Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1897-02-23
MANY HOPEFUL INDICATIONS
Col. P. R. Smith Talks Hopefully OF
Eastern Indications for Immediate
Revival of Business.
THE RESULTS OF AN EASTERN TOUR
A Marked Improvement All Along the
Line. and Better Things Looked for
After the Inauguration.

-
days recreation. A representative Of the
NEw MEXICAN called on Col. Smith and
interviewed him on the business pros
poets and financial outlook of the coun.
try, and among other shings he said:
" have talked with many prominent
politicians, business men and bankers,
and while they nearly all admitted that
the reaction had not come as rapidly as
they had anticipated, still they claim a
marked improvement all along the line
and confidently expressed the opinion
that after the inauguration and the new
administration could get into full work
ing operation and the entire country set
tied down to the new conditions, that
prosperity and good times would grad
ually follow and in reasonable time-the
country would surely be restored tc it's
old time prosperity. These gentlemen
evidently believe in what they predict
The very recent decline in steel rails has
created wonderful demand for that
product, and it is said that over one-half
million tons of steel rails have been or
dered within the last ten days.
I II talked with two Of the largest manu-
facturers of steel rails in the east, and in
reply to my question as to what effect
the breaking up of the great combine
tions and decline in price would have on
their business, they said that If the de-
mand kept up, the increased production
and running on full time would compen-
safe in great measure for the loss ia the
decline, and that there was yet good
margins in the trade. They are Of the
opinion that there is going to be great
.Ie,9f railroad building in the United
States fs9r the next three or four years;
old rails are to be taken up on many Of
the trunk lines and new ones laid down;
new branch lines and extensions axe to be
the order of the day, and they claim that
this alone will give employment to hum
dreds of thousands of men now idle, and
that millions of dollars now looked up in
banks will be put in circulation, the good
results of which will be felt throughout
the entire country
"The financial policy outlined some days
since by those in close proximity with
the president-elect, seems to meet the
approval of bankers and businessmen
generally. That is to require national
banks to purchase United States bonds
TO the extent Of their capital, stock and
TO issue bank notes to the par value of
the bonds 80 purchased thus increasing
the circulation to sufficient volume to
anewer for the business demands of the
country. They further propose to sell
government bonds sufficient to take up
and retire from circulation all greenbacks
and legal tender notes now in circulation.
They claim, and with good reason too,
that these government notes which are
redeemable in gold, are a continual
menace to the treasury reserve. They
also hint at another silver purchasing
bill, all of which they claim, will protect
the treasury and at the same time give
the country an abundant circulation of
good money. No, the free silver advo-
Gates Of prominence with whom | con-
versed, do not, Of course, agree with the
foregoing financial theories, but one i'm
portant point npon which the silver men
agreed was TO give the Republicans a fair
opportunity to test their theories, and
that 10 case tha new system should bring
the predicted prosperity to the country
that they would hail its advent as heartily
and ioyously as tho most ardent Rspub-
lican could desire, and in this conclusion
your humble servant would joyfully con-
cur.
"Yes, of course, we are exceedingly
anxious to have our new county bill pass.
I have often said before, and now repeat
that, IL i my honest conviction that