Engineering Magazine, The  1894 April to September  Volume 7 Bound Volume
Engineering Magazine, The  1894 April to September  Volume 7 Bound Volume
Engineering Magazine, The  1894 April to September  Volume 7 Bound Volume
Engineering Magazine, The  1894 April to September  Volume 7 Bound Volume
Engineering Magazine, The  1894 April to September  Volume 7 Bound Volume
Engineering Magazine, The  1894 April to September  Volume 7 Bound Volume

Engineering Magazine, The 1894 April to September Volume 7 Bound Volume

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Engineering Magazine, The 1894 April to September Volume 7 Bound Volume
 
The Engineering Magazine 1894 April to September  Volume 7
Colorado's new gold camps
Cement and cement testing
Commerical aspects of Japan-China war
Development of the electric locomotive
Development of the incandescent electric bulb
earlys teamboats on the Great lakes
Electricity direct from coal
Inclined railway systems of the world
Lessons of the Richmond Electric Railway
Political and economic importance of the Great Siberian Railway
South American Railroad development
Transposrtation by wire rope tramways
use of stationary compound engines
MORE

AFTER a period of severe sickness it is generally expected that a patient will recover slowly. There is a stage in every disease which is called the turning-point, and I believe that, after the long siege of depression and general financial and commercial demoralization we have had in the United States, the turning-point has finally been reached. The reason why I believe this, is that, so far as I can judge, liquidation has ceased to a very great extent. The pressure of the panic forced men to liquidate, and the alarm created by that pressure has caused them to continue liquidation until they are now practically out of debt. There has rarely been a time when the outstanding obligations of merchants were so small as at present. This is exemplified by the large accumulation of money at the great money-centers and the scarcity of commercial paper for either sale or discount. The rate at which good borrowers can get money is unprecedentedly low, and the banks are overflowing with resources that they cannot invest.
The business of the whole country has been greatly curtailed by pending legislation at Washington, and until this legislation is completed we can hardly expect a general improvement in financial and commercial circles. The inflation of the currency, by the purchase of silver bullion for treasury notes convertible into gold, was, in my opinion, the principal cause of the panic. Since this process has been in. existence the accumulation of silver bullion by the government has been enormous, and at present prices the loss to the government would be, through the sale of all the silver it has purchased under the Sherman act, more than $100,000,000.


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