The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-07
SIGNS OF BUSINESS REVIVAL.

signs OF BUSINESS REVIVAL.
The signs of restored confidence and re-
viving prosperity since the election are
numerous and u~nmistakable. The Journal
does not believe and never has taught that
legislation can control the laws of trade,
or that a mere change of administrut ion I'm
the government can bring prosperity with
out other conditions. Nor does il believe il
is wise to expect too much from the Access
SIGN of any political party to power i'm the
way of bringing about better times. But
there are times and conditions when the
success of one party or another may have
a marked effect in restoring confidence or
creating a panic, and that is the case at
present. Probably no intelligent business
mar doubts that the election of Bryan
would have paralyzed business and brought
on a panic. and IL is perfectly clear that the
election of Mckinley is going to restore
restoration Of confidence was the main
thing needed, and that has come with the
election of Mckinley, which means. of
course, that the present basis OF our sound
money system will not be disturbed. The
signs are numerous enough TO carry joy to
the heart of every business man and wage
earner-in fact. to every heart, as all classes
will share in the general prosperity. They
appear at nome and abroad. in all parts of
this country, and i'm all the money centers
of the world where American credit is
quoted. The announcement OF the election
of Mckinley caused great activity and
strong demand for American securities in
the stock exchanges of London, Paris, Ber-
lin and Frankfort. If Bryan had been
elected there would have been a general
unloading of American securities, and their
would have contributed to the general
panic. The election of Mckinley has had
an opposite effect. Any person with a
grain Of sense can see that this strengthen
ing of the national credit abroad is a good
thing for the country. An immediate effect
will be that a very large amount of foreign
capital will seek investment in the United
States. entering into active enterprises and
circulation and stimulating business gen.
orally.
At home the effect is even more marked,
and Of a kind TO be easily understood by
business men. 1t appears in various ways. 3
Many mills and factories which had closed
temporarily and which would have re-
manned closed if Bryan hal been elected
have already been reopened. Others have
announced their intention of employing
more hands and running longer hours.
Many orders, are being filled which were
49, - IL - ~
ley. Commercial travellers lave started out
in great numbers and orders by mail are
flying all over the country. The Journal OF
yesterday contained nearly two columns of
dispatches from manufacturing cities and
owns in different parts Of the country in
dicating a forward movement all along the
line. These dispatches. numerous as they
were, were merely a pointer TO the general
situation. The Journals exchanges contain
many evidences of the restoring of con-
fidence not reported in the dispatches.
Many factories and mills outside of the
business centers have opened up since the
election. Some of these have gone to work
on orders which were conditioned on the
election of Mckinley while others are de-
1hAtAAh OA ~ ohoNhe AOfh1 ~ $500
out of its hiding places and the money mar
ket is easier. A loan agent in Baltimore
said two days after the election: Last
week was unsuccessful in placing a four
months loan at 6 per cent, and 1 per cent.
to the agent, which would be equal to 3 per
cent. a year. and that on good collateral.
To-day 1 placed the loan at 8 per cent. and
/ have received offers of all the money j
want That means that a great deal of
remained in hiding if Bryan had been
elected. 1t also means that business men
will find 1t easier to borrow money with
which to extend their operations. A lead
ing banker of Baltimore says: Enter
prises involving the investment of several
million dollars in Baltimore and Maryland
have been held in allegiance, and these will
now be gone into Us soon as arrangements
can be completed" A significant feature
of the situation is the sudden appearance
of gold. A week ago there was no gold coin
in circulation, and it was not easily OBJ
tainable at a bank. Now it is being paid
out freely by the banks and is even offered
for deposit. The Chicago Tribune of yes
terday says: Gold coin is now circulating
freely in Chicago. 1t is 'heaped i'm the pay
ing tellers' windows in banks and offered
to customers who, as a rule, refuse it. 1t
is taken in over hotel counters and given
out in change. The same is true in a
greater or less degree all over the country,
and in a littles while gold will be in gen.
eral circulation again. This sudden reap
pearance of gold gives the lie to the recent
statements of Bryanites that there was no
gold in the country. 1t was simply hiding
pending the election. The result being as
sured 1t appears again and will continue
in circulation. All these indications point
TO the beginning of better times. The
restoration of confidence is itself a begin
ming, and If we are patient and hopeful the
rest will follow.