The Republican. [volume] (Oakland, Md.) 1877-current, 1897-02-04

Henry S. Kerr, one of the leading
New York bankers, commenting on
this important phase in the business
improvement that has already com
menced, says: There is a wonderful
change in sentiment from that pre-
vailing two months ago. Then no
one wanted bonds and there was no
difficulty in filling what few orders
there were. Now the conditions are
just the opposite 1t is difficult to.
get securities to fill orders. Europe
is giving promise of becoming quite
factor in our bond market. For some
time past London has been buying
American securities, but only in the
past week has European demand as
sumed any considerable proportions"
1t would probably be quite useless to
point out to the average pOpulist that
an abundance of money waiting to be
drawn into American enterprises, pub
lie and private, at lower rates of in
terest than have ruled heretofore and
at less than half the rates that would
have ruled if we had gone to the silver
standard, is great advantage to our
working people, as well as to every
branch of business which gives their
emplOyment; but such is the fact.
1t is in reality the greatest benefit of
the new era Of political and CONNER
cial sanity which opened last Novem-
Der that it makes capital, both home
and foreign, eager to find investment
in this country. With that founda-
ton element of prosperity assured,
all the rest is plain sailing, always
provided that the coming administra-
ton and Congress fulfil the hopes and
expectations of the people and abstain
from disquieting foreign alarms and
from radical measure of domestic leg
islation, particularly as regards the
tariff. There is no keener writer in
London on the drift of financial affairs
than Editor Henry Labouchere, and
in his financial review in Truth just
received on this side, he says: 1.-The
Americans, in fact have now the ball
at their feet, if they only act prudent
ly as regards political interference and
give their industries a fair chance to
recover from their previous depres-
sion. The only big bear card in the
composition of the present Congress,
and as long as it is sitting there is al
ways the danger that some extraordi-
nary resolution may suddenly be
passed, such as the one which was
utilized for the manufacture of scare
on Cuban affairs. Apart from the
excellent foreign trade situation, the
bull points are good price for wheat
and still better prices in prospect and
the resumption of activity by mills
and factories" \
1t is true, and it is not at all sur
prising, that there has been as yet no
general and thorough reawakening of
business, such as some people foolishly
expected to follow the election of Nc
Kinley as soon as the votes were
counted, There has, however, been
a considerable increase in the number
of factories at work. Last week rec
ord alone showed the opening of ten
iron works and thirteen wooden mills,
against five establishments closed in
both those industries-a net gain of
eighteen establishments. Every week
since the election a similar report of
moderate but substantial additions to
the list of factories and workshops
running on full time has been made.
1t is idle.to attempt, as the silver Or
gans are doing, to gainsay these COM
Portable facts. They all point in one
direction, and show that the country
has already begun, gradually but GER
tainly, to regain it's normally prosper
Gus condition. More men are going
to work now, by many thousands,
tllciIi "SlC uOlllS bO ltlSU OClOD6T, anu
the number of the unemployed is be-
ing further reduced every week.
Until this Congress adjourns there
cannot be full restoration of conf
dence, which is the first essential con-
dition of a full revival of industry, and
were it not for the fact that President
Cleveland still sits at the helm, with
the veto power at his disposal, there
would be general apprehension as to
what Congress might do in the way
of mischief in the month still left it
for reckless speech and action ON for
eign questions. Aside from that con-
sideration it is highly unreasonable to
expect, as some persons seem to do,
that the Mckinley administration
should accomplish great things in the
way of reassuring the business inter
ests and encouraging a general revival
of trade before it has even been inau-
gurated. In the very nature of the
case the country must wait for the
new captain and crew of the ship of
State to come on board before it can
get anV results from the chaDpa