Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-10-01
Rufus Hatch on Politics and Finance.
NEW YORK Sentemher 20

all civilized nations sympathzed with Us in OuI
hour Of grief shows how strongly President
Garfield was regarded by the reading and think
ing world. Queen VictOria's court is i'm mourn.
ing and the London stock exchange was closed
on the day of the funeral. A network of senti-
ment and feeling is thus stretched between
England and America. The day of the funeral
was business holiday. Political stump
speakers and clergymen paid their most elo-
quent tributes, and the whole people endeavOred
to show their respect and affection for the de-
parted chieftain.
But the universal sorrow is already giving place
TO other feelings. Even before the Presidents re-
mains were laid in their last resting place, the
doctors began to quarrel over the treatment he
had received; the politicians began to wrangle
over the policy to be pursued by his successor;
even Secretary Window could not wait for the
last requiem before calling in his bonds; and to-
day the bulls and bears of Wall street are quar-
rellng over the question as to whether his policy
OF redeeming $40, 900 900 Of three and half de-
1erred bonds on December "a, and $1,000, 600
weekly lnstallments thereafter, amounting in
the aggregate to $50, 600, 600, will help the
bulls or bears, or whether it will
weaken or strengthen the banks If the policy
is to compel the banks to buy four per cents at
~ TO lSO from syndicate formed here several
we eks ago. they will probably give UP their
circulation and instead of relief to the money
market, we shall see recurrence of the exper-
fences of last December, January and April.
There is report that Jay Gould sent to New
port for Ex-Governor Morgan asking him to 90
to washington and induce Secretary Window or
PRESIDENT Arthur to change the programme of
buy1ng in bonds, as Gould was afraid that pro-
gramme would not relieve the money market or
enable him to unload his holdings. However,
IL Is not possible that ex-governor Morgan
would lend himself to trick SO palpable on it's
face as this would seem to be.
1t Is altogether probable that the Cabinet will
be changed either before or during the extra
session of the Senate. President Arthur cannot
anord TO ignore the friends to whom he is in
debted for his position. Experience has taught
him that fair weather friends are not to be re-
lied or. Only those who come to the front
when the gale blows are to be trusted If he
keeps on Cabinet known to be welded to mo-
nopoly he will have to meet public criticism
later when misfortune comes. President Ar
thur. with as little delay as possible, ought to
select man to take Mr.. WINDOWS portfolio
one who will lay by the surplus revenue of the
government until it amounts to a gold dollar
1or every greenback out and silver dollar tor
every silver certificate issued, and thus prevent
panic which is likely to ensue under the pres
ent policy and to which the panic of 1878 would
be mere pigmy.
The government should be in a position to
supply oldWhen the demand is made for export,
or for the redemption of greenbacks. The
Bank OF England has been obliged more than
once TO suspend specie payments because of a
lack of gold to redeem its outstanding obliga-
tions: The national banks of this city and
country were compelled to suspend as late as
1919, Wnen they were on paper basis green
backs being the standard. Since that date.
hundreds OF millions of securities have been
issued and quoted on the New York Stock Ex-
change as collateral and real property, amount
ing to more than the public debt of the United
States. The gold received from EurOpe. to-
gether with our home production, amounts to
only about one-tenth of the amount of new Sc
curties set aiOat: but as long as every one spec
ulates in this country, it is possible that relative
prices may be maintained.
The officers of the Michigan Central have lately
issued resolutions justifying their official act in
passing their dividend. They explain that,
owing to the increased expense of operating a
railroad in their part of the country and the
decrease of tonnage and tariff, they have been
compelled to do So. What is true of Michigan
Central was true of Canada Southern, and will
be true of the whole railroad list
That Mr.. Gould controls all the railroads in
the country, either directly or Indirectly. and
the telegraphic communication, announcing the
blrths, chrstenings, marriages and deaths of the
whole nation, is an undeniable fact. It is re-
ported that he also controls Mr.. Vanderbilt.
That Mr.. Gould and Mr.. Vanderbilt are partners
is yet to be announced to the public, though the
news is current that Mr.. Vanderbilt has bought
the control of the Reading railroad, and that he
and Mr.. Gould have made combination in all
the anthracite coal-carrying roads, and that
to do this he had to borrow 5000. 900
OF the Brooklyn mOneyed institutions
on his four per cent government bonds. This
looks very fishy, and should be taken with many
grains of salt. Another and quite cOntradictory
report is circulated that Gould. Sage. Hunting
ton and Willard have combined against Wander
bllt. 1t is barely possible that these gentlemen
have overlooked the fact that Mr. Vanderbilt
owns 500, 600 in government bonds. while
their securities are only tissue paper, based on
photographs, Autographs, chrOmOs, undiscOv-
cred railroads and gift enterprises. Mr. Wander
bilt may have sOftening OF the brain on the fast
est trOtter but not on finance or railroad man.
agelnent. The old Commodore left him sur
rounded by a cabinet of first-class advisers. who
have made no mistake up to the present writing
The New York Herald and all the other mem
bers of the Associated Press, EXCEPT the New
York World. as well as the business community.
are very much dissatisfied with the telegraph
service since Mr.: Gould obtained control Of the
western Union Company. Gould is playing the
role of George Hudson. the railroad King of
England, and will continue to do so as long as
the people will allow him, or until another Black
Friday comes
We have only half crops for 1881 and the pros
pect OF only half crops in 1882. There has been
no ploughing or seeding in what is known as the
corn and winter wheat belts, owing to the ex-
tended drought which has spread over the pro-
ducing section of the country for the past three
or four months. PlOughing and seeding for
winter wheat should have been begun by the
first Of August. This leavesnO argument on the
question of future crops.
Mother Symptoms prophesies for 1881, written
by an unknown newspaper fiend in 1871, are in a
measure fulfilled.
Friday superstition has had and win continue
to have, it's day. Garfield was nominated on
Friday, inaugurated on Friday, and his remains
left Washington on Friday. President Arthur
was fortunate in taking his oath on Tuesday
morning, but he should remember that he also
was nominated on Friday and took his chair
manship at the same time that the President
took his oath OF Office. SO he has two to one
against him, and he may have his whole Cabinet
against him unless he changes it. The President
and his Cabinet have much to do with finance
a subject which readers may think has been ig-
nOred by the writer. RUFUS HATCH.
Preparing Guiteans Defense.
A special dispatch to the New York World
from Chicago, September 80, says: Mr. George
ScOyille, the lawyer who has undertaken the de- |
fense Of Guiteau said to-day that he had not vet
retained any one to assist him in the case. He
had not made overtures to any lawyer in Chicago
except Mr.. Emory Storrs, and having been met |
by refusal had not asked any one else, though |
he should do SO. Mr.. Scovilie |
added that he was going to Washington and
should be absent about ten days. Until he had
looked over the ground in Washington and |