The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1882-10-11

THE RESULT OF A DISTRUST ON Fol
GER AS A FINANCER.
Washington Post.
A Pvst reporter met last evenin,
a very prominent Wall street bro
ker now stopping in the city, ant
the conversation naturally turneC
upon the New York canvass anC
Mr.. Folger's chances for the Cover
norship.
"You say Wall street is up in arms
against the Secretary of the Treas
ury?"
| "Since the Saratoga Convention
there has been a decided change Ot
sentiment in Wall street regarding
the Republican State ticket. This
has been brought about principally
by lack of confidence in Folger as a
tinancier."
"But what has this distrust of Mr..
Folger as Secretary of the Treasury
to do with lack of confidence in him
as Governor of New York;"
"The connection may not seem
clear to outsiders, but to Wall street
it is as plain as the nose on your
face. As Secretary of the Treasury
Mr.. Folger has shown such la
mentable ignorance of the first prin-
ciples of National finances and such
an lncapacity for learning them,
that the brokers have come almost
unanimously, at least the moneyed
men who control the market, to re-
gard him as dummy. Distrust in
one matter begets distrust in others,
and Wall street would not put con-
fidence in Folger in any position,
much less as Governor of New York,
where his connection with the finan-
ces of the State, directly ard indi-
rectly, would be of most cordial
nature"
"You were speaking of Mr.. Folger
as financier?"
eyes. He is no fiEancier, and has
never been brought up as such. A
direct question put to him as to his
financial policy has never yet elicit
ed a direct answer, but time has
been taken to examine the law, the
points at issue and the lrecedents.
While this would be natural and all
right on the bench of the Court of
Appeals, the financial center of the
country would have been much bet
ter satisfied had his knowledge and
training been such as to render him
adequate to decide at once upon an
answer as to questions concerning
his policy, without entirely relying
upon established precedents and the
views of his subordinates. Secreta-
ries Window and Sherman had the
entire confidence of the street. The
brokers always felt assured that in
a time Of great emergency such he
roic treatment might be expected at
the hands of the Government as
would restore public confidence. A
large sum of money frightens Mr..
Folger, and he hesitates to handle
it.
'Is it true that certain large bro
kers accuse the Secretary of having
nearly precipitated a panic within
short time past?"
"The street has been very much
afraid that this vacilIating course in
regard to the relief of the money
market at the time which is famil-
iarly known as this "great pinch"
might involve them in such a panic
as Boutwell, helped to bring upon
the country in '73.'
off Wall street is not for Folger
who is it for?'
"Grover Cleveland. the Democrat
ic candidate. Only the other day a
big broker, who himself raised and
contributed $4,000 to carry New
York for Garfield, stated that he was
going over to Cleveland. Two
thirds of Wall street is for Cleye-
land already, including the heaviest
operators.
"How important a factor in the
campaign is Wall street?"
II am not at all out of the way
when [ say that Wall street raises
two-thirds of the campaign money,
or twice as much as is raised any
where else in the State put together.
A pretty big factor isn't it? And if
Wall street and the Democrats don't
elect Cleveland and defeat Folger
then [ won't bear and bull the mar
ket any more. The cry is, ANY
thing to defeat Folger' Never was
there so unpopular man with the
men and brokers'"
"Suppose Mr., Folger, having been
defeated, goes back to the Treasury.
That is not very pleasant horn to
the dilemma?"
"There's no danger of that. With
the Secretary it is give me the Gov
ernorshIp or give me death'-politi-
cal death, and l think he'll get it.
Certainly bis days in the Cabinet