The Business Outlook

New York, November 24, 1894. As is usua] at this time of the year, buisnessin Wall st. is dull and droop,:ng. The flush oí speculative interest tliat generally appears on the return of operators from summer recreatáooB has exhausted itself, and there is little disposltion to tundertake ncw ventures on the near approacli of the season of holéday and of annual settlements. 'The present is a good tiilme ('or bu.ving in preparation for the usual New Yoar's rise, and therefore feven the "bulls" are not unwillhig to see prices easy. The AdininUtration is understnod to ilia-e iit in contemp'.ation to ree-. ommend a broad sciieme of reconstruc-bton of out currency system, its main points being the refrement of the goTeraunent legal tender paper I and Hs substitution by a more elasiV system of brink issues thari that Avlik'h now exists. There is psrhapfi no great división oí pp nion about ,tli importance of some i decious j-evislon of our monetary arrangements, ,and when :t is all aceompf.i-lied, the resulta muy prove very beneücial to the country at large. JBut thiis p.rospect introduces anotlier ,nev eJeannt of change ; and vith change eomes ua3ettlement and postponements abo.it niatters iliat anxious'.y await aetlon and accoini : iunent ; and not a few take it grumblingly that. ha ving pot. off the a::ff gridiron, we sliould now be titclied upon the hot coa'.s of currency ciorni. ,Th:s uew source of legis-atiïe iuncertainty is one of the '.nluenoes ithat is now acting unfacorlly upon the stock rnarket, and tt nust ibe assignod as oaie of the causes of the weakness of prices during the ast. ,week. Then, lagain, some dissatisfact'on s feit that, while there is no doubt ibout ,the loan being subscribed for abundamtly in one form of monejr or another, yet there is no assurance .hat the 50 mAUlOBB now being boroweil wi.1 suffice either to majitain the reserve at the legal mimimum or o provide ïor the defictencies of vevenue. The rent :n the treasury fiïances is only patdwd, not repaired n such a way as to ho'.d good. AVhen coiiigress reassemb'eó this vhole matter must come up and, wlth o many diverse and divis.Te int-erests concerned in it, there is no foreseelng y what meaiis the jiublic finances vi'.l be relie ved oí t-heir present sources of derangemont. It is fe:t on Ml sdes that the trouble is no onger one of real dífficulty in the ïaiuüiug-, and that the hand of a stLong and resourceful financier could readtly put affairs hito normal shape and end the vague ddstrust that is now liolding every form of enterprtee in arrest. But sucli a hand seeme lackhig. It seems :mpossibl that this tlmidty iind hesitation of management ean mud; longer koop af(;i:r in i...ir present uncertalLnty. Tlie immediate probleni is now to f í il up tin: treasury Ë'o'.d reserve and iit the same time secure for the government a gold fonn of income sufficient to keep the reserve good under any contingenties. There shou'.d be no really serious difficulties in the way of solvmg this questJion. ïlie supp'.y of gold in the country is many times over what the proKem calis for. It is witliin reacli of avaïability for the purposes of the .treasury ; and it is witliin the power ,of tlie banks to make it ivaüable suffóciently for the purpose contempliited. ïhe banks could now affod to pay out a considerable amount 'Of gold to mporters for customs duties ; and if the treasury wouM back ttoem in so doing by returniuig the.m as much govd as possible 'througli the clea.ring house, the dead.ock ■would be broken and affairs woald lagaiin run in normal grooves. llhe present imdications are that anatters tare tending towards soane such sinyile method of adjustment ; and on that account we hope to see an earty emd of the present derangements ■without uiuch dependence on congresSiiona.l ibiingiiug. When that comes, a anarked a-nd real recovery oí contidence aiay be looked for, and "the good ttilmcs coming" of the "bulls" wJCl :be here. HENBY CLEWS. Are the nations of the earth, the civilized uations of the world, going to sit idly down and enter no protest even, against the fearful atrocities committed in Armenia }y Tnrkish troops? Are the nations asleep? Do they fear to Bpeak out in tiiis matter? Is it possible tl uit in these closing years of the 19th century suoh fearful massecres can take place almost in the lieart of Eu-rope, and no civilized people raise a finger of warning, even? Or isn't it time to speakyet? Or what is the matter?