The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1897-02-19
As RENRY CLEWs SEES il.
his Wow % the susiness and Einan-
eisI Situation,

ais Wow % the Rusiness and Finan-
eial Situation,
Henry clews continues 70 discuss the
business and financial situation, and a
good deal Of what he says shows that
tas old man can get away from Wall
street influences occasionally. Among
other things Clews says in his special"
to the press that zone Of the greatest
aggrayatioHs Of the unfortunate anan-
ciaI troubles Of the last four years has
arisen from the profound distrust they
have excited among the bankers and
capitaiistic classes on the other side Of
the Atlantic. After sending home their
securities and Withdrawing less perma-
nent forms Of loans to the combined ex-
tent Of probably hundreds of millions Of
dollars. they are now surprised, I may
almost say astounded, to find US in no
real sense weakened, but competent to
lend them large amounts of capital, TO
defer payment Of fifty millions Of gold
which it is within our power to draw
hitheF, and thus afford great relief
TO a very stringent condition of the Eu-
ropean money Enthusiastically ex-
hjbitiDg a potency in international
finance which we have never heretofore
possessed. These are facts which must
tell for something in the future status
Of American credit"
As concerning the question of taking
the government out of the banking BUSH
ness by retiring the greenbacks by sub
stituting bonds for them, Mr.. Clews
says; "The agitation against green
backs is iil-adyised ia connection with
the feature proposed-to issue bonds in
their stead. That would be to convert
Notwithstanding obligation of the
government into one that would tax the
people about 1900, 900 annually for an
indefinite period. That, to say the least,
Is entirely unnecessary; for, when the
government comes to retire the notes,
a large portion Of its gold reserve could
be devoted 10 the liquidations; and, be-
yond that the treasury could lawfully
use its contributions to the debt sink
ing fund TO the extent of about $4,000
600 a year. when the revenue was re-
stored to its former basis Of surplus in
come. Instead Of liquidating the green
backs through issuing bonds in the way
that has been proposed, the first step
taken should be for the government to
do what is possible to improve the notes
in public estimation. This could be
done by increasing the government rev.
enue so as to insure a surplus instead Of
deficit. as it is this unfortunate con-
dition which has inspired the feeling
with many that gFeenbacks must be
got rid of at any cost II congress
would provide ample reyenCe for the
government and pass an act debarring
the reissue Of greenbacks, after they
have once been presented at the treas
ury and gold demanded therefor, except
in exchange for gold, greenbaeks would
then be regarded all over the world as
good as gold. The notes that the gov
eminent should first take up are those
issued under the Sherman law, replac-
ing them by silver coin as fast as the
country can safely absorb silver. This
should be limited to about $4,000, 600
per annum; and the Bland notes should
later on be treated in a similar way, but
on a larger scale, If the greenbacks are
10 be retired by their conversion into
bonds, as proposed, what will the ma
tioual banks have to hold rs their re-
serves, and for the redemption of their
notes? II is better not TO be too precip-
itate in dealing with the greenbacks."
Referring to the business situation,
Mr.. Clews says; "The recovery in the
investment market appears to be at
tributabie almost entirely to the con-
seriousness that at last we have entered
upon a stage of great substantial i'm
provement in financial conditions. The
condition Of the railroads is contribute
ing little towards this recovery, for
their earnings are at present unsatis-
factory, although the storms may be
held responsible for that. Neither has
trade yet developed any surprising re-
coYery; although the symptoms are not
wanting that in the manufactures and
the distributing trades we are in the
| beginning of healthy revival" Los
Angeles Herald.