Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1880-10-28
The October Elections and the
Market,

l. uC OtCOuCA LLCSbtOfIo WAC
Market,
New York Commercial Bulletin (Ind. }
The upward bound In yesterdays
markets very plainly reflects the feel
ing of the mercantile and financial COM
muniries relative to the elections. The
success of the Republican party in Ohio
and Indiana affords strong probability
of its carrying the Presidential election; !;
and that probability is construed as
warranting relaxation of the sus-
pense in which all the markets have
been held for several weeks. This
can hardly be regarded as merely
partisan construction of Tuesdays
results. Adherents of the defeated
party as well az their successful oppo-
nents must have seen reason why the
markets should respond in the way
they have. Markets are always sensi-
tive at the prospect of change of
National policy, and especially when
the changes are of a kind directly bear
ing on commercial and financial inter-
ests. A change of party ascendancy
would introduce modification Of
policy on some points and perhaps a
complete reversal upon others. Among
the matters that, in such event, would
be subject to disturbance would be the
settlement of the public debt, our cur
rency arrangements, the attitude of the
Government toward large corporations.
the system of taxation and the tariff.
These are all large issues, vitality con-
nected with the public welfare, and
although on each one wise Legislation
mi ferl, 10 nvf hv ofctt
yet there is no assurance that the
changes would be wise. while it is
certain that the protracted discussion Of
such questions would produce an un-
settled feeling detrimental TO business.
In any event, men of. business always
shrink from important changes from
existing arrangements, no matter how
much better legislation may be needed.
Merchants like to be let alone; they
prefer the certainties Of to-day to
the uncertainties of prospective
change. This ia especially their mood
at this moment. They have endured
seven years of unprecedented CONNER
cial depression and of harassing debate
of public questions; and having at
length reached settlemet OF many i'm
portant National issues and being in
the midst of prosperous revival of
trade, they prefer continuation of the
basis established by recent legislation
to having all the lately-settled questions
reopened.
This very natural mercantile senti-
ment has gone far toward creating 3
disposition among the business COM
munity to retain the Government under
the party now in power. The opposl-
ton have little dreamed that their
promises to correct the errors of the
Sins" and establish better order Of
things were the very thing that
frightened men of business away from
them; but the remarkable demonstra-
tions of the mercantile and banking
classes in favor of continuing tue Re-
publican party in power leaves no doubt
that this is the fact. Indeed, 1t may be
safely said that the controlling factor
in the present campaign is the strong
desire of the mercantile cummunity to
have, at least for the next four years,
an era of political rest. This being the
fact, the reason of the response of yes
terday's markets to the elections in
Ohio and Indiana becomes readily
apparent.