The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-11-09
BANKER CLEWs' VIEWS.
The Financial Outlook ms Seen From
Wall street.

Wall Street.
New York, Now 7.-Among the minor
incidents resulting from the sound money
victory is the complete recovery of conf
dence among the banks, and their san
guine expectations of a great revival of
business. This feeling has shown itself
in an active demand for commercial paper
at 5d51a per cent. for first-class names,
while time loans on collateral are offered
freely at moderate rates. This fact ex-
presses the estimate of the banking COM
munity upon the safety of the situation
introduced by the election; it is also good
evidence that henceforth. sound borrow
ers may depend upon getting all the
money they need. Another effect is APP
parent in the disappearance OF the pre-
MUM on gold. Those who have horded
the metal to the extent of many millions
within the last three months are now
showing their anxiety to get rid or 1t by
taking it to the treasury and the banks
for exchange for paper currency. This
lately much coveted gold has therefore
now become a drug upon the market. AT
the same time, the election has caused
drop In foreign exchange to point ABOUT
admitting of imports of gold But, now
that the hording demand for the metal has
ceased and that it is coming out OF hoard
attracts little attention; and there are
wise financiers who incline to the opinion
that having got all the gold we really
need it may be quite as well for our inter
ests that London should not be disturbed
by further drains to this side the At
lantic.
From the foregoing brief survey of the
events of the week, it will be seen that
we have entered upon an entirely new set
of conditions-uDon a situation which is
free from the restraints that have peen
holding every form of business in paraly-
sis for more than three years, and, winch
is still more important, a situation tha:
affords an ample basis for confidence anu
for the resumption of industry trade ana
special forms of enterprise without OBJ
struction and with reasonable assurances
of profit and prosperity. Other things re-
main to be done in order to completely
restore soundness and efficiency to our
currency system and thereby win the ap-
solute confidence of our own people anG
of the nations with which we have large
credit relationship we stand already pre-
pared for that legislative work by large
amount of intelligent discussion recently
done; and besides we have four years in
which to accomplish those changes, with
apparently no prospect of effective op-
struction in either house of congress. A
comparison of this situation with that or
a week ago reveals a contrast more hope
full than many of US then dared to hope
for. All that remains now, is for our peo-
pie to forget their past apprehensionS, TO
throw off the spirit Of pessimism into
which they have been so bitterly trained,
and, by a resumption of confident acti7-
ity to recover what has been lost in mr.
tional prosperity through an unrestraiued
renewal of business activity.
Times may now be confidently expected
to change for the better and should be as
good for the next four years as they have
been bad for the past four years. The
maintenance of sound money and the es-
adjustment of reasonable protection for
both the manufacturer and wage worker
are now assured. The American dollar
can now be relied upon to have the same
intrinsic permanent gold value as that of
the English sovereign, and will carry with
it the worlds confidence side by side with
the sovereign; and with this positive as
surance, this nation is now headed to
overtake all others in prosperity and
wealth making. At the time the Chicago
convention platform was announced, af-
firmed that it was too top heavy for its
base-that 1t was like an inverted pyra-
mid, and would be sure to topple over,
and that the wise and responsible mem
bers of the democratic party would all
run away from the threatened crash and
get out of dangers reach, as no self-re-
specting man with any consideration for
himself or patriotic impulse for his coun-
try could consistently contribute to prop
up such a disproportioned and ridiculous
structure. All this has now happened.
The future looks bright, indeed. and by
the exercise of good judgment, those who
have brains can not only make both ends
meet through their business operations,
but also store up a surplus for rainy day
during the next four years "E pluribus
unum' remains now, as ever this coun-
try's motto; and the stars and stripes
wave over all the 100000 of people with
Aout any distinction. Maj Mckinley, when
he occupies the white house, / am sure,
can be relied upon to be fair and just to
all that dwell on this continent, and will
see to it that the laws be enforced ev-
erywhere, so that life and property will be
thoroughly protected.