The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-06
BANKER cLEws VIEWS.
The Financial Outlook as Seen From
Wall street.

OuttOuk as seen rom
wall street.
New York, Jan. As matters now look
there is every prospect of the loan ar
rangements being contaminated within the
course of few days. The banks not
only of this city but of the country at
large have become thoroughly aroused to
the Importance of making common cause
with the treasury in elevating the status
of the demand obligations of the govern
ment They realize that, with weakness
IN the treasury, there cannot be real
strength in the banks; and they therefore
do not hesitate TO make their gold stocks
available for the gold requirements of
the national government. This is a bona
noe exhibition Of patriotic finance: and
The spectacle viii convey an edifying les
son TO the foreign critics who have
charged us with financial incapacity and
feebleness 1t will show them that our
INA nclal prowess parallels the vastness
OF our domain, and that the patriotism of
our hnanciers is equal to their duty as
American citizens. The spectacle of the
country's banks Offering TO lend the treas
ury One-fOurth of their capital to sustain
IT'S honor Is one that viii not fail of its
merted effect upon the respect and the
confidence of Europe, and IL must ulti-
mately have valuable bearing upon the
transatlantic estimation Of our securi-
ties.
If any real apprehension has been felt
about the possibility of the Venezuela dis
pute resulting in war the President has
done much towards removing that fear by
his selection of members Of the commits
sion charged with inQuiring into the valid
ity of Nenezuelas claim The high char
acter of those gentlemen, for legal learn
ing and knowledge of International law as
well as for their judicial impartiality and
honor, gives the best possible assurance
that their report viii accord with the
facts and Justice of the case; and that af-
fords the best possible assurance of an
ultimate pacific settlement of this anx-
iouS question
The banks and the United States treas
ury are bound together inseparably at
the present time. United they stand, di-
vided they fall United States legal ten
der notes are to the banks what blood is
TO the human body. If the blood becomes
fouled the body is sure to be inoculated
with disease. So with the legal tender
notes-tf they are not kept in a sound con-
dition the veins throughout the banking
system lmDibe the virus attached to them
me banks and the government must nun
together until they can safely pull apart
and that they cannot do until we obtain
gold enough in the country to take the
place of the legal tenders This devoutly to
be desired condition will in all probability
come about in the course of a few wears
~ tne increase OF our precious metal pro-
duct1on. In this country the hunt is now
tor gold and not for silver The former
Is IN fashioE-the latter is not
rms rs an age OF invention-necessity
inspires inventive genius. Until recently
mines with ore that did not produce sew
eral ounces of gold were improbable to
work; but, with the new machinery and
appliances, ore from which one-quarter of
an ounce of gold can be extracted is now
remuneratiVe This is the principal rea-
son for the increased output of gold II
VIII surely bring about gold imitation not
unlike that caused by the discovery of
! gold in California in 1919 Who are the
| rich men of to-day? Prominently amongst
| them are the Mills, Floods, Mackays
| Huists, Crockers, Fairs, Huntingtons and
Hopklns-all California multi-millionaires
and all of whom when the gold fever
| broke out We're dashing young men. ven
! turesome and enterprising They pushed
| have all come back in their four in
| hands. History repeats itself. The same
| thing is going on now. The gold mines
in Colorado, Arizona, Nevada and else
| where are calling the rising generation
of young men to make their golden mark
as did the brilliant youths whom | have
| referred to in 1919. Who knows what
they wont do in meeting the present craze
Tor gold? This, it appears to me, is the
way out of our present greenback din
Guilty, and if ii SO results-and it surely
Will or else all indications fail-then, and
not till then, will il do to take mp and
cancel the greenbacks to supplement them
by gold coin. Meanwhile II were better
to bear those ills we have rather than
fly to others that we know not of" Green
backs are good money until we can get
in the past have done, and are now doing
good service. and il is ungrateful to cover
them all over with VituDeration and cast
them into the gutter until they can be
supplanted by something better. Content
ment with and gratitude for past services
of the greenbacks is now what is called
for, and not brutal kicks at old friends.