Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-09-16
THE BUSINESS BAROMETER.


The New York Tribune said yesterday
''What the business men think of the pos
''sibility of Democratic victory was
"clearly shown yesterday in Wall street.
Leading Democratic bankers and brokers
"were fairly tumbling over each other in
q their haste to sell securities. There was
mot much disposition to resist, and at
''every effort to sell prices declined rap
eddy. The opinion was freely expressed
Z" that Secretary Sherman might not feel
d" that it would be safeto spend the reserve
"largely in the purchase of bonds, as the
Democratic Congress, encouraged by sue
"cess, mightplay themischief with thee entire
&C revenue system next winter, and leave
g the Treasury without adequate reserves
to meet the bonds maturing next year.
The business barometer responds swiftly
to such influences as that of the Maine
election, and though in this instance
the perturbation on Wall street is doubt
less premature, it is none the less
trustworthy indication OF the effect
which a Democratic success in November
would have upon the material interests OF
the country. The fact that the Demo-
cratic bankers and brokers are the first to
manifest alarm is explained by the assump-
ton that they "best know the dangerous
q elements with which they are politically
associated. The national Democracy
adopted platform this year in which it
pledges itself to honest finance. 1t is pos
sible that its action on this head may
have deceived conservative Democrats, and
that they may have relied upon this
promise for immunity from mischievous
experiments. But those who have watched
the progress of the canvass know well that
the Democrats have seized every oppor-
tunity to form alliances With the Green.
hackers, and that when the latter as in
Maine, were numerically the stronger,
they have even allowed them to put
forward their own candidates for Congress
and State offices. The result of all these
arrar gements is that the Greenbackers are
committing the Democrats to their finan-
cial theories, and though the Greenbacker
element may not be anywhere sufficiently
strong to impress itself forcibly upon the
canvass, it is quite possible that by concen-
trating upon Congressman it may succeed
in introducing to the House formidable
faction. Where the fusions have been
effected the ostensible result may be to
strengthen the Democratic representation,
but whenever The subject of finance is
under consideration these men will be the
advocates of Greenbacker doctrines. The
practical outcome of course must be in
Congressman by the Greenbackers, and the
consequent abandonment by the former
party of all its recent pledges. The Maine
election will, of course, recommend the
fusion policy still more strongly to the
Democrats, and if they can find Greenback
factions in New York and Indiana, Con-
necticut and New Jersey, they will hasten
to effect alliances with them. The utter
indifference of the Democracy throughout
the country to all considerations of con-
sistency and principle has already been
made apparent. 1t is clear that they are
prepared to cut loose from all their pledges
and to violate all their professions, for the
sake of capital, and therefore it must be
expected that no menace to the material
interests of the country is at all likely to
deter them from making whatever fusions
are possible to them.