The Republican. [volume] (Oakland, Md.) 1877-current, 1895-01-10
CURRENCY LEGISLATION.
Henry CIews Regards it as the Key to
Business Improvement.

nave been shed IN Wall street over
its departure, and all are anxious
to forget it quickly as possible from
business standpoint. The new
year has stolen in quietly and in a
manner beftting one which, to a
certain extent, is an unknown guam
tity. Glimmerings Of light are be-
ginning to appear here and there
bidding us hope, but the clouds are
still rather low down, and the prin-
cipal basis for hopes of brighten
ing in the outlook is the feeling
that we have, undoubtedly seen the
worst, and what is to come must es-
sentially be better. The atmosphere
will clarity gradully, and what is
most needed now is a strong breeze
from the vicinity of Washington to
blow away the mist and let in the
sunlight once more. Favorable leg
islation is, undoubtedly, the great
panacea at present; for when the
questions of the currency and Grail
road pooling are tavorably dispos-
ed of all business interests Will be
ready to take fresh hold for long
pull, strong pull and pull alto
gether.
The immediate outlook in COM
mercial anG manufacturing circles
is as promising as could be expected
at this season of the year and under
existing circumstances; for. with
the exception of some sections of
the west and northwest, the pros
pect for 1895 is decidedly more ia
vorable, end indicates q business of
larger proportions than existed in
the yea" just passed. No better ba-
rometer of the trade conditions can
be produced than the iron industry
and this is in far more satisfactory
shape as regards the future than
was the case a year ago. The stock
of manufactured goods Of all classes
throughout the country is at very
low ebb. Consumption is going on
all the while, and the time must
soon come when fresh stocks will
have to be taken on, and it is not
very far away either, as is proven
by the increased desire on the part
of spinners to buy raw material.
Every small depreciation of value
is being taken advantage Of by them
to replenish supplies, and this is
certainly a gratifying feature after
the hand-to-mouth policy which has
existed for so long a period
Wall street and the security mar
ket are like great flexible mirror.
Under ordinary circumstances it re-
fleets as near as possible the exact
condition of affairs throughout the
country. Under the genial atmos-
phere of prosperity the "bulls'
sometimes get underneath and
bulge it, whereupon it becomes con-
veX and exaggerates the reflection,
!. c., over initiation in values. The
reverse is the case at present and
the mirror has assumed a concave
form under "bear" pressure so that
the reflection is narrowed down to
a size somewhat smaller than is
warranted. During the last few
days the "bears" have been forcing
liquidation on the part Of weak
holders, giving to tie market q de-
clining tendency which would nat
urally indicate a situation which is
growing worse all the time. This,
however, is not the case. On the
contrary there is everything to hope
for and to expect.
| We have already written at length
in a previous letter regarding the
true inwardness of the pooling bill
now pending before Congress, and
have shown why it should become a
law and why it probably will. It's
now quite likely that the Senate
will take it up soon and that it will
pass that body as it has the House.
This measure, together with the
currency question, should be set
tied without loss of time. Delays
are dangerous, as was proven last
year in the case of the tariff. The
revolution at the polls last Novem-
Der was unmistakably largely due
to the prolonged tariff agitation in
Congress. 1t should, therefore, be
warning against currency tinker
ing for the present expiring session
Of the same Congress. All that is
really desirable in the present short
session to do is to pass the railroad
pooling bill and to pass bill tc
amend the law which authorizes
the issue Of 5 per cent. United
States bonds by reducing the rate
of interest TO per cent, and in
consideration for making that low
rate, the bonds to be payable, both
principal and interest, in gold coin
If this is done it would meet the
present emergency, and would, be
yond doubt stop the export of golC
and the present drain upon the