The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-11-07
GOLD COMING OUT OF BOXES.
THE boarded YELLOW METAL
GOING INTO CIRCULATION.

Bankers Say the Contents of Safety
Deposit Boxes Are Being Put Into
General Deposit Accounts - De-
post Accounts at All of the Banks
On the Rapid Increase - MOney
Much Easier Says One banker, and
the Banks Ready to Lend 1t on
Any Coed Collateral - Another
Banker Thinks a Period of Pros
perity Is in View.
It is surprising to how great an ex-
tent the results of the presidential cleo
ton have been felt already, especially in
financial circles. 1t is not necessary to go
outside of Savannah to make observations
on the practical side of the matter.
Keys to safety deposit boxes that have
been kept locked up in iron safes, tied by
strings around the neck, or kept in
stocking, are being drawn forth, and used
to get at the gold that was kept locked
for months while the agitation was going
on. The gold that was boarded will now
be put into interest bearing securities,
placed in a savings bank where it will
also draw interest, or it will be put into
general deposit accounts to be checked on
as any other money for general use.
For weeks before the election gold could
not be had for love nor money as the say
ing goes, but now other money is just as
good and nobody seems to care whether
they have gold or not Some of the safety
deposit boxes at all the banks were I'M
locked yesterday. and the gold kept in
them was turned into the general deposit
account of the banks customers.
From an air of restraint, apparently al
most of suspicion. that has hung about
financial affairs for months things have
jumped to a quiet easy confidence, and
the bankers say it does not look as if there
were going to be any more trouble at
all. Two or three of the banks have had
from 5000 to $4,000 in gold each deposited
with them in the last two days, and it
was practically all taken from the safety
deposit boxes. There are still many of
the hoarders of gold to be heard from.
There are several parties here, according
to the information given by the bankers,
who have from $500 to $4,000 stored
away, who have stated they intended, as
soon as McKinley's election is an an
nounced and settled fact, to take it from
the boxes and put it on deposit. Some
of the larger banks expect their deposits
of gold to run up to something like 100000
by Jan. l.
Not only is the gold coming out of the
safety deposit boxes and going into gem
eral accounts, but deposits at all of the
banks are increasing largely. Some of the
banks nave increased their deposits by
$4,000 to 100000 in the last three days, and
they believe it is due to the fact that the
national situation was settled on the
sound money side.
Another thing is that people who need
money on which to do business are find
ing 1t now very easy matter to get it,
For weeks before the election the banks
were not willing to lend money on any
sort of collateral They were all carrying
large cash balances, much larger than
there was any necessity for, except for
the fact that so much apprehension about
the money question was felt
I'VE are lending out money freely now"
said one banker. I'VE are satisfied every
thing is all right, and whenever a party
comes along with the proper collateral,
no matter what it is, so long as it is
sound, he can get the money on it, We
have had large cash balances on hand for
letting money out, but now we are ready
to lend to anybody who has the proper
backing"
This appears to be the general feeling
with all of the banks. One banker stated
that during the most stringent times pre-
ceding the election his bank had not failed
to supply regular customers, because they
had always done so, and because it was
necessary for them to carry on their bus
mess. He stated, however, that they would
lend no money on state or United States
bonds, but now he said they could borrow
about all that the bonds called for.
I'VE expect everything to become grad
ually easier" said another banker in talk
ing of the matter, land l look for one of
the greatest periods of prosperity the
country has ever seen. l do not mean
to say there will be a cheaper rate of in
terest, for that is not a sign of prosperity.
But l believe there will be a good demand
for money at an even and proper rate of
interest, and when there is a good demand
for money to be used in business it is a
good sign of prosperity Money has be-
come o great deal easier already, and the
banks are letting money out as il the silver
question had been settled for all time to
come"
1t is said that in New York and in other
places where gold was bought at prem
ium and good prices were paid for safety
deposit boxes TO put 1t in the owners are
now taking it out and trying to sell It at
a premium, but this does not go. They find
that the gold is only good for par, and II
does not bring any better price than any
| other money. They have lost money on
the deal Some parties in Savannah tried
to buy gold from the banks before the
election at a high premium but they found
they could not get it; now they can have
all they want at the standard price.
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