Birmingham age-herald., 1895-05-02
HOPEFUL OF THE OUTLOOK Is MT. James I. Woodward of
 New York. SIGNS OF RECOVERY ABOUND In the Business Werd-Some of the Evidences at Our Own Hand-There Is But One
 Cloud-ViewS on Finance.

An Age-Herald man had the pleas ure of meeting MT. James T. Wood- ward of New York, who is here on his annual visit attending the meeting of the several corporations in which he is largely interested. MT. .Wood- ward is well known to all our readers, and therefore any suggestions from him concerning the present outlook for bus mess. revival will prove interesting.
 In reply to the question by an Age Herald reporter, What do you think of the present outlook for business?" MT. Woodward said:
 "The upward movement in the prices of the staples is so general that the ques- tion arises whether this advance is not the beginning of permanent and relia- ble recovery from the depression that has prevailed for the last three years in all lines of business. I am very decidedly of the opinion that it is a sign of recov- cry. The reports from New England show that the cotton factories and other industries are running over time to sup> ply the increased orders, and that an ad- vance in wages has set in. Fall River is very active, and if these reports are cor rect the south should double its efforts to place it's cotton manufactures on firm basis. The different stock exchange re- ports show an upward movement, the .ad- vances being considerable"
 "Why are these advances?" asked the reporter.
 "It is because the sentiment of the buy CTS and consumers has changed. The fact is that public sentiment, the inn provement in business and the good out look for crops has caused and sustained this advance, so that everyone has come to the conclusion that the corner has hon in nf xrhin inla comes the restoration of confidence in such manner as that business will grad ually resume it's normal condition.
 For further evidence of this condition you have only to look in your own neigh borhood, and to note the changes that are going on around you; all of the great industries are busy, such as the rolling mill, the Tennessee Coal, dron and Rail- road company running nine furnaces and mining 5000 tons of coal day. The SloSS Iron and Steel company, with three fur naceS in full blast and putting out thou sands of tons of coal daily, as well as others. all bear out this statement. Now contrast this with the depression that prevailed but few months ago."
 The reporter then asked MT. Woodward what he thought of the proposed unlim- tied free coinage of silver.
 Mir. Woodward seemed very much con cerned over the probable result ofsthis agitation, and said: Tt is the one black cloud before us, and the people of "the south should down this fallacy before it gets into legislation and brings incalcu- Table damage to the entire people of the country.
 When the silverites forced the passage of the Sherman act in 1S90 compelling the government to buy their silver they practiced an act of the most vicous pro- lection, and bys this act we said to the world, in effect, no matter how we may have contracted our debt, nor on what standard the debt was contracted, we shall pay you, if necessary, in a dollar which we shall fix the value of. No mat ter how the books of the civilized world are kept, we shall do as we choose in our settlements. From that moment Eu- rope began to withdraw her money from this country, and as she drew it from the eastern portion so it had to come from the interior, and we all know what distress followed, and not until the last courageous act of President Cleveland to sustain our national credit did we be- gin to feel as stated above, the return of the tide.
 "It has been stated that over 90 per cent of the worlds transactions is credit The Sherman act gave a hard blow to credit, and this proposed free coinage of silver will destroy it. Many think 1t would have the effect to largely advance the price of farm products. but it is a well known fact that the law cannot reg
 ulate-the price of anything. By such a law the production of silver would be stimulated doubly, and why we should want the silver mine owners to take 50 cents worth of silver to the mint and carry away dollar, cannot see. Com- mercial nations have generally agreed that in these days gold is the only prac- ticable metal to use. Our own people have, to a certain extent demonetized silver, for we will not carry the dollar of the daddes' in our pockets if we can get paper, and why should we want com merce to use what we refuse to use per- sonally.
 Kings used to rob by debasing money, and is it not infinitely worse for universal suffrage to do the same thing? The won-- der is that the south should take up this craze for the silver mining industry. Don't they see that their lands are as low as they were years ago, and thai they are practically out of debt, and that while no large credit is being extended to them their great product brings the coin of the realm, and its price is deter mined by the gold standard in Europe. and why should they want to go off on a Appreciated currency when one would think that now Is the time to stand by honest money, re-establish the credit of the country and thereby attract capital to their section. Why do they wish to re- turn to a debased currency, where they were during the late war, when basket of money would not buy basket of veg etables? Why do they wish to put us on plane with ignorant China, whose cit izens we will not even permit to come to this country? The politician who is try