There is some fear, though it is not acute, of
a sharp financial crisis in the United States. The large houses there have been locking their funds up in immense purchases of silver and goods the prices of which were expected to rise under the Silver Act and the McKinley Tariff. They have, therefore, found it difficult to meet current obligations, and their usual resource—pawning their securities—has failed them, the banks being ill-provided with money, as their deposits have been lent out for various enterprises. It has been necessary, therefore, to force bonds for sale, especially railway bonds, at ruinous prices, and houses have been fail- ing all over the country. A sort of wail has been sent up to Washington to provide more " money ;" and silver and national bonds have been purchased, until even the United States Treasury, usually overflowing with cash, is nearly empty. Ten or twelve separate plans for increasing currency have beeen laid before Congress, all of which, except a Free Coinage Bill for silver, will probably be rejected ; and a million and a half of gold have been ordered from England. That is but little among so many ; and though the tension has grown lighter, it is by no means certain that the danger is finally averted. Americans get over everything, because they do not care about losses ; but if there is an enormousLtemporary depreciation of their seen-
rides, the effect will be severely felt here, where American stocks are held by the hundred millions.
