The herald., 1895-04-04
Germany the important agrarian interest

Germany the important agrarian interest
has espoused the cause OF bimetalism
with an energy which shows that country
to be vitality concerned in the silver ques-
tion. Indeed, it may be seriously ques-
toned whether, as political issue, there
is more danger of unwholesome legisla-
ton on this question in the United States
than there is in either of those two ma
tions. Under these circum stances, it is
not easy to see why England should single
out our investments for special discrim-
ination on account of our silver agitation.
The truth is that the late alarm
among British holders of our Sc
curities was caused less by the
silver situation, as such than
by the fact thatthe United States treasury
might become incaapacitated for keeping
its demand ligations-greenback and
Sherman notes-on a parity with gold.
They were less concerned about the
amount OF our silver circulation than
about the supply of gold available for keep
the utmost confidence in other countries
whose stock of silver is proportionatcly
quite equal to ours; and they would have
had no distrust in our case had the
treasury been assured of stock of gold
which could not be exhausted by the
holders of $50, 900, 600 of government de-
mands obligations. The United States
II
consequently it was subject to a drain
which might possibly involve Inconceive-
able arrangement to every form of in
vestment, excepting possibly such as were
payable in gold coin. That was our weak
point, and it was the chief cause of the
return upon us of the immense amount
OF foreign held obligations not payable
specifically in gold, That danger has
been remedied by the loan syndicate,
which has not only replenshed the gold
reserve of the treasury, but also affords
reasonable assurance that the govern
ment will be projected against any such
contingencies as have brought the treas
ury So near to the suspension of gold pay
ments. We risk little in saying that, for
so long as the government is shielded at
this point, there will be no effective
reason why Europe should not maintain
it's former regard for American securities.
'In general trade the prospects remain
encouraging. 1t is conceded that prices
have touched bottom, and that lays a
basis for buying which has not existed
for the last two years. Manufacturers
have pretty generally reached a stage at
which they can afford to produce at the
current scale of prices, though perhaps
with strictly moderate profits; and the
consequence is an increase of orders and
preparations for materially enlarged
production. In all branches of the iron
trade, excepting perhaps steel rails, there
is very distinct improvement in busi-
ness; which is the more gratifying be-
cause tn at industry is always accepted as
the truest indication OF the state of bust
ness at large. The cotton goods trade has
entered on healthier stage, and with the
rise in raw cotton, fabrics are advancing
in price. The WOODEN trade shows a bet
ter demand, but the manufacturers are
held in some restraint by fears OF the
trades unions demanding an advance in
wages In articles of domestic consump.
ion such as groceries, ETC., there is a
steady improvements; which shows that
the consupmtive ability of the people is
on the increase. In brief, the trade of
the country generally affords evidence OF
a resumption of natural conditions but
On an exceptionally low scale of prices
which seems likely to prove more or less
permanent.