The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-02

their results. yet the great speculation.
taken as a whole, means that sources
of gold have been discovered ir Afff'n
exceeding all previous findings 10 history.
In other parts Of the world also nuuur-
tant deposits Of the yellow metal have
been unearthed: and. ln CCOra So a sCil
mining excitement has arisen Vhi p seems
To imply really valuable discoveries. Al
this is Important. nor SO much Tor WI1t
u Is i'm itself as branch IN sI-rula-
ton. as for what IL implies.
II means thar the world Is 90 see forth
with a very important Increase lu its sup
ply OF gold. No less an authority than the
noted French economist Paul Leroy
Beaulieu states in The Forum that. in
two or three wears. The annual new sup
ply of gold will amount to from 2o TO 30
millions of dollars, and that this output
viii continue for twenty-five to thirty
years and possibly for fifty years. Com
pairing this estimate with that of other
moderate one and may possibly be ma
terially surpassed by the event. This
prospect. so cOnspicuously brought be-
fore public attention by the kaFnr excite
ment. is beginning 10 receive practical at
tentiOn i'm speculative circles in Europe.
1t is argued that it foreshadOWs a viz
tual imitation of the cardinal money OF
the world; that the increase of gold viii
induce an increase in the amount of paper
money based upon 1t. and that the world
is thus closely verging upon an imitation
of its stock of currency. This. 10 is reas-
oned. means continued low rates OF in
tereSt. abundance of money, an advance
I'm the price of all products, and from that
an increase OF production These condi-
tiOns il is further inferred. must lead
to a universal revival of trade. TO the
creation of new enterprises and 10 a re-
versal of the depressed state OF affairs
that came with the Earrings failure.
II cannot be denied that there is more
than mere plausihilty in these foreshad-
oWings. The present circumstances have
in them much the same elements Of re-
vival az have attended some Of the most
remarkable developments Of enterprise
and speculation. After 1--WE years Of COM
paratively prohtless business, all classes
are eager 10 participate in movements
that portend recovery and anxious 10
for past losses; and there is evidence
enough that these five years OF economy
have yielded a surplus that awaits in
VeStment Moreover the political feeling
in Europe is assuming much more hope
full tone Not only Is there no longer any
danger of a bad situation arising out of
Turkish affairs but. dhat test Of the uI-
DERIVING attitude OF the powers on -cr-
tain explosive questions incident 10 eVCnts
in china and Turkey has deNaioptN 90, g.
dences Of = disposition toward pacific poll
cies which are calculated To allay Ihs
distrust that for years has hung over the
money centers of the world. The fore
going factors are cited as at present oc-
cupying the attention in the higher circles
of finance across the Atlantic, and il Is
not difficult to foresee what kind of effect
they may soon have on speculative opcr-
atoms Of every kind. At New York. there
can scarcely be said to be as yet any
distinct perception of the working of these
influences. But, to close observers there
is a consciousness of better tone, a
sense of a more bracing atmosphere. and
an intuition OF the approach of better
financial weather. I'm view of these con-
siderations, we counsel a more hopcfui
feeling, and regard the situation as fav-
orable to better prices for tile time being.