The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-07

lington and Quincy and the Chicago, Rock
Island and Pacific, leading representa-
tives of the Granger" group of roads,
suggest a ready explanation of the kind
of influences that have brought out the
hopeful utterances above referred TO.
Taken altogether, these facts indicate
that a process of real improvement is
in progress in quarters having a close
connection with investmept interests.
Simultaneously with these indications.
the administration has given utterance 10
encouraging assurances. At the instance
of President Mckinley. the Secretary of
the Treasury has given definite promise
that, so soon as the tariff legislation is
completed. there will be no neglect of the
sound money pledges made to the country
by the republican party. Either with or
without the representatives of the Indian
apolis money convention, or with or with
out the aid of a commission, the admins
tration virtually repledges itself that by
next December the attention of congress
shall be occupied with definite measures
for removing the unsound elements OF our
paper money and placing our finances upon
a permanent solid gold basis. The Presi-
dents utteranceS at Philadelphia were
conspicuous for the evidence they afford
of a purpose to distinguish his term of
Office as a thoroughly business admins
tration, and of his resolve to keep the
promises of conservative government con-
tanned in the platform of his party. So
much has been said and written tending to
cast doubt upon the Presidents stead
fastness in these matters, that some such
assurances may seem to have been needed;
in any event, their effect has been most
wholesome; an immediate advance in the
prices of stocks having followed, and the
increased applica tion for discounts at the
banks showing that the mercantile COM
munity felt encouraged to extend their
operations
Little open interest is taken in the Gu
ban question, mainly because there are
no new incidents forthcoming. The Cal
houn investigation however, hangs over
the market as a possible source of dan
ger, and no doubt acts as a minor inftu-
ence in checking the improving drift of
affairs. The caution of the President
against fostering any causes of disturb
ance to business encourages the hope that
no serious changes in our relations with
Spain may happen at present Some in
terest is felt in the question as to whether
the change of cabinet at Madrid may in
volve a change of attitude towards the
United States. These are regarded as
sensitive factors, but they excite no alarm,
nor scarcely uneasiness, but merely
prudent reserve.
London has shown more interest in our
securities. During the week it has bought
about 10000 shares in this market, appar-
emily as a counterpart of sales of Kaffirs.
The purchases seem to have been connect
ed with the assurances relating to cur
rency reform given out by the adminstra-
ton through Secretary Cages speech at
Cincinnati. That indeed, is the point
upon which the confidence of English in
vestors in American obligations at pres
ent principally hinges. With them, it is
not merely question of getting a sound
currency system in place of an unsound
one, it has also the political significance
of being a test of our ability to control the
settlement of a large and complex fnan-
sense, about which they seem to have en-
tertained some serious doubts. They now
have the highest official assurances that
there is to be no evasion of this important
question, and we may expect further bene-
fit from this fact than has yet appeared.