The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-28
WASHINGTON.
PRESu PACTs FROM THE SEAT OF
GOVERNMENT.
An Extra Session OF the Senate 10 be
CaIIed-SenAtOF Carpenters Funeral
"A. Correspondent on Senator
Hereford and West Virginia
RIVers-OtheF Matters.
RINANCIAL SITUATION.
Treasury OmeiRls Say that the Worst ~
over.


WARRINGTON, February 2G.-In speak
Ing Of the financial furry Secretary Sher.
man said, this afternoon, that he thought
the worst Of it was over, He said he was
at no time alarmed, although he received
some very paniCky dispatches. Bankers
and others tslsgraphed him to come over
to New York at once, as another Black
Friday was threatened, He was appealed
to to do all sorts OF things, some OF them
quite impossible. The panicky dispatches
he consigned to the waste basket as fast as
they arrived, and returned cool and reas-
surfing answers, giving information as to
what steps would be taken 10 relieve the
stTengenCy OF the money market,
The Secretary said to-day that he
thought the banks had done themselves
no credit by their precipitale action, but
on the contrary great injury. So far from
their action affecting Tesults on the Fund.
ing Bill he thought they had done the ye,y
thing 10 cause the bill to pass In much its
present shape,
Other Treasury officials seem 10 take the
matter very Coolly, and regard the worst
as over, They all think, however, that
Congress will pass the Funding bill, and
that the action OF the banks will avail
nothing. In regard to the fall OF stocks,
there is no mourning hero on that &C.
count, as stocks are regarded as being too
high, and Il few points are occasionally
knocked oil, all the better. The rise in
stocks causes them 10 be watered, which
imposes new burdens upon the public, as
rates OF transportation have to be ad.
vanced 10 pay dividends on the watered
capital,
Among members OF Congress, particu.
larly from tho far West, there Ia no alarm
about the fall in stocks. The only fear is
that they will not fall below the watering
process.
A prominent western Senator said to.
day: II am not troubled about Jay
Gould and Vanderbilt's railroad stocks,
but l am troubled about the dividends on
watered stock which are regularly equeezed
out Of the public"
Senator Allison stated 10 q corespon.
dent to-day, that forces had been set in
motion by the action Of the National
Banks that would be felt for some time.
He did not think the banks contemplated
In the recent movement any pressure or
threat OF any kind. There was no eyi.
denCe III. They could not do otherwise
than they have done in the dilemma in
which they find themselves In view OF the
passage Of the bill with the compulsory
features Of the fifth section. Mr.. Allison
said further that the present condition Of
confusion In New York would cen.
tinue to increase while the bill Is pend.
Ing. Nothing -irightens capitalists 80
much as uncertainty, and the present
uncertainty involves 80 many difficulties
that the gamblers are now In q position to
do great harm 10 the business Interests OF
the country. 1t was doubtful now,
whether the bill passed or not, II quiet
can be restored for some time. Pan CO are
not stopped by legislation, but they may
be started by II, Values were somewhat
inflated and under these circumstances
the situation would be critical until public
confidence was restored. Mr.. Allison at.
trlbuted all the present confusion 10 the
fifth section Of the bill. 1t was doubtful
whether Secretary Sherman, with all his
great powers, could do more than give
Temporary relief.