The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-27
BANKER cLEws' VIEWS.
The Financial Outlook as seen From
Wall street.


New York. May 8 My readers will
bear me witness that ] was the first 20
sound the death-knen 20 the bear market
on March 3 last. the day following the
adjournment OF congress. when ! pro-
claimed that the TIM had arrived to buy
everything and sell nothing. 1 then said
there was no stock dealt in on the Stock
Exchange so poor that il would not ad- 4
vance conspicuously from that time for
ward. 1 was governed 10y the fact that I
the worst congress for the business inter
ests Of the nation had adjourned and gone +
into final liquidation. AMI they would 10 I
longer continue 10 drive the industries Of
tine nation into the hands Of receivers !
also took into consideration the fact that
the gold scare was about 20 eliminate.
because the hunt for gold had commenced /
TO result in increased production. the
worlds output OF which would amount
for the coming year 20 probably s20,Vm-
Geo. with the prospect Of its yearly IN
crease for some time 10 come. The erect
Of the gold discoveries in South AFRICA
which have made such a speculative craze
in mining shares on the London Exchange
and the continental bOurses, has been TO re-
vive business in every direction and carry
Europe out Of rut Of depression which
started at the time of the Barring failure
in 1890. This country is bound 10 benehl
under the influence growing out OF IN
I creased gold production both here ana
elsewhere. and a revival Of business inter-
ests could not possibly have a sounder
bottom TO rest upon than that OF the
yellow metal. About Si5,00o0DO OF gold whl
be taken out of the African mines prob
ably this year. The properties connected
/ Herewith are now selling on the Londoh
I market on a basis of S5oo0W,AO. The pro-
/ duction of gold this year in this country
/ is steadily on the increase. especially in
I Colorado, Montana and Idaho, and Will
soon be the basis of a gold imitation craze
I in this country not unlike what is now De-
/ ing experienced in London and elsewhere.
/ 1t is important to consider that the Worlu 5
/ output of gold hereafter amounting 10
about S2OO,O0O,000 land likely to Increase
year after year,, will mostly all OF 1t per
| form the functions of money and no part
/ of 1t is likely 10 90 into the war chests OF
/ the European nations as heretofore, as
they have now all accumulated their Iull
emergency supply. Another important iea-
ture to take into consideration Is that the
supply of money now in this country
amounts 10 S24 per capita as against inc
time of the panic of 1873 when 1t was 81
per CAPITA, and going still'further back to
the panic of 1851 when II was only Ola
per capita. When prosperity again relshs
gunTpme in this country which Mil sum
probably be the case. judging from present
appearances, there will be sufficient re-
turn of confidence to make the circulation
of this S24 per capita so rapid as to pos
siblv make our present volume of circulat
ing medium excessive. When this occurs
, which will be very soon IN my
opinion. il viii do more than anything els
to kill the present western and southern
i silver craze This s24 per capita in none!
will be added to each year beyond douD
, bv at least 100000 of this country
product of gold. This will soon satist
even those who are now calling Tor NOR
silver money, that the country's supply o
. money will be ample TO go round VIII
out diluting our money by opening IN
minis to free silver coinage, or by an
. other very questionable means of lncrea.
ing this country's supply of money Goi
= is this countrys standard and must
= continue, TO enable II to stand apreas
y with other first-elass nations. mite
we stand; divided We fall To ADMIT
our maintaining our present PROUD >
:, Drernacv amongst the nations OF the worn
' the best metal is none too good Tor IN
y country as the standard basis for none
10 and that is gold and only gold. Gold
!, one of our products, and we OF an Il.
- lions should utilize it for all II IS Wor'
- and recognize it as supreme. NO cou
= try can afford TO do so better than our