The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1908-01-24

49, ~
ago. A like dread is probably re-
%sponslble for the fact that the Bank
of Germany keeps it's rate up to the
high level of the past few weeks.
Unless some symptom of a break in
Germany comes in the next few days
the Bank Of England is likely to fol-
low the example of its big Paris
neighbor Of a few days ago, and cut
its discount rate on Thursday.
All this is good news for the Amer
lean people. 1t is especially pleas
ing news to the republican party
leaders throughout the nation. The
republicans in congress will find their
work simplified by the improvement
in conditions. A milder measure of
reform than otherwise would be de-
manded will now be acceptable to
the country, as an initial step in
strengthening our whole currency
system. The Aldrich bill will win
new favor through the business re-
covery which is showing itself on all
hands. The president is an advocate
of the bill, and will use his influence
not only to push it through the SEN
ate, but to give it a majority in the
house. 1t is reported that Speaker
Cannon favors the Aldrich measure.
and this will help 1t in his chamber.
The Fowler bill, which has been
framed by the chairman of the house
committee on Banking and Currency,
l. o1ye tho crp,>~rt rf cNp,n IF tho rl-
publican members of the commit
tee and it Is not likely to pass the
house. 1t is a much more radical
measure than the Aldrich bill, would
be more Of an experiment, and would
involve greater risks of danger to the
currency and thus to business. AS
there is no need of taking any chan
ces Of disaster, congress is likely to
turn away from the Fowler expert
ment and enact the milder and safer
measure prepared by Senator AL
drich.
This morning when congress starts
to work it will find that the bust
ness skies have frightened to an I'M
expected degree since the close of
its holiday recess last Monday. This
improvement has a political bearing
which the dominant party in the
government will grasp. The pros
pect of an empty treasury and an
empty dinner pail, which presented
itself during the scare a few weeks
ago, was a blow to republican pres
S;-1 --J ,,~,,1 /; . o@rSr-oI ;p
jure republican chances in the cam
paign just ahead of us. This peril
has vanished. Money is again plen-
tiful in New York and all the other
business centers. The premium on
currency has disappeared all owe
the country. Clearing house certi-
ficates are being retired everywhere.
In the past ten days 100000 has
been deposited in the New York saw.
ings banks. THE St. Louis trust
companies are increasing their rates
OF interest to depositors, and in other
big cities the tendency is in the same
direction. This means that those
institutions look for an increase lr
trade in 1908. Many banks and fac.
tories which closed during the recent
disturbance are opening their door:
again. This will quickly registe,
itself by an improvement OF tho
treasury outlook. In the six and {
little less than a half months of the
fiscal year 1908 which have expired
the governments income has beer
$11, 100000 less than its outgo
while in the corresponding time
year ago the income exceeded tn
outgo $4,000, 900. This chang
has been due to an increase in ex
penditures and to a decrease in re
ceipts. The business recover.
which is manifesting itself will prob
ably increase the governments reve
nue., and thus make the next five an,
a half months Of the fiscal year Civ
a better account Of themselves thai
the previous months have done. Re
publican skies will be brightene,
thereby. When the Chicago conven
ton meets five months hence t
nominate President Roosevelt's sue
cessor 1t will see as favorable sign
in the political armament a. tn
convention which nominted him fou
years earlier Observation-Disclosures