New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-10-21
Mr.. FOLGERS LETTER.

Mr.. FOLGER'S LETTER.
MIR. Folger. in his letter read at the mass
meeting at Albany, does not take quite the
strongest position at his command. 1t is to be
regretted that in letter virtually addressed
to the Republicans of the State by their candi-
date for its highest Office, he has seen fit to
take stock Exchange view of politics. OBJ
yiously, the people of this State are not gong
TO elect a man Governor of this State IN order
to put stocks up or down. And Mr.. Foger well
knows that nine-tenths of them care not q
pinch of snuff about the price of stocks or the
operations of gamblers i'll Wall Street Most
of them have read enough to know that at
present the sharks of the street are moving
prices without regard to values, and without
aid or resistance from the public. Hence they
may not be impressed by Mr.. FOlgers argu-
ment that decline OF $40,000,0OO in the
price of stocks, on the day after Democratic
success in Ohio, was evidence of public distrust
of the Democratic party. That distrust actu-
ally exists and is justified But nothing in re-
spect to public opinion, one way or the other is
revealed by the recent manlpulations OF those
who manage the stock market.
The facts that the selling movement on We'd
nesday, the 10th, began on Tuesday afternoon
at 2 o'clock, as THE TRIBUNE then pointed out,
before the result of the Ohio election was sus-
pected by anybody. 1t was the renewal OF
operations for a decline, which had reached
much lower prices on Saturday, the 9TH, in
spite of the general expectation OF Republican
success In Ohio, than were reached on We'd
nesday, the day after defeat. In truth, politics
had nothing to do with it. The decline was
II hat, oh oh on L
last it was a renewal of manlpularions which
had been in progress for weeks, and had only
been interrupted for day or two. On Satur
day, the 9TH, the managers found they had too
much company on Monday they saw fit to
cover short" sales, and drive ont hundreds
of small spectators who had been following
in their wake and on Tuesday afternoon
they began to sell again. Apparently Mr..
Folyer does not know how completely the pull
lie has been letting the stock market alone
fol- long time. There has been 10 evidence
for weeks of active buying or selling by the
public, and the game i'll the Exchange has
been left to the persons who devote their
lives to it. Mr.. FOlger's use of stock manipu-
lation on particular day as evidence OF pub
lie feeling about an election, therefore, is
liable to expose him to miscOnstructiOn.
1t is strictly true that there is a very general
and lust dstrust of the Democratic party
among active business men, intelligent work.
ingmen, and conservative people who have
ANYTHING to lose. Though that distrust does
not find expression in the stock market at a
time when the public is letting that market
alone it affects industry and legitimate bust
ness in thousand ways. Mr. FOlger is per-
fectly right i'll saying that triumph of the
Democratic party in the general elections
would have disturbing and depressing
effect upon business. But he overlOoks the
fact that this apprehension can be aroused, rot
nv the election of Democratic State officers,
but by the election of Democratic Congress
men, If the business interests of the people of
this State would be materially affected by the
election OF one State ticket or another the
plain truth is that the people have not found it
out. and do not suspect it, Neither party has
taken such position, in respect to the canals,
the treatment of railroads, the adjustment of
State taxation, or other questions of State
policy, that the business inter6 SITS of the State
would clearly be affected by its success. 1t is
perncious legislation at Washington that bust
ness breads, and has reason to dread. That
is a good reason for refusing to elect Dem
ocratc Congressman. Mr.. Folgers appeal,
therefore, though perfectly proper and forcible
as respects Republican candidates for Con-
gress, has not much bearing upon the choice
Of Executive officers of the State.
The fact is that Mr.. Folger has missed the
form of argument that is most applicable to
his case. He is the candidate of Federal
Administration, and may with entire.propriety
appeal to the people of New York to sustain
and uphold that Administration by electing
HIM. If they approve the course of
the Administration, and wish to enconr-
age and strengthen it in that course.
it is not possible to do so more effectively
than by the election of Mr. Folger. There
might be doubt whether he represents or was
the choice of the Republican party, but there
can be no doubt that he represents the Adj
ministration of President Arthur. Under the
circumstances, failure to ask direct
approval of that Administration by the success
of its candidate might indicate some doubt as
to the wishes of the people in that behalf.
Mr.. Folgers unselHsh disposition moves
him to forget his personal interests so far that
he submits strong reasons for the election Of
Republican Congressman. but neglects to men,