE.
And that conviction is a rational
one. For, although it may not be
at this moment generally apparent
exactly when or how these financial
arrangements will be readjusted, yet
there is nothing like an impossibility
or even a substantial difficulty in
the way Of that achievement. The
gold question is beset by no serious
difficulty as a substantial deficiency
ply in a departure from the usual
distribution and reservoirs and cir
culation and use of the metal. That
disarrangementh has arisen from no
uncomfortable cause, but simply
from a mistaken course in the fiscal
usages of the treasury, which had
the effect of depriving the banks Of
their customary receipts of gold from
the government at the clearing
house, thereby compelling them to
almost, entirely. suspend gold pay
ments and throwing the whole gold
movement into suspension, to the
detriment chiefly of the treasury it
self This confusion is susceptible
of remedy the moment the treasury
and the banks can be brought into
conference, ,iwith a view to the reStor-
alton of the old relations in this
matter, with such notifications or
safeguards as, under the circum-
stances, may appear advisable. In the
meantime, the loan syndicate con-
tinues it's valuable services to the
government by supplying the treas
ury with gold as fast as it is taken
from the reserve for export; and hav-
ing persisted in that course to the ex-
tent it already has, it seems safe
to assume that it will continue
this support until the foreign ex-
changes have turned in our favor.
That stage in affairs being reached,
new possibilities will appear favora-
BILE to the syndicate crowning its
remedial work by bringing the
banks and treasury to an under
standing that will finally settle this
embarrassing question. Judging
from ordinary precedent, the current
exports of gold may be expected to
be followed, within a moderate peri
cd, by